Magazine

Read the latest edition of AIR and MEIR as an Interactive e-book

Mar 2024

Zurich International Life: Still committed to MENA

By -
Source: Middle East Insurance Review | Oct 2016

Zurich International Life Limited (Zurich) is highly committed to the Middle East insurance market and is looking to further extend its market-leading role, says Mr Walter Jopp, CEO Middle East & Africa.
 
 
It is a well-known fact that Zurich has been making changes to its global portfolio which has seen it pull back from less successful markets, but it is a testament to the potential for life insurance in the Middle East that the Swiss insurer has reinforced its life presence in the region. 
 
   “We see the protection and life insurance under-penetration in this market as an opportunity for us. We are working hard to better understand the needs of customers so that we can provide solutions that fulfil those requirements,” said Mr Walter Jopp who leads Zurich’s operations in the region out of Dubai.
 
   Zurich’s presence in the Middle East goes back to the 1980’s as one of the leading life insurers in the region and the company is looking forward to further cementing its market-leading role in the future, observed Mr Jopp. 
 
   “Over the last few years, we have invested heavily in our business in terms of technology and people. We have developed our IT platforms so customers and advisers can access information about policies and services 24/7 and we have also grown our local team by over 40% to ultimately bring many of our services closer to the customer. 
 
   “One example is the creation of our centre of excellence for claims in Dubai so that when a claim needs to be paid it is done here on the ground in the fastest possible time,” he said.
 
   Despite its exit from less profitable markets, Zurich’s positioning in the Middle East life business shows a company that is still intent on growing its position in several strategic markets and business segments. Its most recent announcement to purchase the life operations of Macquarie Group in Australia is a further testimony to that, said Mr Jopp. 
 
MENA remains important
The Middle East represents a very exciting opportunity for insurers especially with many parts of the region growing quickly and there is significant under-insurance compared to markets in Europe, North America and Asia, noted Mr Jopp. 
 
   However, he added that global insurers, such as Zurich, need to play a role in educating customers about the importance of protecting themselves and their loved ones from risk as well as to protect their futures so they can achieve their goals and aspirations.  
 
   “The financial goals of protection, retirement, education and lifetime goals (such as property purchase) requires solid financial planning and commitment from individuals. We see our role as a key driver in continuous education around tangible actions consumers can take to meet those very important needs.”
 
   He said Zurich continues to develop solutions for different segments, an example is the latest agreement with Abu Dhabi Commercial Bank’s distribution network “Simplylife” which provides life protection products to the mass market.
 
Responding to market needs
Zurich has a strong market position with a comprehensive proposition suite covering key financial goals and needs of customers, such as protection, retirement & education, said Mr Jopp. “We can learn from our global market position and bring proven solutions that have worked elsewhere to this market. We are also closely following the changing distribution landscape as well as the evolution in the use of technology which forms a key part of our strategy.”
 
   He added: “Educating advisers and customers will continue to be a cornerstone of our strategy as is continuously enhancing our proposition suite by conducting comprehensive research to design the best possible products for the Middle East. I am looking forward to seeing some exciting new developments in the early part of next year.”
 
Differentiating Zurich
With a strong global brand across more than 70 countries, double A rating from S&P and over 150-year of history, Zurich is continuously striving to achieve the highest standards, noted Mr Jopp. 
 
   “For example, we are the only life insurance provider that publishes its claims statistics specific to the Middle East. We also invest in research and key reports to improve consumers awareness and develop the insurance market. 
 
   “Ultimately we will differentiate ourselves by being a company that is there for our customers when it matters most, be it at the time of finding a solution to their financial needs, claiming , reaching retirement or paying a child’s education fees.”
 
| Print
CAPTCHA image
Enter the code shown above in the box below.

Note that your comment may be edited or removed in the future, and that your comment may appear alongside the original article on websites other than this one.

 

Recent Comments

There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.