Zurich Financial Services Group has signed an agreement with Nankai University's Department of Risk Management and Insurance in Tianjin for a research project to investigate the demand for microinsurance products in China.
Zurich says there is a significant need for insurance among the disadvantaged population in China. A particular focus of the Nan Kai University research efforts will be how insurance products can be tailored to meet the demand of Chinese low-income customers and which distribution channels could be used to provide microinsurance products in an efficient way. The findings of the research project will enable Zurich to implement a systematic approach to address the needs of low-income customers in China, thereby promoting basic risk management principles and aiming to reduce poverty.
As part of Zurich's strategy to strengthen its position in emerging markets the company is systematically expanding its presence in Greater China by leveraging its global operating platforms, building a multi-skilled team, and merging global expertise with local know how.
"Nan Kai University is recognized as a center for risk management and insurance research and education in China, and the findings of DRMI will be most valuable for us to assess the demand and the specific market conditions before launching tailored microinsurance products in China," said Zurich's Head of Microinsurance Brandon Mathews. "It will also guide us in the selection and development of the right distribution partners, facilitate institutional linkages and help us to identify an effective methodology to educate Chinese customers on the value and function of microinsurance products."
