In this episode, host Ryan Eaton has the pleasure of welcoming Chris Howard, Head of the North American Market for Zurich, a multi-national insurance company spanning over 50,000 employees. As someone who has worked for such a large company, Howard brings valuable insight into how big corporations market their products.
How do large insurance companies maintain relevancy and consistency? How should a company diversify products for a globalized approach? Howard dives into the ins and outs of what large-scale insurance companies implement in order to run smoothly.
Biggest Challenges
The business environment is changing, making it less predictable and unstable than ever before. As Howard points out, staying relevant within giant property and casualty companies is one of the biggest challenges.
Aside from the recent pandemic, big insurance businesses have historically been resistant to catastrophic losses. Chris emphasizes that this success often comes from detecting changes in the external environment and focusing on the stability of earnings amid change.
To continue to grow our business, we must create relevance on a daily basis, gain the resources, and fight for investment. This is the challenge we face.
Pursuit of Market Shares
Market share is now widely recognized as one of the most important factors determining business profitability. Most organizations consider a variety of factors when building, producing, and selling products and services.
However, a company’s success is influenced more by the value of the prices and services offered to its customers. Howard emphasizes that helping clients achieve their goals is at the core of his team’s mission when it comes to growing its market.
Finding markets that are more opportunistic and creating a level of energy is the direction that our team is focusing on now.
Diversification in the Gig Economy
In the model of big companies, technology has played a significant role. Digital online platforms and mobile applications that enable instantaneous matching of supply and demand have enabled the gig economy. Regardless of the size of a business, Chris sees it as a huge opportunity for all.
Furthermore, it would be a grave mistake to ignore the challenges that have arisen while embracing an all-electronic infrastructure. According to Howard, their goal is to become a paperless company by 2030, achieving zero emissions.
As the economy changed, we diversified, lifted, and shifted.
In Conclusion
The continued success of a business depends heavily on gaining market share. There are many opportunities at hand for a company big or small to increase its market share and not just to maintain it.
In order to build a strong market, every company must understand the value it can offer. Persistently seeking out diversification, adapting to external changes, and pursuing market shares are all aspects of how a large company can maintain relevancy and consistency.
What’s Next?
Be sure to tune into next month's episode as we continue our discussions with the best leader in the industry.
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What's Next
Make sure to catch our next month's episode as we explore further in conversation with Chad Hogan from Quotit. We'll be exploring the fascinating impact of artificial intelligence on the business landscape.
Thanks for listening to the Insurance Leadership Podcast. Be sure to visit us at
Stay updated on all ILP episodes by following us on LinkedIn, Facebook, and Instagram for news and upcoming episodes.
Leave a Review
If this podcast has made you a better leader, you can help share it by leaving a quick Apple Podcast review. You can visit Apple Podcasts Insurance Leadership Podcast on your iOS device and then go to the “Reviews” section. There, you can leave a star rating or click on “Write a review” to share what you learned from this podcast.
Thank you for sharing!