A customer-centred approach to providing insurance
A Zurich case study

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Page 5: Measuring performance

ym7h4494The benefit of setting SMART objectives is that they provide a way for a business to measure its performance. Measuring performance makes it possible to identify a business’s strengths and weaknesses. It provides a firm basis for planning to improve performance.

These are some of the measures that Zurich uses to measure performance:

Customer centricity

  • Sales growth – Zurich aims for growth at or above the average rate in the overall insurance market. This is a useful measure of the popularity of Zurich.
  • Customer satisfaction – Zurich aims to be in the top quartile for customer satisfaction as measured by independent researchers.

 Shareholder value

  • Dividends – Dividends are the annual payments made to shareholders. Zurich seeks to grow the dividend it pays out year on year.
    Total shareholder returns – Shareholders seek not just dividends but increase in the share price. Zurich seeks to be in the top quartile for total shareholder returns.

 Employer of choice

  • Staff retention rates – seeks to retain good staff with the company for a long period.
  • Zurich measures engagement scores – Employee satisfaction surveys show what percentage of staff enjoy working for the company and feel that they are provided with rewarding careers.

By establishing a set of metrics for measuring performance, Zurich is able to monitor and review performance continually. It can compare actual performance against its strategic and tactical plans. As a result, changes can be made on a regular basis to enable the company to progress towards its aims.

Zurich | A customer-centred approach to providing insurance