Zurich Introduces new ‘Underwriting Year’ Reporting for Global Employee Benefits Customers
Zurich Global Employee Benefits Solutions (ZGEBS) has made a groundbreaking announcement by launching an ‘Underwriting Year’ customer reporting capability. This move comes in response to increasing customer demand, showcasing ZGEBS’s commitment to innovation. As a part of Zurich Insurance Company Ltd.’s business unit Zurich Integrated Benefits, ZGEBS is positioned to provide comprehensive expertise in employee benefits globally.
The newly introduced ‘Underwriting Year’ information empowers global employee benefit customers to gain precise insights into the performance of their local insurance policies, in collaboration with ZGEBS’ Network Partners. These insights are aligned with the renewal term, allowing for accurate allocation of premiums and claims to the corresponding underwriting period.
This transparency offers customers an accurate overview of their policy’s underwriting performance. Through continuous collaboration within its expansive global network, ZGEBS is set to deliver Underwriting Year information across an impressive 95% of its portfolio. This leap from the previous calendar year view, which lacked consistency across different regions, allows for a more thorough assessment of program performance.
‘Underwriting Year’ information synergizes with ZGEBS’s existing Loss Triangles tool, enhancing customers’ ability to comprehend the evolving claims reporting process. This tool is especially beneficial for Captive and other Global Solutions customers, aiding in better budgeting and reserving decisions. This advancement aligns ZGEBS with the standards of the Property and Casualty (P&C) Captives industry, enabling risk managers to effectively monitor and manage risk while enhancing performance accuracy.
Rosario Esposito, Head of Data and Digital Service for ZGEBS, highlighted the organization’s continuous investment in digital tools and capabilities, empowering customers with comprehensive insights based on rich and consistent global data sets. Gilles Finkestein, Head of Customer and Distribution Management for ZGEBS, emphasized the collaborative efforts that made this achievement possible.
This milestone marks a pivotal moment in the global employee benefits landscape, with ZGEBS providing accurate reporting that empowers customers with transparent insights into their policy’s performance. The ‘no surprises’ approach and precise pricing are set to revolutionize the insurance experience.