With the increasing frequency and severity of natural catastrophes a growing concern for property customers, the updated PPP coverage makes additional deductible options available to allow more flexibility for risk management strategies and budgeting for climate-related events, Zurich said.
Other enhancements include new decontamination expense, loss prevention expense, and worldwide mobile communications property coverage. Better Green – a coverage that aims to increase building efficiency and reduce environmental impact – is now automatically included via sublimit. The policy’s extended period of sublimit also now includes overhead transmission and distribution lines – previously optional – as part of the base coverage.
The new PPP form features simplified language and improved formatting for easier readability and customization, Zurich said. Changes include user-friendly streamlining. Several coverages have changed from premises-based to occurrence-based triggers, and some coverages have been renamed to be more consistent with standard industry usage.
Read next: Zurich reveals full-year financial results
“For more than 17 years, Zurich Property Portfolio Protection has provided an expansive policy solution to help mid-sized businesses protect their property and their operations,” said John Mizzi, head of industry practices for US middle market at Zurich North America. “With this update, we’re showing that we’re not just listening to our customers and brokers, we’re taking action to make doing business with us easier as risks they face grow more complex.”
In conjunction with the PPP update, Zurich is launching the Summit Package, which combines PPP and general liability insurance with industry-specific enhancements. The Summit Package includes multiple, frequently requested coverages in a single coverage endorsement, Zurich said.
“Zurich has become an industry-leading carrier for middle-market insureds,” said Alex Wells, head of US middle market at Zurich. “With the Summit Package, we’re providing another path to greater efficiency for middle-market customers and the distributors who work with them. Combining our Property Portfolio Protection – a preferred form for our customers and insureds – and general liability coverages will allow many customers to simplify their strategies for greater overall protection for their companies.”
The PPP update and the Summit Package are available now for new business and will be available for renewals starting May 1, subject to filing and approval and qualification.
Zurich also recently launched a climate-related offering for commercial clients and partnered with Innovative Captive Strategies to create a captive for sustainability-minded companies.
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Zurich Resilience Solutions (ZRS), the commercial risk advisory and services unit of Zurich Insurance Group, has partnered with climate services provider and carbon project developer South Pole to launch a new climate change-related offering to companies.
According to Zurich, the joint offering will be initially available in the US, Germany and Switzerland. It will help businesses tackle both sides of the climate challenge at the same time, by helping them to define and execute their short- and long-term climate resilience objectives, as well as their net-zero goals. It will focus on measuring physical climate risk and emissions, helping establish a strategy to reduce each, and overseeing implementation of actions that will meet local regulatory and sustainability reporting requirements.
“Defining and deploying effective climate adaptation and mitigation strategies requires special knowhow and can be extremely complex and time-consuming, even more so for multinationals,” said Hanno Mijer, global head of Zurich Resilience Solutions. “Demand for climate resilience services has grown exponentially in recent years. Collaborating with South Pole will allow us to address climate-related risks holistically by supporting customers on their net-zero journey as well as resilience.”
Zurich said that companies must intensify their efforts to collectively reduce emissions to successfully transition to net zero and mitigate the environmental impacts. At the same time, companies have to prepare and adapt to the consequences of global warming and consider the current and future impacts of climate change on their business. According to the Climate Disclosure Project, the financial benefits of climate action are at least 15 times higher than the cost of risks.
Companies are also increasingly understanding that taking climate action is not only critical to managing their operational risks, but more stakeholders are expecting companies to transparently demonstrate how they are actively reducing their environmental impact and building resilience along their value chain, and, more importantly, to regularly report on the effectiveness of these measures.
“Companies that fail to demonstrate their progress in building resilience and reducing emissions will likely pay the price both reputationally and financially,” said Renat Heuberger, CEO of South Pole. “But knowing where to start can be difficult. We are pleased to combine South Pole’s best-in-class climate advisory with Zurich Resilience Solutions’ expertise in resilience to steer corporate leaders toward effective mitigation and adaptation efforts – both for commercial success and for climate protection.”
