Zurich Financial Services Group announced that it has signed an agreement with Nan Kai University’s Department of Risk Management and Insurance (DRMI), based in Tianjin City, to launch a research project on the demand for microinsurance products in China.
Zurich said the agreement “is a further concrete step in the Group’s efforts to expand its insurance coverage to the under-privileged population segment in China.”
Brandon Mathews, Zurich’s Head of Microinsurance, noted: “Nan Kai University is recognized as a center for risk management and insurance research and education in China, and the findings of DRMI will be most valuable for us to assess the demand and the specific market conditions before launching tailored microinsurance products in China. It will also guide us in the selection and development of the right distribution partners, facilitate institutional linkages and help us to identify an effective methodology to educate Chinese customers on the value and function of microinsurance products.”
Zurich said it has recognized “that there is a significant unmet need for insurance among the disadvantaged population in China. As such, a particular focus of the Nan Kai University research efforts will be how insurance products can be tailored to meet the demand of Chinese low-income customers and which distribution channels could be used to provide microinsurance products in an efficient way.
“The findings of the research project will enable Zurich to implement a systematic approach to address the needs of low-income customers in China, thereby promoting basic risk management principles and aiming to reduce poverty.”
Zurich described its decision as part of its strategy to “strengthen its position in emerging markets the Group is systematically expanding its presence in Greater China by leveraging its global operating platforms, building a multi-skilled team, and merging global expertise with local know how. With its cross-regional approach to microinsurance, and having been the first non-Chinese insurance provider to obtain its own General Insurance branch license in Beijing, Zurich is in an excellent position to explore new business models and address a broader market base in this important economy.”
Source: Zurich – www.zurich.com
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