Zurich moves further into China
In an effort to boost its presence in the lucrative Chinese insurance market, Swiss-based Zurich Financial Services Group has established a new distribution platform with offices in multiple locations.
The new platform, Zurich Insurance Brokers (Beijing), will enable the insurance group and its business partners to distribute general and life insurance products to customers across China.
The move follows Zurich’s acquisition earlier this year of a 24.5 per cent equity stake in Beijing-based company Best Harmonious Insurance Brokers (which will now trade as Zurich Insurance Brokers).
“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 customers, product and distribution capabilities as our paths to profitable growth,” Zurich chief executive James Schiro said.
According to Zurich, the new platform will leverage its existing distribution capabilities in the region, including training, development and recruitment techniques employed in Hong Kong and call centre processes developed in Taiwan.
It expands upon Zurich’s existing business interests in the Chinese market, namely general insurance branch operations in Beijing and a 20 per cent stake in the nation’s fourth largest life insurer, New China Life.
Zurich, which has a market value of around $40 billion, currently has more than 100 employees in China compared with just three two years ago.
Earlier this year, the group announced its intention to become one of the world’s top five insurers.
Recommended for you
Financial Services Minister, Stephen Jones, has assured the cost and time to enter the financial advice profession will soon be halved, as shadow treasurer Angus Taylor pledges to reach 30,000 advisers.
The positive results of the latest financial adviser exam have helped the advice profession reach 15,600 yet again, according to Wealth Data analysis.
Financial advice firms have told Adviser Ratings they are planning to increase their compliance spend by almost a third, including on enhancements to their cyber security which ASIC has identified as an enforcement priority.
The digital advice platform is officially launching into the financial advice sector, offering up its services to practices as a means of engaging with the next generation of clients.
