Zurich Financial Services Australia (Zurich Australia) has announced it plans to align the company to its parent global structure. Zurich says there will be a clear focus on two operating businesses: 1) General Insurance and 2) Life Insurance and Investments, which will enable these two businesses to provide an even greater depth of support and service to brokers and advisers and their customers.
CEO of General Insurance Shane Doyle commented, “The new structure will enable the General Insurance business to increase its focus on providing exemplary service and products to brokers and their customers. This follows Zurich General Insurance previously announcing that it is investing in a stronger, more effective local distribution network by increasing our market-facing presence. This will allow us to respond even more effectively to broker requirements, as well as offer more competitive pricing.”
CEO Life Insurance Colin Morgan said, “Zurich is one of the largest global players in Life Insurance and the alignment will enable us in Australia to further accelerate our focus to support independent financial advisers and their customers. As one of the last remaining non bank owned groups in Australia, Zurich has the global strength to provide choice in a competitive market. Zurich remains firmly committed to being the preferred partner to independent financial advisers.”
Zurich Australia’s Chairman Terry Paradine remarked, “A strong and vital business must continue to evolve to grow. The new model enables Zurich to singularly focus on seeking opportunities in the highly competitive markets of General Insurance and Life Insurance in Australia. Equally importantly, the new structure will enable us to give an even greater depth of support and service to intermediaries and customers.
Zurich Australia Chief Executive, David Smith, who led the transformation process, will leave the company on 31 March.
Terry Paradine said, “In his tenure as Zurich Australia’s Chief Executive, David was well-known in the industry as a climate change champion, including making Zurich the first insurer in Australia to provide automatic flood cover to commercial customers. David was also an advocate for changes to government taxes on insurance and the impact the taxes had on the underinsurance issue in Australia. He has established a strong, dynamic business, well placed to face future challenges.”
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