Zurich Insurance Group has entered into an exclusive collaboration in Europe with insurtech startup CoverWallet and launched a new digital distribution channel in Spain.
ZurichEmpresas.es, an online platform to offer insurance solutions to small and medium-sized businesses (SMEs), is the first project born from this strategic partnership, Zurich said in a Feb. 13 statement. Spain will be the first country to implement this innovative model. ZurichEmpresas.es combines the technology of CoverWallet with the expertise and reach of Zurich Spain. It aims to provide SMEs end-to-end insurance solutions, streamlining the entire process for business owners and providing easy access to requests for proposals, price comparisons and policy management. Zurich claims that the process, from quotation through to the final sale, will be conducted online and can be completed within one minute. Zurich believes that the growth from this initiative will be significant. The company said that it is spending over $700 million a year globally on new digital initiatives.