Difference between revisions of "Zurich Insurance" Sucks Customer Reviews and Feedback

From Everything.Sucks

(Created in admin panel)
 
 
Line 1: Line 1:
 +
Zurich Insurance Group Ltd. is a Swiss insurance company, commonly known as Zurich, headquartered in Zürich, Switzerland. The company is Switzerland's largest insurer. As of 2020, the group is the world's 117th largest public company according to Forbes' Global 2000s list, and in 2011 it ranked 94th in Interbrand's top 100 brands.
  
 +
According to INSURANCE JOURNAL website in 2006, Zurich Financial Services settled a $171 million case relating to bid-rigging and price-fixing in the United States. "Businesses shopping for commercial insurance were deceived into believing they were getting the best deals available," said Abbott. "The whole anti-competitive scheme was an intentional smokescreen by several insurance players to artificially inflate premiums and pay improper commissions to those who brokered the deals." The states included in the settlement were Texas, California, Florida, Hawaii, Maryland, Massachusetts, Oregon, Pennsylvania, and West Virginia. Zurich is also required to pay about $122 million in refunds to commercial policyholders in a New Jersey class action lawsuit settlement. Zurich Financial Services settled a bid-rigging and improper "finite reinsurance" transactions probe. Zurich Financial agreed to pay $153 million in restitution and penalties and agreed to a series of reforms. Zurich apologized and acknowledged that "certain of its employees violated both acceptable business practices and Zurich's own standards of conduct by engaging in improper bidding practices and the ‘finite reinsurance’ transactions described in the Assurance of Discontinuance". The states included in the settlement were New York, Connecticut, and Illinois.
 +
In May 2007, Zurich Capital Markets, a subsidiary of Zurich Financial Services, paid $16.8 million to settle with the United States Securities and Exchange Commission for helping four hedge funds disguise their identities to avoid detection when making frequent trades in mutual fund shares. An SEC director stated, "By knowingly financing their hedge funds clients' deceptive market timing, ZCM reaped substantial fees at the expense of long-term mutual-fund shareholders"
 +
In 2015, small business owners and property developers in Britain complained that Zurich's British subsidiary, Dunbar Bank, had treated them unfairly by calling in loans quickly in order to wind down its loan book after the parent company pulled out of the specialist UK property market in 2010. They claimed that 71 Dunbar borrowers had been made bankrupt in the following five-year period, many more than by any of Britain's very much larger high street banks.
 +
One Dunbar customer wrote: "Dunbar’s latest set of accounts show that over 95% of its loan book is now classified as impaired or overdue the equivalent figure for UK Asset Resolution, the country’s bad bank, is just 37%".
 +
In 2019, the local branch of Zurich Insurance Group was one of four insurance companies fined by Portugal's competition authority ADC for “cartel practices” regarding workplace accidents, health, and auto insurance.

Latest revision as of 05:25, 15 September 2020

Zurich Insurance Group Ltd. is a Swiss insurance company, commonly known as Zurich, headquartered in Zürich, Switzerland. The company is Switzerland's largest insurer. As of 2020, the group is the world's 117th largest public company according to Forbes' Global 2000s list, and in 2011 it ranked 94th in Interbrand's top 100 brands.

According to INSURANCE JOURNAL website in 2006, Zurich Financial Services settled a $171 million case relating to bid-rigging and price-fixing in the United States. "Businesses shopping for commercial insurance were deceived into believing they were getting the best deals available," said Abbott. "The whole anti-competitive scheme was an intentional smokescreen by several insurance players to artificially inflate premiums and pay improper commissions to those who brokered the deals." The states included in the settlement were Texas, California, Florida, Hawaii, Maryland, Massachusetts, Oregon, Pennsylvania, and West Virginia. Zurich is also required to pay about $122 million in refunds to commercial policyholders in a New Jersey class action lawsuit settlement. Zurich Financial Services settled a bid-rigging and improper "finite reinsurance" transactions probe. Zurich Financial agreed to pay $153 million in restitution and penalties and agreed to a series of reforms. Zurich apologized and acknowledged that "certain of its employees violated both acceptable business practices and Zurich's own standards of conduct by engaging in improper bidding practices and the ‘finite reinsurance’ transactions described in the Assurance of Discontinuance". The states included in the settlement were New York, Connecticut, and Illinois. In May 2007, Zurich Capital Markets, a subsidiary of Zurich Financial Services, paid $16.8 million to settle with the United States Securities and Exchange Commission for helping four hedge funds disguise their identities to avoid detection when making frequent trades in mutual fund shares. An SEC director stated, "By knowingly financing their hedge funds clients' deceptive market timing, ZCM reaped substantial fees at the expense of long-term mutual-fund shareholders" In 2015, small business owners and property developers in Britain complained that Zurich's British subsidiary, Dunbar Bank, had treated them unfairly by calling in loans quickly in order to wind down its loan book after the parent company pulled out of the specialist UK property market in 2010. They claimed that 71 Dunbar borrowers had been made bankrupt in the following five-year period, many more than by any of Britain's very much larger high street banks. One Dunbar customer wrote: "Dunbar’s latest set of accounts show that over 95% of its loan book is now classified as impaired or overdue the equivalent figure for UK Asset Resolution, the country’s bad bank, is just 37%". In 2019, the local branch of Zurich Insurance Group was one of four insurance companies fined by Portugal's competition authority ADC for “cartel practices” regarding workplace accidents, health, and auto insurance.

Reviews

Tell the world why Zurich Insurance sucks!
CLICK TO RATE

I certify that this review is based on my own experiece and is my opinion of this person or business. I have not been offered any incentive or payment to write this review.

