Page 1: Introduction
Zurich Insurance Group is a leading global provider of insurance services. Zurich’s mission is to help customers understand and protect themselves from risk. The company employs 60,000 staff and serves customers in 170 countries around the world.
Zurich offers General Insurance and Life Insurance products, for example:
- General Insurance: car insurance, home buildings and contents insurance
- Life assurance: life insurance, investment and pension plans.
Zurich offers its products to retail customers (mainly individuals) and corporate customers (i.e. businesses).
Life is full of uncertainty. The building you work in could catch fire. Your computer could be stolen. You may have an accident. These are all risks with a small but real probability that they may occur. Insurance provides protection against that risk. In return for a fee (a premium) it provides a financial payment in the event of financial/personal loss.
Supporting the brand
So what makes Zurich one of the leading insurance companies? It starts with Zurich’s brand, reputation for quality customer service and solid financial strength. The insurance industry is tightly regulated, requiring strict standards and highly skilled finance professionals. Zurich, therefore, aims to attract the best graduates. Zurich’s ethos is underpinned by its core values:
A key component of Zurich’s values is corporate responsibility. Being a responsible company is fundamental to Zurich’s long-term sustainability. For example, Zurich Community Trust in the UK actively helps over 600 charities make a difference to the lives of thousands every year.
Insurance is an extremely competitive market. Customers will obtain quotes to find the best value either from Zurich directly or through a financial adviser. This case study shows how Zurich’s careful approach to budgeting is a contributory factor in gaining competitive advantage.