Zurich Global Employee Benefits Solutions (ZGEBS) is launching an ‘Underwriting Year’ customer reporting capability which it said is a response to a growing demand for the product.
The new Underwriting Year information will allow customers, including captives, to receive insights detailing how their local insurance policies with ZGEBS’ network partners are performing from a profitability perspective consistent with the renewal term; for example 1 April to 31 March.
Premiums and claims can be allocated to the correct underwriting period and customers will have an accurate view of a policy’s underwriting performance.
Daniele Zucchi, managing director of Sigurd Ruck AG, said ZGEBS has been making a “positive step” change in this area for some time and the captive has been “enjoying the steadily increased accuracy and benefits of Underwriting Year information for a number of years.”
Sigurd Rück AG is a Switzerland domiciled captive owned by Italian multinational Saipem.
Collaboration within its global network will allow ZGEBS to deliver Underwriting Year information across 95% of its portfolio.
Zurich said that industry standards were previously limited to a calendar year view and inconsistent across geographies, reducing the ability to conduct a clear assessment of the programme performance.
“Underwriting year data is critical to understand the true performance of your programme,” said Sebastian Willmanowski, Mercer Marsh Benefits multinational financing leader, Europe.
“Zurich has been providing high quality data for many years enabling informed decision making. It is pleasing to see that this standard is now available across almost the entire portfolio.”
ZGEBS is part of Zurich Insurance Company Ltd’s business unit Zurich Integrated Benefits, which brings together the various Zurich businesses providing global expertise in employee benefits (EB).
Gilles Finkestein, head of customer and distribution management for ZGEBS, said: “ZGEBS has, for several years, been working with its network insurer partners and operations professionals to fill data gaps which have been holding back this full capability.
“We are delighted that we are now 95% complete across our entire portfolio, complementing our network covering almost 150 territories, by far the broadest coverage of any Global Benefits Network.”