04 Executive Summary
Key Insights from your 2024 Survey include:
Peer Group Ranking
Overall Ranking (from 29 Markets)
Overall NPS Score (vs Average of -5)
A Top 5 position overall in 11 of the 32 Lockton Business Units relevant to Zurich
What is going well?
Onshore Construction - Zurich have good technical knowledge, are solution orientated, quick at responding and have a will to trade.
Power & Renewables - Zurich are good at supporting Lockton to win new business and are prepared to quote and actively find a reason to write the business.
Upstream Energy - They are very good at building relationships, being flexible and leading on facility with aggressive pricing.
Construction Investments - They have capacity for risks they wish to participate on.
Global Real Estate - They have an enhanced value proposition especially with their Zurich Climate Resilience Solutions, they are good at being commercial and being flexible with their wording. Their European scope and active engagement is also great.
International Construction - They have good underwriters.
Belfast - They have a wide product range, supportive on held business, their construction risks are good, and they provide excellent cover.
Dublin - Zurich are willing to reduce rates to maintain the business, they provide wide cover and have quick turnaround times.
Aberdeen - Their online trading service works well.
Birmingham - The engineering team is flexible on cover and their commercial approach to client relationships is a standpoint positive.
Glasgow - They have a broad appetite, are strong on liabilities and their terms come through automatically.
London Retail - Risk Engineering is the best in the class. Policy wording is market leading, with flexibility around tailoring such to client needs. Most client focussed carrier in the market.
Manchester Corporate - They have strong risk management support, are a reliable lead market, and are flexible with their underwriting strategy and pricing.
Newcastle - They are good as an overall package - cover, claims & risk management support.
Property ROW - They work with us on pricing, often hit what we need and have a good presence in the London market in general.
Financial Institutions - They can put out large lines on primary policies and also can be very helpful with pricing. They have a broad appetite and are pragmatic underwriters.
Global Cyber & Technology - They always keep in touch and are quick to respond to market conditions. They are really strong when they have an existing relationship with the client and they write a variety of other lines of business.
Management Liabilities - They have a joined-up approach across multiple lines and they have capacity deployed on difficult placements.
National PI Misc / Recruitment - Zurich have an excellent multinational offering, as well as products and cover.
Private Clients - Zurich are good at bespoke policies and they are very clear on their appetite.
Professions PI Construction & Property - They have the best Multinational capability.
Professions PI Solicitors & Accountants - Zurich are very knowledgeable.
Areas for Improvement for Zurich?
Onshore Construction - They could improve their flexibility on wordings and be more competitive.
Power & Renewables - They could have slightly faster turnaround times and offer solutions out of London for more USA business.
Upstream Energy - They should not restrict underwriters for ESG reasons, and they could increase midstream appetite.
Construction Investments - They could improve or widen appetite.
Global Real Estate - Zurich could better collaborate on engineering and construction opportunities, as well as be more flexible on their pricing, have great capacity and improve their service levels.
International Construction - They need to try not to be the difficult outlier when following with small lines on a placement.
Belfast - They could be more pro-active, provide renewal terms and documentation in a timelier manner, and develop new business. The feedback suggests this could be improved by increasing headcount and invest in resources.
Dublin - Zurich could improve by engaging with a larger portfolio of clients as well as improve their system portal.
Aberdeen – The feedback suggests that Zurich could be more consistent, aggressive and flexible with their appetite.
Birmingham - They could be more aggressive with regards to liability pricing, property and casualty risks, as well as expand their capacity.
Glasgow - Zurich could be more consistent on pricing on fleets, and customer service could be improved.
London Retail - Zurich could be more dynamic and hungrier for business. They could improve their response to new business opportunities. They could improve their responsiveness to broker emails and better communication within their global network.
Manchester Corporate - They could improve their back-office admin regarding accuracy of documents, as well as commerciality of local underwriters.
Newcastle - They could be more consistent in BDM and improve their appetite.
Property ROW - They could keep us updated with what they can do, territories, target occupancies etc. They could improve their turnaround times.
Financial Institutions – Sometimes, turnaround times are a little on the slow side and you have to chase a few times. They could also improve their product development.
Global Cyber & Technology - They could consider more US business, improve their tech cover and broaden their territory scope.
Management Liabilities - They could improve their timing, pricing, and appetite.
National PI Misc / Recruitment - Zurich could improve their response times.
Private Clients - Wider capacity, flexibility in underwriting and appetite would all be an improvement.
Professions PI Construction & Property - Zurich could improve their appetite and have stronger relationships with underwriting team.
Professions PI Solicitors & Accountants - Their flexibility could be improved.
Transactional Risks - They could improve on turnaround times.
Marine Cargo - Zurich could improve on their response times.
Through 2025, let’s address these areas for improvement together – and keep building on your many strengths.
Peer Group
