Zurich, Insurtech Startup CoverWallet Offer End-to-End Insurance for SMEs

Zurich Insurance has launched ZurichEmpresas.es, a new digital distribution channel, which initially will provide insurance solutions for small-and-medium-sized enterprises (SMEs) in Spain.

The platform, powered by CoverWallet, will provide end-to-end insurance solutions, streamlining the entire process for business owners and providing easy access to requests for proposals, price comparisons and policy management.

This insurtech solution is the product of a collaboration in Europe between Zurich and CoverWallet, the New York-based insurtech startup and business insurance provider.

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ZurichEmpresas.es allows SMEs to quickly analyze and understand their specific insurance needs, and provides customized products tailored to their unique business, said Zurich Insurance in a statement.

The process, from quotation through to the final sale, is conducted online and can be completed within one minute. Once signed, every client has access to a customized follow-up service, available through Zurich’s MiZurich smartphone application or the company’s website, the company went on to explain.

A growing number of agents across Spain will be involved in the launch of ZurichEmpresas.es. Zurich believes growth from this initiative will be significant given the more than one million online searches for small business insurance in 2017 in Spain.

“Zurich has chosen Spain as the first European country for the launch and implementation of this digital service, whose main goal is to cover and adapt to the current needs of the market,” said Vicente Cancio, Zurich Spain CEO.

Vincente Cancio and Iñaki Berenguer

The launch of ZurichEmpresas.es reflects Zurich’s aim to accelerate the delivery of innovative solutions designed to meet customers’ needs across digital channels and products that offer more tailored and convenient solutions, the company said, noting that it is spending over US$700 million a year globally on new digital initiatives.

“There is incredible potential to shape the next generation of business insurance through online, data-driven technologies that improve the customer experience,” said Inaki Berenguer, chief executive officer and founder of CoverWallet.

“Since 2016, Zurich Spain has been conducting an ambitious digitization process, collaborating with its network of agents to combine the advantages of both digital and intermediated models,” said Zurich, noting that it is updating 90 percent of its SME business-related products.

Source: Zurich Insurance

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