Zurich to evolve propositions to boost growth in 2024

Zurich’s UK chief executive Tim Bailey has revealed that the insurer will continue to evolve its propositions throughout 2024.

Speaking to Insurance Times, Bailey said his firm was making the move as part of plans to boost growth during the year and bolster its service to brokers and customers.

The top boss made the comments after the insurer saw growth across the group in 2023 - according to a trading update on 22 February 2024, the firm grew its business operating profit by 21% to $7.4bn (£5.8bn) and said that it had seen “strong growth” across all businesses.

It noted that its life, farmers and property and casualty businesses had seen “particular strong growth”.

Bailey said Zurich UK wanted to boost growth across a range of lines, such as commerical, small and medium-sized enterprises (SMEs), retail protection and high net worth (HNW).

“We are looking to make sure that we continue to grow in [all] segments of the business,” Bailey said.

“To do that [and] to ensure we are providing outstanding service to our brokers and customers, we are continuing to evolve our propositions in those areas.”

‘Best people’

This came after Zurich was revealed to have achieved a four star status in the Insurance Times’ Five Star Rating Report: Commercial Lines 2023.

Bailey explained that the firm was looking to go one step further this year, with its “overarching goal” being to simplify processes and continue to bring in “the best people”.

“We’ve got an outstanding team at Zurich and we want to make sure that we continue to develop that team,” he said.

“[We] continue to bring in the best people into the business and maintain a positive culture.

“That positive culture helps us to drive those outcomes, in terms of business growth and the service that we provide to our brokers and our customers.”