Swiss insurance company Zurich Insurance has partnered with CoverWallet, an insurtech company, to roll out online insurance platform for the small and medium enterprises (SMEs) in Switzerland.
The new insurance platform, powered by CoverWallet, will offer insurance policies from Zurich Insurance. Through the insurance platform, SMEs can learn about the types of coverage they need, get real-time quotes, purchase insurance and manage their policies online.
Zurich Insurance Switzerland CEO Juan Beer said: “Thanks to the partnership with CoverWallet, we offer small businesses a new type of easy-to-deal with online insurance coverage. Our target group are micro-enterprises and startups, which usually lack the time and resources to deal with the topic of insurance protection.”
After launching the service in Spain last year, Zurich strengthened its relationship with CoverWallet by acquiring minority stake in the insurtech.
CoverWallet CEO and co-founder Inaki Berenguer said: “Zurich is one of the most renowned insurance companies in the world, and our partnership underscores the value they see in making small business insurance available online. The partnership in Spain exceeded our goals, and we are excited to expand into additional countries to make insurance easier for businesses around the world.”
In September 2018, Zurich Insurance entered into an agreement to acquire 80% stake in PT Asuransi Adira Dinamika (Adira Insurance), a property and casualty (P&C) insurer in Indonesia, from PT Bank Danamon Indonesia (Bank Danamon) and a minority investor for (IDR 6.15 trillion) $414m.
The transaction includes two separate long-term cooperation agreements with Bank Danamon and with Adira Finance, one of Indonesia’s motorcycle and auto financing solutions providers. With this transaction, Zurich will become the largest foreign P&C insurer in the country.
Founded in 1996, Adira Insurance generated gross written premiums of $158m in 2017. This was driven by diversified P&C products and strong distribution network of the company.
With about 53,000 staff, Zurich Insurance provides a wide range of property and casualty, and life insurance products and services in more than 210 countries and territories. The company caters to individuals, small businesses, and mid-sized and large companies, as well as multinational corporations.