Helping a Select Broker secure multiline coverage for a new customer
May 3, 2017
Fresh challenge, optimal outcome: Zurich helps deliver solutions for a new customer
New business challenge: A private equity firm was seeking multiple lines of coverage for a national fabrication and construction company. What set this request apart is that the business was both new to the Select Broker and new to Zurich, said Jarrod Collins, Commercial Insurance Underwriter. In addition to the need for a swift turnaround, the broker didn’t have the information or access to the customer that an incumbent would have.
Jarrod was confident that he could provide the solutions the broker was seeking for this customer.
Nimble response: “In the world of private equity, you need to be fast, agile and—most importantly — thoughtful,” Jarrod said. “Typically, these are short-fuse deals that require outside-the-box thinking.” Because Zurich has the flexibility and capability to come up with customer solutions in such cases, he added, “we were able to move quickly and efficiently to put together a good package.”
Jarrod knew that he could rely on his underwriting colleagues’ collaboration and responsiveness.
“We had to come together, working across business units in order to allow the broker to provide a full proposal to the client,” he said. “As with most challenges, communication was the key to solving this riddle. Intercompany dialogue, compromise and problem-solving allowed us to provide multiple options to the broker.”
Jarrod found flexibility from an operations standpoint as well. Zurich Risk Engineering, understanding the time constraints and what was at stake, quickly set up a meeting with the broker and customer. Jarrod made a point of joining that meeting to further his grasp of the business and its challenges.
“It just helped me with my underwriting analysis and opinion of the company,” he said.
Winning through teamwork: The collaborative effort resulted in Zurich providing Workers’ Compensation, Auto, General Liability and International coverage. The customer won favorable premiums and terms, Jarrod said, as well as a level of Risk Engineering support it didn’t have with the previous insurer.
“We were able to demonstrate our adaptability and creativity to our brokers,” Jarrod said. “Through our dedication to sales execution and connectivity to the broker, we were one of a handful of insurance providers they approached to help them win the business. Helping a broker win business they previously did not control only strengthens a relationship.”