To be launched this March, the new ‘UBS Start Business’ will act as a comprehensive bancassurance platform offering both banking and insurance services to Swiss start-ups
Image: UBS headquarters in Zurich, Switzerland. (Credit: UBS.)
Swiss multinational bank UBS has partnered with Zurich Insurance to launch bancassurance products from this March, targeting young entrepreneurs in Switzerland.
Developed together by UBS and Zurich, the ‘UBS Start Business’ will be a comprehensive platform, which is expected to go beyond traditional banking insurance.
The new platform will offer an extensive banking package that includes free capital payment and business account, co-working opportunities and mentoring programmes
In addition, the UBS Start Business will also offer several insurance policies that are either mandatory for companies or cover important risks that many start-up might not be able to take on themselves.
The new offer is expected to support entrepreneurs with efficient banking and insurance solutions, avoiding complications.
By streamlining the process and recommending transactions that are key for the start-ups’ success during the founding stages, the online tool enables them to save time that is spent on appointments.
UBS Switzerland president Axel Lehmann said: “With the combined offer from Zurich and UBS, we’re pleased to support young entrepreneurs during the crucial stages of start-ups. For the first time, start-ups now have a one-stop shop for quick, easy and coordinated access to key banking and insurance products.”
UBS Start Business explains compulsory insurance products in simple terms
The new offering also comes with a simple explanation for compulsory insurance which includes products such as occupational retirement planning and accident insurance. The tool will also intuitively guide through key voluntary coverages such as daily sickness benefits, insurance.
Zurich Switzerland CEO Juan Beer said: “We’re proud to be working closely with UBS in launching an innovative new product for SMEs. This draws on our experience as a world leader in bancassurance with over 70 partner banks in 17 countries.”
Last November, UBS partnered with Banco do Brasil to launch investment banking services and institutional securities brokerage in Brazil and select countries in South America.
The new investment bank was expected to be set up through the combination of assets from both stakeholders.