Finding flexible solutions to help a research company grow
May 21, 2018
A firm with complex risks and dreams of expansion found an insurance provider willing to collaborate and help it reach its full potential.
Departing from the herd mentality: An agricultural company that delivers diagnostic and testing services to thousands of dairy and beef farms across the Midwest was ready and eager to expand. To do that, they needed to find an insurance provider that could grow with them.
Many carriers were reluctant to even entertain the idea of offering coverage to a business that involves potentially risky interactions with unpredictable animals. Fortunately, their broker reached out to Zurich.
Our Middle Markets underwriter was willing to listen. And, in fact, his familiarity with farming also offered insights that helped him put the business, and the cows, in perspective. He recognized the inherent risks, but also was willing to take a step back and consider possible solutions.
Starting the conversation: Zurich’s underwriter engaged the broker and customer to address their needs as well as their wishes. Adopting the One Zurich approach, he reached out to Claims, Technical Underwriting and Risk Engineering colleagues to get a better grasp of the challenges and opportunities. A Claims Service Executive was assigned to zero in on the customer’s pain points and determine how Zurich could help.
This gave the insured one point of contact for all Claims perspectives. The customer and broker appreciated that Zurich took the time to understand their business and demonstrated a willingness to ask them what they thought their biggest exposures were, as well as their biggest issues. As expansion came, they were comfortable knowing that Zurich could address the state and local regulations.
Zurich was able to structure a policy that provided General Liability (excluding products and professional liability), Property, Workers’ Compensation and Auto coverage, all designed to help the customer grow.
Victory through collaboration: This business win represents a true collaboration involving all parties. The broker was able to place a longstanding client with an insurance provider that understands the risk and is able to bring benefits to their client from both a Risk Engineering and Claims-handling standpoint. The insured understands they now have an insurance provider that can help them manage the risks they face within their own business operations. With Zurich, they feel that they have an ally built for the long term.