Dateline: 02/05/2001
Collaborative business model will improve efficiency, increase profitability
SCHAUMBURG, IL, April 30, 2001 -- Zurich North America, a leading provider of insurance, financial and risk management solutions, is implementing a new product and service development business model, the company announced today. Known as Zurich North America Manufacturing Services, the new unit will focus on developing products and services from an enterprise-wide perspective rather than within the confines of each business area. Under the Manufacturing Services model, product and development will become a distinct function, separate from marketing, sales, delivery, and customer support.
"By looking at our products and services from a company-wide perspective, we will be able to harness the best thinking, tools and platforms and implement our best practices to enable better, faster business decisions that result in improved profitability," said Rob Fishman, CEO of Zurich North America Manufacturing Services. "Identifying and implementing best practices enterprise-wide will result in increased efficiency, reduced production costs and the highest quality products. In addition, we will free up our business unit managers to focus on building and enhancing customer relationships."
Zurich North America Manufacturing Services will capture, analyze and synthesize data to hone the company’s ability to identify trends, minimize risk and maximize opportunity. The new unit plans to develop and refine existing underwriting and pricing guidelines, rating models, and policy forms and deliver them on efficient platforms to business unit managers. Collaboration will be a key component of the unit’s success. Representatives from each business area will work with the dedicated Manufacturing Services team, bringing their specific business knowledge to the unit, and taking the unit’s best practices back to their respective businesses. Manufacturing Services will also work closely with Zurich North America’s Claims, Risk Engineering, IT and Operations staff.
"We are looking for an innovative way to improve results and build and sustain a competitive advantage. The Zurich North America Manufacturing Services model will allow us to do that. In the process, we are not only raising the level of knowledge, skill and service within our own company, we are raising the bar for the whole industry," said Fishman.
Zurich North America (www.zurichna.com) is a leading commercial property-casualty, health and accident insurance provider serving the multinational, middle market and small business sectors in the United States and Canada. Headquartered in Schaumburg, Ill., Zurich North America has 11,650 employees and writes $8.0 billion in annual premiums. Zurich North America business units are the Zurich U.S. pool of companies (Corporate Customer, Middle Markets, Small Business, Strategic Partnerships, Construction, Specialties, Zurich Global Energy, Warranty, Surety & Financial Enterprises, Empire Fire and Marine and Universal Underwriters Group) and Zurich Canada. The Zurich U.S. pool of companies is rated A+ (Superior) by A.M. Best and AA+ (Excellent) by Standard & Poor’s. Zurich North America is a member of the Zurich Financial Services Group.
The Zurich Financial Services Group (www.zurich.com) is a global leader in the financial services industry, providing its customers with solutions in the area of financial protection and asset accumulation. The Group concentrates its activities in five business segments: non-life and life insurance, reinsurance, Farmers Management Services and asset management. Headquartered in Zurich, Switzerland, the Group’s worldwide presence builds on strong positions in its three key markets: the United States, the United Kingdom and Switzerland. It has offices in more than 60 countries reaching 35 million customers and employing 70,000 people. Based on consolidated figures for 2000, the Group achieved gross premiums of USD 50 billion. This amount includes insurance deposits as well as premiums from the Farmers P&C Group. The net income amounted to USD 2.33 billion. On December 31, 2000, the Group had USD 440 billion of assets under management of which USD 259 billion represent funds managed for third-party institutional and retail customers.