3 digital solutions from Zurich help simplify international insurance

For growing businesses, international expansion can happen fast, sometimes leading to a last-minute telephone call to a broker. Often, it goes something like this: “Our procurement team is going to Europe early next week to talk to a new supplier. We have insurance coverage for this, right?!” 

Whether you have made this call or been on the receiving end, it’s easy to relate to the urgency and concern associated with ensuring appropriate international insurance coverage is in place. In many instances, the broker responds to the question, “Not necessarily.”  What ensues can be a stressful rush to reach an international insurance underwriter, pull together risk details, draft a submission, await a quote, and bind international coverage before the plane leaves the tarmac.

Scenarios like this are one reason the International Programs from Zurich team has focused on developing and launching digital solutions to help make it easier for companies to do business overseas, whether they are established multinationals or middle market companies just starting to explore expanding beyond U.S. soil.

“The international space has always been dynamic, but it’s going through a rapid transformation,” said Andy Zoller, Head of International Programs for U.S. Commercial Insurance at Zurich North America. “Businesses increasingly want and expect digital solutions and data at their fingertips. We want to be the digital leader in the international insurance space, and we’re offering innovative tools and solutions for companies that are at various points on the digital journey.”

Here are three such tools and resources that can help transform your experience securing international coverage.

Zurich Exporter Solutions Digital Platform (ESDP)

What it is: In simplest terms, Zurich Exporter Solutions Digital Platform enables brokers to go online and bind international coverage (and digitally receive a policy) in about 15 minutes, replacing the scramble described above.

Who it’s for: ESDP is designed for U.S.-based companies that do not have physical locations or employees based overseas, but that ship products or travel overseas.

Why we made it: Companies that have operated only in the U.S. and are new to exporting products or doing business overseas are realizing that incidental international exposures are not adequately covered under domestic policies. ESDP can quickly fill the gaps.

How it’s different: “We believe ESDP is the first P&C digital insurance platform to enable purchase of an international, multi-year policy so easily in so little time,” said Spring Uphoff Neely, Head of International Strategy and Execution for Zurich North America.

But wait, there’s more: ESDP also fills resource gaps. Some brokers do not have dedicated international teams. Those who do may see efficiency gains from using ESDP, which includes a brief eligibility questionnaire to assure brokers they’re securing the right coverage. From there, ESDP replaces what can be a flurry of phone calls and emails associated with the traditional submission-quote-bind process.

What the people say: Brokers have given it high marks in surveys. One broker told us: “[ESDP] proved to be an impressive tool for one of our West Coast accounts that had minimal exposure with no local placement required. Within a few minutes and keystrokes, we had a viable quote inclusive of the packaged coverages, limits to meet the contractual needs of this client, and in a professional, client-ready format that allowed us to get it presented to our client swiftly. We obtained the bind order almost on receipt/review of the quote by the client and proceeded to issue within the digital platform. This was an effortless placement and showed us the power of this tool to allow small accounts to be managed with ease.”  

Bragging rights: ESDP recently won a 2023 U.S. Insurance Award from Business Insurance. It wasn’t the only digital solution from International Programs by Zurich to earn industry honors, which brings us to our next solution.

Zurich Connector API Solution

What it is: Zurich Connector API Solution is an application program interface with the capability to connect the Risk Management Information Systems that risk managers use with the data systems that Zurich uses, enabling seamless, secure data exchange and real-time visibility in both directions.

Who it’s for: Risk managers at large multinationals who use one of a handful of leading commercial Risk Management Information Systems (RMIS) on the market.

Why we made it: Managing insurance programs across several countries requires exchanging copious amounts of data with brokers and carriers. “In the past, this often entailed a lot of manual data entry and re-entry for the risk manager, who would request, say, a loss run from their carrier and then had to import the data into their own Risk Management Information System,” Zoller said. “Beyond taking time, all the exchanging and updating of spreadsheets and rekeying of data can increase the margin of error.”

How it’s different: Zurich Connector API Solution does not require the customer to log into a separate Zurich data portal. It conveys richly detailed data back and forth automatically. The risk manager can easily access information on loss prevention and risk engineering, exposure, renewals and more from Zurich. This gives the risk manager a fuller, real-time picture of their international exposures and program status in their native digital environment. “We’ve digitized what was a very manual process,” Zoller said.

But wait, there’s more: “We are constantly looking to what our customers’ needs are,” Zoller said. “We tested this initially with customers in Europe and we continue to modify and evolve it as time goes on. Not every RMIS has all the direct feeds yet. There’s some customization based on what the customer wants, and we are attuned to legal and regulatory compliance in various countries in terms of what is permissible to share via the feed. We believe this API capability for international programs is unmatched in the commercial insurance marketplace.”

What the people say: One risk manager for a global logistics and real estate warehousing firm previously received risk engineering reports in PDF form. “While these reports contain so much great data, including loss scenarios, benchmarking, risk improvement actions, risk gradings and natural hazards information, there was no easy way to digest it all. We would spend time creating multiple Excels [spreadsheets], manually entering the data,” she said.

After implementing the solution, her team experienced benefits immediately. “The API has saved us time and provided us the ability to better track our data,” she said. “With API, almost all of the data points are integrated into our risk management information system. I am now able to click a button and easily run a report with our most up-to-date risk engineering visits. We also track our claims within our RMIS, so we are able to easily cross-reference risk engineering visits and improvement actions to claims activities.”

Bragging rights: Zurich Connector API Solution won a 2023 Innovation Award from Business Insurance at the same event where ESDP was named an award winner.

My Zurich

What it is: The My Zurich platform is an online, secure, sign-on portal that allows customers, brokers and Zurich team members to access data, insights and status reports about the customer’s international program in real time on a holistic level.

Who it’s for: Middle Market customers who do not have an RMIS or International Program customers who want to be able to access information about their program on a portal that’s separate from their data management system.

Why we made it: Digital transformation continues to evolve and businesses of different sizes and types are in varying places on the digital adoption journey. “Not every risk manager wants or needs the Zurich Connector API. They may be more at ease with a portal that is separate from their RMIS or they may not have an RMIS,” Uphoff Neely said. “Many Middle Market customers are simply not there yet. My Zurich is an easy-to-navigate one-stop shop for their business insurance needs.”

How it’s different: The portal enables customers to track program status and structure, view policy and claims status, and generate certificates for travel as well as product and general liability policies. Customers also can track policy and invoice issuance and payment status for all their policies around the world.

But wait, there’s more: Customers can overlay natural catastrophe information for their locations and receive real-time notifications to help plan mitigation actions. Through the Zurich Global Program Support (GPS) tool, they can view their program through a compliance lens, providing transparency into regulatory and tax requirements around the world.

What the people say: Many brokers have expressed interest in having access extended to them. Zurich has already piloted and granted access to portfolio-level views for a number of brokers.

Bragging rights: Coming soon, customers will be able to review and update their program structure live in the tool at any point in the insurance lifecycle, not just at renewal but also midterm.

Digital transformation with a human touch

“These three offerings bring the convenience of online services to our customers,” Zoller said, “but this is still a people business. We won’t lose focus on that. If we use technology right, it provides more time and capacity to focus on complex risks and the relational side of the business because you are spending less time on manual processes of lesser sophistication. It does the same for us, giving us time to focus on what matters — and that’s meeting our customers’ needs today and problem-solving with them for tomorrow.” 

Learn more about Zurich Multinational solutions.