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Zurich Insurance: Because change happens - Essay Example

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With an economic slowdown comes an opportunity for expansion of business, but it demands courage from the top management and their belief in the potential of a company. Any organization that gives up on long term objectives in the wake of few economic disappointments that are short lived is bound to fail. …
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Zurich Insurance: Because change happens
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The customer centric philosophy of Zurich has established its image as one of the most trusted name in the domain of financial service industry. Such a philosophy requires that customers are placed at the centre of all the processes, and any business activity must that is carried out must result in value addition for the customers (The Times 100 n.d).

As already discussed, the economic turmoil could offer various opportunities to a company. But in order to take full advantage of available options a company should have strong financials along with capable management that could steer the ship through the storm in the right direction. Zurich Financial Services Group has performed well when almost all of its competitors were feeling the heat of the bad market conditions and liquidity crunch (Zurich 2011). Based on the available information, following SWOT ANALYSIS (Bohm 2008) has been carried out for the Zurich:
Developing a strong bond with the customers as recent incidents might affect company’s reputation of being a customer centric organization. Ensuring confidentiality of customers’ personal details tops the list of priorities for Zurich.
A vision statement describes the organization and in the modern businesses it is often used as a tool to motivate the associated stakeholders. Similarly, a mission statement describes the purpose of an organization and it is generally build upon the values of the organization. Corporate objectives have long term orientation and they are statements of intent. The nature of these objectives i.e. whether they should be achievable or not achievable is still, a matter of debate. ...Download file to see next pagesRead More
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