Brokers offered up to 12.5% commission for new car product
Zurich has joined a growing number of insurers launching stripped-down comprehensive motor policies to fill the gap between third party fire and theft, and traditional comprehensive policies.
The basic comprehensive package will run alongside its standard 'car solutions' comprehensive policy in an expanded range of personal lines products.
Zurich personal lines managing director Ian Owen said: "In the past Zurich was seen as pretty middle-of-the-road and having a restricted product range. With the introduction of Zurich Basic Comprehensive ...we now have the complete range."
The "nuts and bolts" policy will offer brokers between 7.5% and 12.5% commission and will compete against companies like MMA and Norwich Union for what insurers believe could be a rapidly expanding market area.
Key elements of the product include £250 minimum excess, repairs through Zurich's approved garage network and the use of non-manufacturers' parts, unless warranty stipulates otherwise.
But Zurich hopes to sell the product on service as well as price. Part of that push will be to provide a 24-hour helpline for customers and brokers, covering claims and general inquiries.
The new motor policy is part of a company strategy to be the UK's number one personal lines insurer.
Owen said: "The policy is in line with many others in the market, but there is one key difference.
"This policy will form part of a much larger range including Zurich Premier, which we are rolling out through a limited number of brokers [40], family car solutions and premier home solutions.
"If you put that all together with everything else we have, it is a case of relaunching Zurich personal lines."
