Zurich’s Supply Chain Insurance and Assessment products garner Business Insurance Innovation Award
Schaumburg, Ill., March 24, 2011 – On March 14, Business Insurance magazine (BI) presented Zurich with an Innovation Award for its supply chain suite of products at the second annual BI Innovation Awards. Zurich unveiled its “all risks” Supply Chain Insurance and Assessment products to the North American market last year to assist corporations in anticipating and addressing supply chain risks and vulnerabilities.
“As the events of the past few months have shown, we may be able to anticipate certain kinds of catastrophes in certain regions, but it’s difficult to predict with certainty how wide-reaching the impact can be,” said Michael Kerner, CEO, Zurich Global Corporate in North America, who accepted the award at the awards dinner at the Waldorf=Astoria New York hotel. “Zurich’s supply chain suite incorporates an extensive assessment to identify vulnerabilities and a ‘named suppliers’ insurance policy that provides needed financial relief when covered supply fails to reach its intended doorstep.”
This differs from typical business interruption and contingent coverages, which activate as a result of a physical incident, Kerner explained.
According to BI, “the Innovation Awards program is intended to recognize leadership, inventiveness and ingenuity in products and services designed for professional risk managers. An independent panel of judges, comprising active risk management professionals, selected the honorees. The winning products and services will be profiled in the April 11 issue of BI.” Zurich was among ten winners selected from more than sixty nominees.
“In developing the risk assessment and insurance proposition with our colleagues in Europe, we looked at how quickly the costs of supply chain interruption can add up and impact a company’s bottom line and reputation,” said Linda Conrad, director of Strategic Business Risk & customer relationship leader, Zurich Global Corporate. “Historically, companies can suffer a 25% decline in stock price compared with industry peers, and disruptions can lead to 7 percent lower sales and 11 percent higher costs. Approximately 40% never recover from an extended supply chain interruption.”
“We’re thrilled to receive this award for products that were truly a global effort,” said Kerner. “We feel part of what makes these particular products so innovative is how Zurich’s specialists work in tandem with customers’ logistics professionals and insurance decision makers to create coverage that activates when its needed most. This is not a policy that is written, bound, and shut away in a drawer. It’s a team effort.”
For more information on Zurich’s supply chain suite, visit www.SupplyChainRiskInsights.com or go to: http://www.zurich.com/main/productsservices/corporations/property/supplychain.htm
About Zurich
Zurich Financial Services Group (Zurich) is a leading multi-line insurance provider with a global network of subsidiaries and offices in Europe, North America, Latin America, Asia-Pacific and the Middle East as well as other markets. For more information about Zurich, go to http://www.zurichna.com/zna/media/news-releases/archive/boilerplate.htm.
# # #
Media contact:
Brett McKenzie Wood
Zurich North America
(847) 605-8826
brett.wood@zurichna.com