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ZURICH EUROLIFE
Mr Xavier Nevez, CEO, and Mr Miloslav Cutka, Head of Market Management, announce the 135th anniversary of Zurich Eurolife.
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Zurich Eurolife S.A. considers Luxembourg the ideal home base. Not only do they love it here, but their presence has become part of their strategy to become life and disability insurance experts dedicated to employee benefit solutions.
The Zurich Group is celebrating its 150th anniversary this year and it has been continuously present in the Grand Duchy for 135 of those years. This presence is seen today with Leudelange-based Zurich Eurolife, which offers group life and disability insurance in 11 markets across Europe. Their policies cover 160,000 employees, a figure that is set to increase to 220,000 by the year’s end.
Zurich Eurolife is part of Zurich Integrated Benefits, a new business unit launched within the Zurich Group and led by Wendy Liu, who is also the Chairwoman of the Board of Zurich Eurolife. This new business unit was created to better address emerging market needs and cater to workforces that are becoming more diverse as new forms of employment arise.
Under this new umbrella, Zurich Eurolife is led by CEO Mr Xavier Nevez. It provides a service that is both innovative and evolutionary but perfectly aligned with its history of underwriting group risk and disability risk with a high focus on its customers: to be there when they need it. For Zurich Eurolife, keeping up with changing employment situations is all part of its mission, covering local employees or expatriates.
Luxembourg, a perfect home base Much like Luxembourg itself, Zurich Eurolife stands for stability, reliability and a long-term vision.
Eva Krins (Maison Moderne) Photo
KEY FACTS
11
Zurich Eurolife operates in 11 European markets.
220,000
Number of employees covered by the end of 2022: c.a. 220,000.
$20 billion
Sum at risk: c.a $20 billion.
30
Diverse, multilingual team of 30 people with around 10 different nationalities.
“These are values that incidentally align with Switzerland as well, where the group’s headquarters are located. In fact, Luxembourg and Switzerland are two of just a handful of countries that have AAA ratings from all three major rating agencies, which offers a great selling point,” says Miloslav Cutka, Head of Market Management.
Zurich Eurolife provides group life and disability insurance for domestic and international mobile employees.
This focus on a specific clientele allows Zurich Eurolife to offer solutions that are highly tailored. Because they are very familiar with these segments, they have a vast amount of data at their disposal, and the more data you have, the better you can assess risk and provide long-term support to client needs.
Security and predictability are paramount Predictability, trust and the ability to honour long-term commitments are paramount. “Our clients trust us because they understand how we operate,” explains Zurich Eurolife CEO Xavier Nevez. “They know that for us security is everything, particularly because that is what we offer our clients and their employees. At Zurich, we are committed to inspiring confidence in our society.”
“Our clients value our long-term relationship approach, our underwriting expertise and the robustness of the Zurich Group,” he adds. “In the markets and segments where we operate, we take a financially sustainable approach for our clients, adapting and tailoring our pricing to their exact situation.”
This careful approach allows them to fully deliver at what Mr Nevez describes as the moment of truth, i.e. when they process a claim and approve it. “We pay quickly, which we are very happy to do,” he says. “When we pay a claim, that means that we are helping someone in distress, and that is our core mission.”
Clients at the centre Mr Miloslav Cutka explains that an important part of their business model is to make things easy for the client, which is where digital tools come into play. Zurich Eurolife has prioritised, making things administratively simple both for companies and covered employees. Also, they work very hard to truly engage with their clients, to empower them in terms of covering new employees and also being able to educate employees about benefits. “Transforming employee benefits into personalised experiences to help the workforce thrive is our vision,” he adds.
Despite the staggering amount of data that is required to assess risk and offer policies, at the end of the day, life and disability insurance is simply about security. Being able to provide this security, is a very powerful asset for employers both to attract and retain talent, says Mr Miloslav Cutka. “Security and peace of mind are so valuable.” THREE QUESTIONS FOR
SAMIRA DEMMERICH
PXR, ZV, Senior Expert Pensions Vodafone Germany
How long have you worked with Zurich Eurolife, and why did you decide to go with them? We started with a feasibility study in 2019 and contacted more than 50 insurers. In December 2019, we decided to work together with Zurich Eurolife to set up the new death and disability coverage for our employees. We chose Zurich because they offered an innovative product with state-of-the-art financing. Moreover, it was important for us to have limited and primarily digital administration processes. Zurich Eurolife was able to meet all of our conditions and at a reasonable pricing. Can you describe your experience with them? Although the Zurich team consists of employees from different countries and companies within the Zurich Group, the processes remain easy, digital and fast. We have our own designated contact who make sure that we always have the best experience, and our employees love the new benefit.
For more information about Zurich Eurolife solutions, visit: www.zurich.lu Can you explain why a Group Risk Solution is an important benefit for your employees? Private disability insurance is most often very expensive, and not everyone can get the insurance depending on his or her clinical history. With the Group Risk Solution, we have a financial security net for all of our employees in case of disability and death – until the regular payout of the state pension.
EVOLUTION OVER THE LAST 135 YEARS
1872
Parent company Zurich is founded in Switzerland.
1887
Zurich opens its first office in Luxembourg.
1995
Zurich Eurolife begins offering life insurance to European clients from Luxembourg.
2022
Zurich Eurolife covers more than 220,000 employees.
