Complete 9 page APA formatted essay: Zurich Insurance: Because Change Happens. Integrative Strategic Plan.
Zurich, being a large group of insurance company also has a lot of issues and challenges to face. The number one challenge that Zurich has to face is that it operates in a very competitive marketplace. Every now and then new insurance companies sprout up posing a challenge to the company. Therefore it needs to differentiate itself in some way from its competitors.
Another issue for the company was shown by secondary research conducted by the organization. In this research they found out that less than 15 % of customers trusted any insurance company. Overall the reputation of insurance companies is that of a commodity and that they do not build relationships with customers. (The times 100, 2010) Zurich needs to make its company more customers centric and communicate more and more with its customers to build a relationship with them. Let’s look at the SWOT analysis of the company:
Strength: The Company’s biggest strength is the fact that it operates globally in 170 countries. Its General insurance segment has been giving excellent performance that it is kept in the top tier of insurance companies. It has also managed to be the 3rd largest personal lines insurer in the US.
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