The Sky’s the Limit
To be successful in golf—and business—you have to understand your risks and prepare for challenges. It’s all about staying on your game.
When Collin Morikawa went to bed after the third day of the 2020 PGA Championship last August, he was two back in the tournament. But the next morning, he woke up with a smile. The rising PGA TOUR star and Zurich Golf Ambassador was excited to face the final round at San Francisco’s TPC Harding Park. “I woke up feeling ready,” he says.
Morikawa, a 2019 graduate of the University of California at Berkeley, had played the course frequently in college and says he “knew it like the back of my hand.” And after relentless practice, analysis, and preparation, he felt supremely comfortable with his game. “In situations like this, I know what to do—I’m not trying to figure out what to do.”
For help navigating the course, Morikawa also relies on his caddie, J.J. Jakovac, who describes himself as the pro’s “bag toter, club cleaner, sports psychologist, and strategic advisor.” That last role is key. “I help Collin with risk assessment on every shot,” says Jakovac. “One shot can be the difference between winning and losing.”
On the back nine of the final round that day, two shots in particular proved
crucial to Morikawa, who rose to the top of a crowded leaderboard on 14 with a chip-in for birdie. Two holes later, now tied for the lead, he hit the defining shot of the tournament, a breathtaking drive that set him up for a short putt for eagle on 16. He went on to win his first major championship in only his second major outing, and at 23 years old, shot the lowest closing 36-hole score in men’s
major history.
Morikawa—and Jakovac—came prepared and ready to win. It’s an approach that mirrors the winning strategies that Zurich North America develops to help its clients manage challenges and advance their success. “In the game of golf, caddies act as risk advisors. They look at the options for various holes—what iron to use, how to hit the ball,” says Valerie Butt, Zurich North America’s Head of Large Casualty. “Similarly, we act as a risk advisor for our customers, coming
up with options to solve their business needs and help them mitigate their risk.”
Listen
Innovative Resilience
In today’s interconnected world, however, organizations can’t control all threats or potential adverse events, so Zurich goes even further. “Successful companies today look at more than risk prevention. They also look at resilience,” says Paul Horgan, head of U.S. National Accounts at Zurich North America. “Zurich works very closely with our customers to make sure that they’re prepared for those events and can get back up on their feet more quickly.” It’s a smart strategy that also benefits the bottom line: Zurich calculates that one dollar invested in resilience is worth five in the event of loss.
Zurich analyzes multiple risks, from business hazards to regulatory changes to global events or economic shifts that can affect supply chains, making sure their customers can adapt to evolving threats. “Zurich keeps constant, open lines of communication with its customers,” says Horgan. The insurer also provides opportunities to share best practices and access to thousands of research papers.
In seeking the best solutions for clients, Zurich taps outside resources, partnering with such organizations as insurtech companies, customer and broker councils, and the World Economic Forum, which produces its annual Global Risks Report with Zurich’s significant involvement. And it leverages innovative technology. “We’ve developed sophisticated predictive models that can identify claims and exposures before they get too severe,” says Butt. “And we’re piloting blockchain solutions to solve one of the biggest challenges to international customers: tracking program activity and payments around the world.”
Real-World Impact
Nowhere is Zurich’s creative thinking needed more than in managing the risks of climate change. Across the globe, temperatures are rising and weather patterns are shifting, leading to more frequent and deadly natural catastrophes, such as wildfires, hurricanes, floods, droughts, and severe winter storms. And while climate change poses a very real threat to the planet over time, it is already causing enormous financial and human loss
and destroying infrastructure, homes, and businesses. Disasters in the U.S. cost $95 billion in 2020, almost double the figure from 2019.
Severe weather is a particular risk for Zurich’s customers, so to address construction delays due to extreme rain, wind, or temperatures, Zurich has come up with a parametric insurance product that allows the insurer to set up predetermined parameters or thresholds for payments and risks. This product actually facilitates payments for policyholders if their projects are delayed due to these conditions, says Horgan. “This is a prime example of how we’re trying to tailor our insurance solutions for the emerging risks that are challenging our customers today,” he adds.
