In an unusual move in the competitive insurance market, US insurer Prudential Financial’s Prudential Group Insurance unit and Swiss insurer Zurich Financial’s (Zurich) Zurich American Life, have joined forces to service American multinationals.
Spearheading the joint initiative is Prudential Zurich Global Benefit Solutions, which is described as a referral programme to help US multinationals meet their local, international, and expatriate employee benefits needs.
“Our new global offering addresses a growing need in the US for large and mid-market employers,” says Lori High, president of Prudential Group Insurance.
“Multinational companies are looking for solutions to help them manage the complex issues related to administering employee benefit plans for mobile workforces.”
Providing Zurich’s perspective, Sherif Zakhary, head of the insurer’s North American corporate life and pensions operation, says: “By entering into this referral programme, Zurich and Prudential are leveraging each of our unique capabilities and providing customers with a single point of entry and combined reporting for their domestic and foreign risks.”
Products available through the joint initiative will include group term life, accidental death and dismemberment insurance, long-term disability insurance, emergency evacuation and expatriate pension plans.