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Special Section Sponsored by Target Markets Program Administrators Association Zurich’s Program Business With its customer focused and relationship driven philosophies, Zurich’s program division, part of Zurich North America Commercial, operates more than 40 profitable programs. Many of them have a program administrator relationship that now exceeds 25 years. Selectivity and experience are credited as the primary keys to Zurich’s success. Some of the factors contributing to that success include consistent coverage and limits requirements, working with a program size that typically represents a minimum of $5 million in annual premium, and the distribution of underwriting authority to a program administrator with referral and authorization thresholds. Zurich also offers its program customers exclusive marketing consultation and support. Zurich proactively manages its current relationships. The company’s cross-functional account management team—sales, marketing, underwriting, risk engineering and claims—provides ongoing communication, quarterly and annual business reviews, regular reporting and analysis, and troubleshooting. Craig Fundum, president of Zurich’s program business, describes some of the many advantages that the team delivers to program administrators. “Our dedicated team of experienced subject matter experts works with agencies to help grow premium,” he said. “We conduct research to learn about marketing objectives, successes and failures. We recommend a plan of action to help review or develop a marketing plan leading to measurable goals. We consult on best practices and on money-saving options. We can implement tactics in conjunction with the program administrator’s marketing team, or on behalf of their marketing professionals. And, on a regular basis, we measure and analyze the effectiveness of tactics with an aim toward continuous improvement.” Fundum emphasizes that an efficient, comprehensive process with program experts is a key benefit his team provides. As for additional benefits to agencies, he also cites that product filings are executed by experienced professionals for compliance with all jurisdictional regulations and that the Zurich team leads program administrators through the implementation process. That intensive drill includes thorough training on Zurich’s procedures and systems. Zurich offers long-time associates, as well as prospective program partners, its 90-day new program approval process, its nationwide footprint with global resources, its ability to provide access to many of Zurich’s products and services, its ability to bundle and create customized programs, and its strengths in technical underwriting and authority reviews. Zurich aggressively seeks new program relationship opportunities. But, it also pays close attention to cultivating program business connections that have flourished for several decades, such as specialty auto coverages for ambulances, which Zurich has been writing for 45 years. Other long-time categories of business include limousines (25 years), trucking (45 years) and tanning salons (25 years). Long-haul trucking, in fact, was the springboard for Zurich’s program business in the late 1940s. Zurich writes programs that include the following products: Zurich has been an active member of the Target Markets Program Administrators Association (TMPAA) for several years. “For the TMPAA agency members, and for other agencies considering program connections with carriers, I summarize the Zurich difference this way,” concludes Craig Fundum. “Count on Zurich’s financial strength and stability as a global insurer and as an A.M. Best A rated company. Our focus on results has yielded a 20% average growth rate for the past 10 years. We expect to continue profitable growth from existing and new programs well into the future.” → |
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