Zurich has solidified its relationship with Iress by adopting ex-smoker questions to better serve brokers and clients in insurance evaluations.
- The new questions will allow Zurich to distinguish between ex-smokers and non-smokers, offering more precise pricing.
- This initiative aims to increase accuracy and transparency during the quotation process for term and critical illness products.
- Zurich affirms its commitment to innovation by integrating comprehensive risk assessment data, such as BMI and smoking status.
- The collaboration reflects Zurich’s dedication to simplifying complex insurance processes for smoother client advisory.
Zurich, a leading figure in the insurance industry, has taken a pivotal step by extending its partnership with the Iress platform. This enhancement focuses on refining the accuracy of insurance quotations for brokers and their clients. Through the implementation of new ex-smoker questions on ‘The Exchange’ sourcing platform, Zurich aims to differentiate its pricing strategy. This differentiation is crucial as it enables more precise premium calculations that truly reflect the individual risk profiles of clients.
The newly adopted questions are integrated into Zurich’s term and critical illness insurance products. By doing so, Zurich improves its capability to deliver upfront accuracy and transparency, thereby streamlining the quotation process. Louise Colley, Director of Protection at Zurich, has stated that the company is ‘delighted to join the new Iress service’ and that this collaboration is pivotal in ‘delivering more certainty to advisers and their customers on the price of cover at quote stage.’ Such measures illustrate Zurich’s forward-thinking approach in addressing market needs.
Incorporating the ex-smoker questions alongside enhanced BMI data positions Zurich as a pioneer in innovating for better client outcomes. The synergy from such data allows Zurich to provide a more definite risk assessment, thereby increasing the reliability of premiums quoted. As Jacqui Durbin, the global head of product for sourcing at Zurich, asserts, ‘By harnessing the powerful combination of ex-smoker and BMI data, Zurich is well positioned to deliver greater certainty and transparency to its customers.’
The partnership with Iress is a testament to Zurich’s strategy to eliminate complexities within the insurance advisory landscape. The adaptation of the new questioning process addresses one of the more intricate aspects of the advice process—smoking status differentiation. There’s a diverse range of smoker statuses used market-wide, and Zurich’s implementation serves to simplify this for better advisory coherence.
Zurich’s collaboration with Iress exemplifies a strategic enhancement towards precision and clarity in insurance offerings.
