Seguradora Zurich is advancing increasingly in the segment of partnerships and expanding the distribution of insurance sold through other companies. The insurer has partnered with a diverse range of business partners, including: satellite pay-TV operator SKY; Grupo Carrefour Brasil and insurtech Coover, a shared subscription insurance platform. Among the financial institutions, C6 Bank, Banco ABC Brasil, through ABC Brasil Corretora are the most recent alliances in a list that brings together BV, Sofisa and Sicoob’s general insurance.
In the case of Coover, the offer is for the protection of new and used cell phones, offered through the mutual insurance model, also known as peer-to-peer. The idea is in the future to expand the partnership to other products in the Zurich portfolio through the platform.
With Banco ABC, the proposal is to offer global capital group life insurance (in which all employees of the contracting companies, in addition to partners and directors, have protection), as well as credit life insurance, which allows total or partial repayment of debts in case the insured is unable to pay, in addition to property insurance, Guarantee, POSI, cyber, D&O, E&O and RCG.
With Grupo Carrefour Brasil, through Banco Carrefour – its financial center and main Fintail in the country –, on the other hand, the range of products is more extensive, covering residential, loss and theft of cards, funeral, daily hospital stay and life.
In the case of SKY, the expectation is that the company will increase the sales base of residential and credit life insurance, according to its insertion in the market.
According to the Executive Director of Partnerships at Seguradora Zurich, Luis Reis, such a differentiated range of products and partner companies offers the company the opportunity to reach “niche” audiences, with specific interests. “Working with these partners, we were able to understand the needs of their audiences and develop innovative and customized products. Furthermore, with most offerings also on digital, a medium in which young people like to transact, we have wider and more inclusive distribution, which feeds the insurance culture much sooner,” he argues.
In line with the insurance company’s digital transformation proposal is also the portfolio of services offered by C6 Bank, which includes insurance against improper bank transfers, protected purse and card protection, in addition to cellular insurance and extended warranty, an innovation in partnerships with banks. for Zurich. The alliance with Coover is another example related to the digital transformation promoted by the company.
In fact, with the new alliances, the insurer projects a 30% growth in the business in the Bancassurance segment, driven by sales of auto, life, home and personal accident insurance (with telemedicine and financial protection services, among others). In the portfolio there are also novelties such as insurance for transactions via PIX and traditional insurance, such as property, agricultural equipment and civil liability. In addition, Zurich brought other products to these channels, such as corporate insurance to protect against cyber risks, executive liability (D&O) and errors and omissions (E&O), which are currently on the rise.
Partnerships in Bancassurance bring a promising scenario and expand the business of the company and its partners, which today have more than 20 alliances with financial institutions, mainly traditional and digital banks, cooperatives and fintechs. In addition, they offer a wide range of options to customers.
Luís Reis says that these new strategic alliances show Zurich’s level of flexibility in signing agreements with institutions from different areas of activity, from the traditional market of banks and relevant cooperatives in the financial market to fintechs. “In addition to showing flexibility, we see many opportunities to expand the offer of varied insurance for the Brazilian population”.
The Commercial Director of Partnerships at Seguradora Zurich, Sidemar Spricigo, adds: “Increasingly, people and companies have specific needs, especially with regard to personal protection and their acquired assets. Therefore, they look for insurance that meets them in a customized way, corresponding to the specificity of their demands. This is one of the differentials we deliver to our business partners and customers. We are a multi-product and multi-service company, with the broadest product portfolio on the market”.
Partnerships via APIs
Sidemar reinforces that Zurich is a company that invests a lot in technology and that all operations with banks and other partners are via APIs (Application Programming Interfaces), which are facilitators for companies interested in distributing the safe, as they allow systems from different programming languages to be integrated quickly, easily and securely.
These operations between Zurich and other institutions are viable thanks to the Zews platform, which enables partners – whether it be a small commercial establishment that only works in person, or a network of stores with numerous points of sale and which also has e-commerce, or even a large bank or fintech – are able to access the insurance company’s system and operate the sales and after-sales of different types of insurance quickly and safely, without having to make high investments.
About Insurer Zurich
Seguradora Zurich adds its knowledge of the Brazilian market, in which it has more than 80 years of experience, to its international expertise in multichannel insurance solutions. Zurich attests to financial solidity and follows a strict global standard of conduct, practiced in all its operations. It is dedicated to understanding customer needs and offering solutions for individuals and corporations, from small businesses to multinationals. With Brazil in its growth strategy, and determined to contribute to the country’s social and economic development, aiming at the medium and long term, the company has products and services tailored to this market. Learn more at www.zurich.com.br.
Zurich Insurance Group (Zurich) is a leading multiline insurer serving more than 55 million customers – both individuals and businesses – in more than 210 countries and territories. Founded 150 years ago, Zurich has been transforming the insurance industry. In addition to providing protection through insurance, Zurich increasingly offers preventive services, such as services that promote well-being and those that reinforce climate resilience. The Zurich Group has around 56,000 employees and is headquartered in Zurich, Switzerland. Zurich Insurance Group Ltd (ZURN) is listed on the SIX Swiss Exchange and has a Level I American Depositary Receipt (ZURVY) program, which is freely traded on OTCQX.