Over the last year, Zurich’s risk expertise and focus on resilience and preparedness has paid off significantly. “When the pandemic hit, it was a surprise for many people,” says Horgan. But Zurich had conducted a global summit in September 2019 that included a session on preparation for pandemics. When COVID-19 emerged, “We were prepared. We were ready to work 100% remotely and we were able to deliver for our customers when they needed us most.”
According to Butt, customer satisfaction is now at an all-time high. “Customers have commented on our flexibility and creativity by filling coverage gaps, offering program structure options based on their risk profile, and ensuring they stay compliant.” With Zurich’s assistance, Bauer Hockey, a Canadian hockey gear manufacturer, pivoted its production lines to make personal protective equipment. Zurich also helped several firms set up onsite day care and helped a food-service distributor gain the insurance filings required to deliver essentials to grocery stores. The company even provided supplemental medical insurance coverage for those who became sick with the virus.
“I’m proud of how Zurich responded in this environment,” says Horgan. “I’m highly confident in our ability to meet our clients’ challenges of tomorrow.”
Collin Morikawa shares Horgan’s confidence as he looks to the future. The golfer had the breakthrough of a lifetime last year, but he’s determined to make sure it won’t be his last. “There’s so many more that I look forward to
in 2021,” he says. “It just gets me excited.”
J.J. Jakovac
Veteran caddie
“One shot can be the difference between winning and losing.”
Zurich’s Valerie Butt on trends in the casualty space
Listen
Zurich’s Paul Horgan on the insurer’s customer solutions
Listen
Paul Horgan
Head of U.S. National Accounts,
Zurich North America
“Successful companies today look at more than risk prevention. They also look at resilience.”
Listen
J.J. Jakovac on how Collin’s preparation paid off
See more
It’s Up to Us:
Why saving the planet is a business imperative
See more
Risk Assessment in a New World:
The new rules of the road when it comes to risk evaluation
Explore more
to Collin Morikawa on the gratitude he has for his team
See more
Sustainable Sport:
Justin Rose on preserving
golf for future generations
See more
The Importance of the Pivot:
How Billy Horschel stays
focused while optimizing
See more
The Sky’s the Limit
Inside Collin Morikawa’s
career breakthrough
90% of the current companies listed on the Fortune 500 obtain at least one policy or coverage from Zurich carriers.
Zurich Insurance Group is a leading multi-line insurer that serves its customers and local markets. In North America, Zurich is a leading commercial property-casualty and life insurance provider serving the global corporate, large corporate, middle market, specialties, programs and individual sectors through the member companies of Zurich in North America, including Zurich American Insurance Company and Zurich American Life Insurance Company. © Zurich American Insurance Company. All rights reserved.
©2021 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy (Your California Privacy Rights) | CCPA Do Not Sell My Information Fortune may receive compensation for some links to products and services on this website. Offers may be subject to change without notice. Quotes delayed at least 15 minutes. Market data provided by Interactive Data. ETF and Mutual Fund data provided by Morningstar, Inc. Dow Jones Terms & Conditions: S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Terms & Conditions. Powered and implemented by Interactive Data Managed Solutions. | EU Data Subject Requests
See more
Commitment Where It Counts: Reaching new heights through diversity and inclusion
Zurich Insurance Group is a leading multi-line insurer that serves its customers and local markets. In North America, Zurich is a leading commercial property-casualty and life insurance provider serving the global corporate, large corporate, middle market, specialties, programs and individual sectors through the member companies of Zurich in North America, including Zurich American Insurance Company and Zurich American Life Insurance Company. © Zurich American Insurance Company. All rights reserved.
