Insurance company description
Vero is an award winning insurance
company with a long and proud tradition. Learn how they
operate, who leads them, and what makes them so
successful.
While the Vero name is relatively new, their rich
heritage dates back to 1710 and is steeped in the
insurance traditions of stability and strength. Prior to
becoming Vero in 2003, they were known as Royal & Sun
Alliance, a business which was an amalgamation of the
three iconic New Zealand insurers; Royal, Sun and
Alliance.
Over the years, the business has grown and diversified
through the acquisition of many respected New Zealand
insurance names such as: Guardian Royal Exchange;
Commercial Union; AMP General; AA Insurance (a joint
venture with the New Zealand Automobile Association) and
many others.
In 2003 their newly-formed parent company Promina Group
(formerly Royal & SunAlliance), listed on both the
Australian and New Zealand stock exchanges and today is
one of the top five insurance companies listed.
Their business model is ‘specialist-focused’ and through
their commitment to this, they have developed an
unrivalled depth of expertise in specific market
segments. This in turn, enables them to be highly
responsive, both in tailoring products to meet their
customers’ demands and in remaining competitive and
responsive in their market – especially in times of
adversity.
Vero’s performance in both the insurance industry and
the wider business community, has been recognised by
industry peers and independent bodies alike. Recent
awards include the Achievement Award - Silver Level from
the New Zealand Business Excellence Foundation in 2004,
‘New Zealand Insurer of the Year’, 2002, 2003 and 2004,
‘Best Performing Business Division’ in the Promina Group
in 2003, and recognition as a leading insurer in the
2004 Microsoft Search for New Zealand’s Most Exciting
Companies.
Their core business
Vero’s main products and services are to sell and
underwrite a range of general insurance products that
provide protection for businesses and individuals
against financial hardship arising from loss, liability
or damage.
What drives their success?
Their customers are at the heart of their business and
they recognise this through:
Specialisation –Building a deep knowledge in a selection
of market segments to deliver superior customer
solutions create an acceptable competitive position and
strong financial returns.
Strong underwriting disciplines – their core
competencies are risk selection, pricing and claims
management. The development of precise product pricing
has enabled effective and efficient risk management with
commensurate returns
Listening to customers – They investigate customer’s
needs and tailor their products to meet the demand.
Prompt and fair claims management – Claims operations
are structured to respond quickly and ensure decisions
are made fairly and close to customers. Underpinning
this is the fundamental philosophy of ‘looking for ways
to pay claims’.
Sustainable growth – An unwavering focus on the strategy
of sustainable growth through three key approaches;
acquisition, specialisation and organic growth
World Class – Relentless focus on continuous improvement
starting with Business Transformation over ten years ago
and reflected today in the Momentum to World Class
programme. |
