Zurich Financial Services Group announced the implementation of “an innovative distribution strategy for the rapidly growing Chinese insurance market.” The giant Swiss insurer has renamed Best Harmonious Insurance Brokers Company, Ltd., as Zurich Insurance Brokers (Beijing) Limited. Zurich acquired a 24.51 percent stake in the broker, which is a nationally licensed Chinese insurance brokerage firm domiciled in Beijing, last year.
“The acquisition, which together with the name change has received full regulatory approval, provides Zurich and its business partners with a multi-channel distribution platform capable of delivering general and life insurance products to customers across China,” said the bulletin.
The new platform will broaden Zurich’s distribution capabilities in the region. These include “training, development and recruitment techniques employed in Hong Kong and the call center processes developed in Taiwan.” It will also expand Zurich’s brand presence in one of the world’s fastest growing insurance markets.
“This distribution platform marks a further important step in our long-term approach to the Chinese market, and reflects our broader Group strategy of targeting customer, product and distribution capabilities as our paths to profitable growth,” noted CEO James J. Schiro
The new platform expands upon Zurich’s two existing Chinese market operations – Its general insurance branch operations in Beijing and its 20 percent share in New China Life, the country’s fourth largest life insurer based on 2006 premiums.
Johnny Chen, CEO of Zurich’s Greater China and Southeast Asia business added: “A key component for our global success is our dedication to knowledge sharing in local markets. The new platform will not only enlarge our presence in the Chinese market, but will also allow us to transfer the Group’s proven know-how and distribution capabilities to the local sales force. Zurich firmly believes that knowledge transfer and sharing forms the basis for any successful emerging market engagement.”
Source: Zurich – www.zurich.com
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