Section-I Introduction-As a leading financial services organization Zurich has a diverse range of businesses and a wide variety of customers. However, one of the things all our businesses have In common Is confident and talented people who deliver the best products, service annotators. Zurich provides an excellent platform for those who want to succeed and gives recognition. One approach to business is to develop a product and then look for customers.
This case study examines the customer-focused approach of Zurich , the insurance and financial services provider. Zurich Financial Services Group (Zurich) is a global company. It provides both business and personal insurance. It has a rich mix of products and services, including motor insurance, buildings and contents Insurance, risk management, life assurance, and pensions and investments. The company was founded in 1872 and the Group’s headquarters are In Zurich, Switzerland.
Today Zurich does business In over 170 countries and has over 60,000 employees. It operates through a network of subsidiaries and offices In North America, Europe, the Asia-Pacific region and Latin America. Section-2 imitative marketplace-: A market with a large number of buyers and a large number of sellers, such that no single buyer or seller is able to influence the price or any other aspect of the market no one has any market control. A competitive market achieves efficiency in the use of our scarce resources if there are no market failures present.
Commodity- A physical substance, such as food, grains, and metals, which is interchangeable with another product of the same type, and which investors buy or sell, usually through futures contracts. The price of the commodity is subject o supply and demand. Risk is actually the reason exchange trading of the basic agricultural products began. For example, a farmer risks the cost of producing a product ready for market at sometime In the future because he doesn’t know what the selling price will be.
Market research- is any organized effort to gather information about markets or customers. It is a very important component of business strategy. [l] The term is commonly interchanged with marketing research; however, expert practitioners may wish to draw a distinction, in that marketing research is concerned specifically about racketing processes, while market research is concerned specifically with markets. Differentiate-, the making a product different from other similar products.
Business strategy-it describes how a particular business intends to succeed in its Chosen market place against Its competitors. It therefore represents the best attempt that the management can make at defining and securing the future of that business. An Insurance broker- sells, solicits, or negotiates Insurance for compensation. Their client may be an individual, corporation or organization. The three largest insurance o either (a) the “content” or “meaning” of a meaningful declarative sentence or (b) the pattern of symbols, marks, or sounds that make up a meaningful declarative sentence.
The meaning of a proposition includes having the quality or property of being either true or false, and as such propositions are claimed to be truth bearers. A brand is a “Name, term, design, symbol, or any other feature that identifies one seller’s good or service as distinct from those of other sellers. “[l] Branding began as a way to tell one person’s cattle from another by means of a hot iron stamp. A odder example of a brand is Coca Cola which belongs to the Coca-Cola Company.
A trademark, trade mark, or trade-mark -is a distinctive sign or indicator used by an individual, business organization, or other legal entity to identify that the products or services to consumers with which the trademark appears originate from a unique source, and to distinguish its products or services from those of other entities. Qualitative researchers-Qualitative researchers study things in their natural settings, attempting to make sense of, or to interpret, phenomena in terms of the meanings people bring to them (Dentin 1994).
Qualitative research is intended to penetrate to the deeper significance that the subject of the research ascribes to the topic being researched. It involves an interpretive, naturalistic approach to its subject matter and gives priority to what the data contribute to important research questions or existing information Quantitative research-lat is a formal, objective, systematic process in which numerical data are used to obtain information about the world.
This research method is used: * to describe variables; * to examine relationships among variables; to determine cause-and-effect interactions between variables * A strap line is a type of catchphrase for your business. They are most commonly seen in adverts and on large signs; but they are useful for promoting your business message at many other times. * Sample-A portion, piece, or segment that is representative of a whole. Section-3 Q-1 Mans-?the term customer-centric described as- Sales growth – Zurich aims for growth at or above the average rate in the overall insurance market. This is a useful measure of the popularity of Zurich.
Customer satisfaction – Zurich aims to be in the pop quartile for customer satisfaction as measured by independent researchers. In relation to customer eccentricity, Church’s strategy is to increase customer satisfaction. In order to do this, Zurich needs to understand what customers want. All staff play a role in making sure that the value-adding activities are done efficiently. Responsibility does not solely lie with the top managers. It is important to look after the people that work for Zurich. Team members that are well-trained and motivated will deliver a better service to customers.
This is an important part of people management. It is important to monitor a strategy to ensure it is effective. This will show whether an organization’s vision is becoming a reality. Q-2-MANS-Conducting primary research occurs when a company is gathering information directly for themselves. This type of research is often conducted through the medium of questionnaires, observations and interviews. This method can often business. The findings can also be regarded as being reliable and accurate because the company have conducted the research independently.
Nevertheless, this type of research can be quite costly to a company. For a start, it will require a considerable amount of time for the research to be conducted, and primary research will also come with a much higher price than secondary research. A good example of this would be when a company is looking to investigate the potential success of a new product. They will be required to give the product away free of charge to the people who have agreed to test it. Secondary research differs from primary research because it involves a company using research that has been conducted by someone else.
For example, an organization may use findings through relevant Journal, website or newspaper article. The benefits and drawbacks or secondary research are entirely the opposite of primary research. Secondary research is cheaper for the company as it generally does not entail excess costs and it is nowhere near as time consuming. However, the reliability and relevance of the information acquired through secondary research is questionable. Seeing as you are using research that has conducted by an external source, you cannot always be sure it is entirely accurate or specific to what you need to know. Q-3-MANS
Part of Church’s strategy involves a focus on people management. The company aims to attract top employees and to retain the people that it recruits. At Zurich, management trainees are developing skills in functions such as marketing, sales and customer service during their initial training. They also work with a range of products, such as business and private insurance. Zurich aims to provide trainees with the skills and opportunities that they need to pursue interesting careers with good prospects To measure customer satisfaction in the various regional markets in which it operates, Zurich uses a measure known as a TRIM*M index.
This assesses how well different parts of Church’s business are performing in relation to satisfying customers. It combines this measure with further customer satisfaction research carried out by an independent research company. This research measures how satisfied customers are with each of the eight elements of the desired customer experience wheel and additional underlying attributes. These measure satisfaction at a more granular level. Q-4-MANS -in the insurance industry getting things done on time is very important.
Zurich teams therefore focus on reducing the time between a client signing a new insurance contract and receiving the insurance policy. The company also seeks to minimize the time between a customer making an insurance claim and receiving compensation Section -4 Conclusion- Zurich has a well-thought-out and executed strategic plan. This focuses on meeting carefully to their needs and requirements. A series of SMART objectives have been put in place to work towards key strategic goals. In order to deliver the strategy, the company implements various plans and tactics.
These are designed to help the many deliver a customer-centric service, to reward shareholders and to recruit high caliber employees. Ongoing measurement makes it possible to monitor performance against targets. People who buy insurance expect value for money. They want speed of service and expect an insurance company to be reliable and trustworthy. In order to achieve its vision and to enhance its reputation, Zurich seeks to achieve top-level performance in everything it does in relation to serving its customers, employees and shareholders References www. Ethnicities. Co. UK /Zurich www. Zurich. Co. UK