Shaping a Brighter Future of Work
Employee benefitsReadAugust 10, 2021
As economies emerge from the pandemic, we have challenged ourselves to go the extra mile with a closer look at the future of work to ensure we continue to deliver for our customers to help them be ready for life.
Zurich Middle East remains committed to shaping a brighter future for our customers, distribution partners, community and our people with a renewed focus to providing relevant post-pandemic solutions when it comes to protection, retirement and the future of the workplace.
1. Pensions and retirement trends
Amidst the pandemic, gaps in the pension and end of service benefits market were challenged. Fortunately, in the UAE the light at the end of the tunnel is near. With a world-leading vaccination program the economic resurgence has economic growth back on line with forecasts. And with this recovery, Zurich took the opportunity pioneer the private pension market adequate for the post-pandemic landscape. We took the blank canvas and created DIFC Workplace Solutions (DEWS), a revolutionary digital platform created to empower employers and employees in the country to build for a brighter future by taking charge of their end or service benefits and pension needs. Since its launch a year ago, the DEWS scheme continues to be welcomed by the DIFC market with over 19,000 employees and 1,187 employers contributing over USD 100million in AUM.
2. Insurance and protection trends
The landscape of the insurance and protection market in the region has become more prevalent as we at Zurich educate people on the need for protection for unforeseen events like a pandemic. As we emerge from the pandemic we can reflect on some key changes in the market, most notable the increase in transparency since the BoD49 regulation, and how we at Zurich have enhanced how we deliver our products and services to customers and our distribution partners. Through these testing times we have supported our customers, paying USD 3.9million in COVID-19 related claims, emphasising that our customers can count on us in times of need.
We set the gold standard in the market providing our distributors with Z-Pro, a fully digitized quote and apply system, with instant underwriting capability making it easier and quicker than ever to provide our customers the protection and investment solutions they need. With contactless processes shaping the future, we introduced our first direct to customer product suite, with YourLife and YourCare customers can affordable purchase critical illness and life insurance instantly and simply all online.
3. Future of the workplace
In our pursuit to be an employer of choice, Zurich received a +60 ENPS score as we catered for our people in the tough transition to 100% remote working. By extending our duty of care from the workplace to home, we ensured that the core of our business, our people, were safe during the pandemic and listened to feedback on their needs while providing COVID support to them. As we move forward the future of the workplace sees the implementation of flexible work, from home or office, we want to continue to produce and retain productive talent while giving them a healthier work life balance.
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