Zurich has announced its small business insurance product will be available in New Zealand and distributed through select brokers.

The SME offering uses the insurer’s Z.stream technology platform, a service that enables brokers to quote and bind new business, efficiently process renewals and have 24/7 access to mid-term-policy adjustments and endorsements.

Zurich says the offering will have strong appeal to the smaller end of the SME market with a particular focus on retail, property owners, trades and professional offices.

According to Zurich, the launch reflects the insurer’s focus on tackling high levels of under-insurance among SMEs.

About 95% of New Zealand businesses are SMEs and 25% of them have no insurance at all, Zurich says.

“SMEs are doing it tough in New Zealand, so we are delighted to be giving brokers the tools and technology to offer small business customers a fast and efficient insurance cover with claims handling that is backed by Zurich’s global strength and local care,” Regional Manager New Zealand Brett Wainhouse said.

The product will be rolled out first through Steadfast, NZbrokers and Insurance Advisernet before its launch to the rest of the market.