Refresh

Enter Code

Independent Contractor (Current Employee) says

"They do not hire anymore. Currently a hiring freeze. They will bring you in as a contract that is made to feel like an outsider. Contractors will see a constant revolving door and be treated very poorly. Management is a joke. They have people managing staff and people when they themselves do not even know how to perform the work themselves. Management is strictly CYA and will blame everyone else for they mistakes"

Associé à la souscription Département Construction (Former Employee) says

"La pyramide de m staycity de l’entreprise est à l’envers: plus de manager que des staffs à être gérer! Un employé peux recevoir l’ordre de plaisir en même temps!"

Senior Worker’s Compensation Claim Representative (Former Employee) says

"Working at Zurich was the worse experience of my career. Over worked adjuster. Tells their clients the adjusters have less claims than they really do is one of the multiple reasons I could no longer work here."

Sr. Principal Engineer, AVP (Former Employee) says

"All work is reactive. Culture of snakes and inept engineers, It is a lair of snakes and scorpions. Obviously this looks like a disgruntled employee comments, which off course it it, but think about it."

Global Resource in IT (Former Employee) says

"You are looked on as second class citizen if not directly supporting core insurance activities. They are so full of lip service about everything. Not much room for advancement."

Claims adjuster (Former Employee) says

"By far Zurich Insurance in Woodland Hills is worst company in California. Incompetent management. Ive been a claims adjuster 30 years. my boss was an incompetent fool"

Systems Development Consultant (Former Employee) says

"Management is only interested in dehumanizing workers, getting cheapest resources regardless of capabilities, and cannot see the coorelation of bottom lines and competency of the resources doing the work."

Security Operations Analyst (Current Employee) says

"If you are in IT and don't suck up, your position will be outsourced while others get a promotion. My advise is to stay away from this company. Higher up management is horrible. Your main manager will depend. Bonuses are ok. You have no work life balance.NoneNone"

Commercial Claims Specialist (Former Employee) says

"Zurich overworks their employees to the point that the job is not manageable. They make it so that it unrealistic to achieve any type of goals that they set which creates a very discouraging and negative work environment.locationwork load and pay"

Claims Adjuster (Current Employee) says

"Completely over worked. Not enough adjusters. New people might as well be lit fire and put on the floor with no training. They are completely understaffed you end up doing more than just your job as they are way way way understaffed every where. Management could care less. Just pile on more cause hay deligate who cares if they are already overloaded. Horrible days at work that feel like they will never end. Oh and their metrics pit employees against each other. Cheaters who cut corners win. Their health insurance and dental are not the best unless you pay thru the nose for better benefits. Time off is what you live for just to get away from the stress. Don’t drink the koolaid just run from this job to a better one if possible.NoneSTRESS ! over worked no team work and no one cares at all."

Insurance Specialist (Current Employee) says

"People are getting laid off continually. Those with jobs are often doing two jobs, and the reason they still have their job is because they are cut throat. The background you need to get a job here is Target employee or former airline stewardess. The important trait is being political - lying, then cya'ing. There are two departments out of many that aren't this way, and you need an advanced degree to get into both. The company is made up of mostly low class smiling faces.summer hoursThey pretend to be transparent and aren't. Employees only care about themselves."

Business Analyst / Project Manager (Former Employee) says

"Sehr Schlechtes Arbeits Klima... Jeder gegen Jeden Sehr Angelsächsisch im wahrsten sinne des Wortes."

ACTUARIAL ASSISTANT (Former Employee) says

"Zurich is a very big company and (unfortunately) acts like a very big company. Their corporate culture is reflected in every Dilbert cartoon that's been published."

WORKERS COMPENSATION CLAIMS ADJUSTER -NJ, NY, VA (Current Employee) says

"Im tired, stressed, and unhappy. Working in a stressful environment as such takes a toll on your personal life. Zurich promotes a healthy work/life balance and they still pile work on you making it impossible to achieve any of their set goals."

claims adjuster (Former Employee) says

"Not a good company to work for. Long hours and the work environment is deplorable. You are on top of each other, you can't hear yourself think. Just a miserable environment.NoneEverything"

Claims (Former Employee) says

"The worst organization I've worked for. The office culture was unbelievablely unprofessional. The client was not properly serviced and management spent more time and effort performance managing employees rather than training and development.locationeverything else"

Processing Tech (Former Employee) says

"Never have I ever been treated so inhumanely. I was raised with a good work ethic, I showed up for work and stayed at my desk to complete my job duties. I loved most of the co-workers. Unfortunately, there were those that didn't do their work, so those of us who did work got stuck with with their work also. That's really fair make the people who are doing the work, do the work of those who don't!!Management is totally inept and don't have a clue what the responsibilities of the "actual workers" involve. Lots of delegating and no rolling their sleeves up to help.Management - no work - that's the place to be! Just don't start out on the bottom level. If you don't have a college degree, there is no place to go - they won't let you progress. Experience means nothing to them - just a piece of paper from a university - then the people without the degree get the privilege of telling those with a degree how to do their jobs.My suggestion, don't accept a position with this company. You'll be sorry.co-workers are friendlymanagement stinks - have no clue how to manage."

Underwriting Technician (Current Employee) says

"Zurich has been in the midst of confusion since my employment began in 2008. The past year has been a year of downsizing, people leaving, and no replacements. Most employees at Zurich are overworked, tired, and suffering from exhaustion."

Underwriting / Premium Audit (Former Employee) says

"Employees are slaves and nothing else. Continual changeover in management stratagy causes more issues than it solves and much more unnecessary menial work. Terrible communication with employees. They ask for input but don't listen. Repercussions for giving valid and critical input is very real and feared by the workers. Management plays the game to keep their jobs. Workers are miserable.Benrfits onlyIn a nutshell - management and their detrimental business decisions."

Social Media

In The News