Zurich has launched electronically-delivered residential strata insurance, saying it is the first insurer to offer this in Australia.
The launch of the electronic strata offering comes after the launch of Business Insurance on Z.streamXpress in 2010.
Zurich’s GM for SME & Packages Shaun Feely said, “Zurich is committed to having a competitive and sustainable presence in the Australian residential strata market. Z.streamXpress demonstrates Zurich’s investment in solutions for brokers and supports our approach for delivering a fast, seamless and convenient service.”
“Brokers will no longer have to rely on a manual process to transact strata business. With an electronic underwriting process, Zurich puts brokers in a strong position to take advantage of this business opportunity.”
Besides the electronic delivery Zurich has expanded its product offering. This includes:
- A new market leading policy wording
- An increased asset limit level from $20m to $50m
- Competitive pricing on Zurich’s target business – modern blocks of units valued from $4m to $50m and
- Removal of holiday letting limitation for those strata complexes that have onsite managers.
Zurich has also established a dedicated, specialist Strata Underwriting Team, headed by National Strata Manager Mr Andre Sliwka, to provide strata product advice; further develop the Zurich strata offering; and ensure proactive and agile responses to regulatory requirements and market demands.
“Zurich’s aim is to make it easier for brokers to do business with us,” said Feely. “This initiative is part of an ongoing program of continuous improvement to provide brokers with even better services and support, enabling Zurich to be more competitive.”