2023 US Insurance Awards: Zurich North America, Insurance Underwriting Team of the Year

Zurich North America’s exporters package coverage allows companies that ship products or whose employees travel overseas to bind coverage online, sometimes without the direct involvement of an underwriter. 

The coverage available through its Exporter Solutions Digital Platform includes international general liability, workers compensation, excess auto liability, and accident and health, said Andy Zoller, Dallas-based head of international for U.S. commercial insurance at the insurer. 

The platform is designed for small and mid-sized international exporters with annual premiums up to $25,000 and which generally average about $2,500, he said. 

The business must “not have any true foreign exposures — strictly exporting with no physical locations or legal entities outside of the U.S.,” he said.

Binding coverage can take as little as 15 minutes, compared with about 90 minutes for manual submissions, and may not involve an underwriter’s direct touch, Mr. Zoller said.

 Using information from a client, a registered broker can input data and parameters, receive an automated quote and bind coverage with a keystroke or mouse click, according to Mr. Zoller.

He recounted the instance of the first broker to use the system, who was able to quote and bind coverage for a client in just a few minutes.

There are about 200 registered brokers across roughly 20 brokerages using the system, according to Zurich.

“We know it saves us well over an hour-and-a-half worth of time on an underwriter’s desk with keystrokes, reviews” and other tasks, Mr. Zoller said. 

Zurich is examining other business lines where the technology could be deployed such as financial lines and accident and health, which could use similar platforms for their small business, he said.

Scaling the technology for larger accounts, though, is more complex because those policyholders face issues such as compliance that make the exercise more difficult. 

The business has seen about 300 submissions since it was launched in April 2022. 

In all, it took about a year to finish the system. The technology was built in-house with collaboration from an external design firm on appearance.

FINALISTS

• Axa XL — The Axa SA unit’s North America construction underwriting team addresses complex risks through insurance, claims handling, loss-prevention education and the adoption of new risk-reducing technologies. 

• Fortegra Specialty Insurance Co. — The insurer launched captive-based property coverage for mid-sized policyholders and a flexible management liability program for nonprofits.

• Loadsure Ltd. — The insurtech managing general agent and  Lloyd’s coverholder uses historic and real-time industry data, artificial intelligence and automation to deliver digital freight insurance products.

• Ryan Specialty LLC — The company’s Alive Risk managing general underwriter’s ESA Crew Cover includes standard general liability limits as well as a membership to the Event Safety Alliance, for event production freelancers.