©2021 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy (Your California Privacy Rights) | CCPA Do Not Sell My Information Fortune may receive compensation for some links to products and services on this website. Offers may be subject to change without notice. Quotes delayed at least 15 minutes. Market data provided by Interactive Data. ETF and Mutual Fund data provided by Morningstar, Inc. Dow Jones Terms & Conditions: S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Terms & Conditions. Powered and implemented by Interactive Data Managed Solutions. | EU Data Subject Requests
Innovative Resilience
In today’s interconnected world, however, organizations can’t control all threats or potential adverse events, so Zurich goes even further. “Successful companies today look at more than risk prevention. They also look at resilience,” says Paul Horgan, head of U.S. National Accounts at Zurich North America. “Zurich works very closely with our customers to make sure that they’re prepared for those events and can get back up on their feet more quickly.” It’s a smart strategy that also benefits the bottom line: Zurich calculates that one dollar invested in resilience is worth five in the event of loss.
Zurich analyzes multiple risks, from business hazards to regulatory changes to global events or economic shifts that can affect supply chains, making sure their customers can adapt to evolving threats. “Zurich keeps constant, open lines of communication with its customers,” says Horgan. The insurer also provides opportunities to share best practices and access to thousands of research papers.
Real-World Impact
Nowhere is Zurich’s creative thinking needed more than in managing the risks of climate change. Across the globe, temperatures are rising and weather patterns are shifting, leading to more frequent and deadly natural catastrophes, such as wildfires, hurricanes, floods, droughts, and severe winter storms. And while climate change poses a very real threat to the planet over time, it is already causing enormous financial and human loss
and destroying infrastructure, homes, and businesses. Disasters in the U.S. cost $95 billion in 2020, almost double the figure from 2019.
Severe weather is a particular risk for Zurich’s customers, so to address construction delays due to extreme rain, wind, or temperatures, Zurich has come up with a parametric insurance product that allows the insurer to set up predetermined parameters or thresholds for payments and risks. This product actually facilitates payments for policyholders if their projects are delayed due to these conditions, says Horgan. “This is a prime example of how we’re trying to tailor our insurance solutions for the emerging risks that are challenging our customers today,” he adds.
Over the last year, Zurich’s risk expertise and focus on resilience and preparedness has paid off significantly. “When the pandemic hit, it was a surprise for many people,” says Horgan. But Zurich had conducted a global summit in September 2019 that included a session on preparation for pandemics. When COVID-19 emerged, “We were prepared. We were ready to work 100% remotely and we were able to deliver for our customers when they needed us most.”
According to Butt, customer satisfaction is now at an all-time high. “Customers have commented on our flexibility and creativity by filling coverage gaps, offering finance options, and ensuring they stay compliant.” With Zurich’s assistance, Bauer Hockey, a Canadian hockey gear manufacturer, pivoted its production lines to make personal protective equipment. Zurich also helped several firms set up onsite day care and helped a food-service distributor gain the insurance filings required to deliver essentials to grocery stores. The company even provided supplemental medical insurance coverage for those who became sick with the virus.
Listen
Listen
Listen
See more
It’s Up to Us:
Why saving the planet is a business imperative
See more
Risk Assessment in a New World:
The new rules of the road when it comes to risk evaluation
See more
Commitment Where It Counts: Reaching new heights through diversity and inclusion
See more
The Importance of the Pivot:
How Billy Horschel stays
focused while optimizing
See more
Sustainable Sport:
Justin Rose on preserving
golf for future generations
See more
The Sky’s the Limit
Inside Collin Morikawa’s
career breakthrough
When Collin Morikawa went to bed after the third day of the 2020 PGA Championship last August, he was two back in the tournament. But the next morning, he woke up with a smile. The rising PGA TOUR star and Zurich Golf Ambassador was excited to face the final round at San Francisco’s TPC Harding Park. “I woke up feeling ready,” he says.
Morikawa, a 2019 graduate of the University of California at Berkeley, had played the course frequently in college and says he “knew it like the back of my hand.” And after relentless practice, analysis, and preparation, he felt supremely comfortable with his game. “In situations like this, I know what to do—I’m not trying to figure out what to do.”
For help navigating the course, Morikawa also relies on his caddie, J.J. Jakovac, who describes himself as the pro’s “bag toter, club cleaner, sports psychologist, and strategic advisor.” That last role is key. “I help Collin with risk assessment on every shot,” says Jakovac. “One shot can be the difference between winning and losing.”