Dateline: 15/04/2002
New Online Processing System Will Provide Efficiencies to the Surety Bonds Market
SCHAUMBURG, IL, April 15, 2002 -- Zurich North America Surety today announced the launch of Zurich Surety Express, a new online processing system that allows distributors to rate, quote and issue commercial and contract surety bonds online directly from the Zurich web site (www.zurichna.com.) Now in its pilot stage, Zurich Surety Express is being initially tested by agents in Ohio, New York and Texas, with plans for a nationwide roll out during the second quarter of this year. The Surety group is part of Zurich North America, a leading commercial property-casualty insurance provider.
Bill Cheatham, president of Zurich North America Surety, said, "Online access to our surety products will give our distributors a distinct competitive advantage. Providing bonds faster and more efficiently -- with less room for administrative error -- will enable distributors to focus on building their business while providing enhanced customer service on a cost-effective basis."
Zurich Surety Express is designed to increase efficiencies for both distributors and Zurich’s underwriting staff. The ‘single-touch’ system greatly simplifies and streamlines the underwriting and distribution process, using advanced web-based technology to improve speed and accuracy and manage labor-intensive processing. Zurich also plans to introduce the system’s XML capability later this year to facilitate integration with larger agents and brokers that have legacy systems.
"Innovations like Zurich Surety Express demonstrate our long-term commitment to the surety bond marketplace. We are excited about the program and look forward to the benefits that it will deliver to all involved," added Cheatham.
Zurich North America Surety (formerly part of The Fidelity and Deposit Companies or F&D) is a leading provider of commercial and contract surety bonds for the construction, commercial and government markets in all 50 states, through a network of approximately 5,000 independent agents and 32 field offices.
Zurich North America (www.zurichna.com) is a leading commercial property-casualty 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 wrote $10.9 billion in premiums in 2001. Zurich North America includes the Zurich U.S. business units (Corporate Customer, Middle Markets, Small Business, Strategic Partnerships, Construction, Specialties, Zurich Global Energy, Warranty, Surety & Financial Enterprises, and Empire Fire and Marine), as well as Universal Underwriters Group and Zurich North America Canada. The Zurich U.S. pool of companies is rated A+ (superior) by A.M. Best and AA- (very strong) 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 of integrated financial services, providing its customers solutions in the areas of financial protection (non-life insurance and structured solutions) and asset gathering (life insurance and asset management). The Group focuses its activities on its key markets of North America, United Kingdom and Continental Europe, and selected other markets where it has or can reach a competitive position. The Group achieved gross premiums of $56 billion in 2001. Founded in 1872, Zurich is headquartered in Zurich, Switzerland. It has offices in more than 60 countries and employs approximately 70,000 people.
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Media contacts:
Fran Harding
Zurich North America
410-338-9500
fran.harding@zurichna.com
Paul Del Colle
Miller DeMartine Group
203-221-2790
pdelcolle@mdgpr.com