Tata Consultancy Services : TCS Helps Zurich Insurance Germany Digitally Transform its Life Insurance Business
Tata Consultancy Services to Modernize Zurich Insurance Germany’s IT and Business Landscape to Streamline the Customer Journey, Enhance Customer Experience, Innovate at Scale and Drive Growth
FRANKFURT | MUMBAI, September 21, 2022: Tata Consultancy Services (TCS) BSE: 532540, NSE: TCS) and Zurich Insurance Germany (Zurich) have expanded their partnership, making TCS the exclusive strategic IT partner for the latter’s life insurance IT landscape.
TCS has been a partner to Zurich Insurance Germany since 2016 and has been working closely to deliver key business initiatives in general insurance, customer and sales, and life legacy portfolios. With the expanded strategic partnership, TCS will help the insurer modernize, transform and manage the entire application estate supporting its life insurance business; improve, and standardize IT and business processes; accelerate cloud and digital adoption; and drive technical and domain innovation at scale.
Leveraging its deep contextual knowledge of Zurich’s IT and business landscape and vast experience in leading innovation-led business transformations, TCS will help the insurer streamline the customer journey through digitalization and process simplification, enhance customer experience, and expand the use of the bancassurance channel. TCS will also leverage its innovation centers and capabilities to help Zurich scale its innovation efforts at speed and launch new digital services and products.
TCS will help Zurich embrace a new IT operating model, leveraging DevSecOps and automation. This will enable the insurer to bring innovations faster to market, and enhance the digital customer journey. TCS will also work closely with Zurich IT in joint agile teams to build a stronger internal IT core competency by leveraging TCS’ Talent Transformation framework.
“Zurich is on a transformation journey – an “accelerated evolution” – with the aim of improving our digital capabilities, accelerating the development of new solutions and thus modernizing the IT landscape. We are creating a strong new foundation that will help us maintain our growth trajectory while focusing on customer experience,” said Jens Becker, CIO, Zurich Group Germany. “Due to their excellent delivery competence, strong customer orientation and technical expertise, we have been working successfully with TCS for several years, and are now building this into a strategic partnership, selecting TCS as the exclusive partner for the life insurance domain.“
“We are delighted to expand our partnership with Zurich Insurance Germany to drive their digitalization and transformation agenda. Given TCS’ deep experience in the insurance industry, strong talent pool, and innovation hubs such as TCS Pace Port™, we are uniquely positioned to help Zurich Insurance Germany in their growth and transformation journey and enhance their competitive differentiation to become a market leader,” said Uma Rijhwani, Business Unit Head, Banking, Financial Services, and Insurance – Central Europe, TCS.
Present in Germany since 1991, TCS currently partners with over 100 leading German corporations in their growth and transformation journeys, including 23 of the stock index DAX40. TCS has been consistently ranked number one for customer satisfaction in an independent survey of CxOs at top IT spending European organizations by Whitelane Research.
About Zurich Group Germany
The Zurich Group in Germany is part of the global Zurich Insurance Group. With premium income (2021) of over EUR 6.3 billion, investments of more than EUR 53 billion and around 4,500 employees, Zurich is one of the leading insurance companies in Germany.
Zurich offers innovative, efficient, and sustainable solutions and services for insurance, pensions and risk management from a single source. In line with the goal of “shaping a better future together”, Zurich strives to be one of the most responsible and impactful companies in the world.
About Tata Consultancy Services (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for over 50 years. TCS offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions. This is delivered through its unique Location Independent Agile™ delivery model, recognized as a benchmark of excellence in software development.
A part of the Tata group, India’s largest multinational business group, TCS has over 606,000 of the world’s best-trained consultants in 55 countries. The company generated consolidated revenues of US $25.7 billion in the fiscal year ended March 31, 2022, and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. TCS’ proactive stance on climate change and award-winning work with communities across the world have earned it a place in leading sustainability indices such as the MSCI Global Sustainability Index and the FTSE4Good Emerging Index.
TCS media contacts:
Phone: +33 624633512
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Phone: +91 22 6778 9999
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