ACE’s 10 Top Tips to Help BIBA Brokers Prepare for the Global Challenge
May 13 2015 - 03:00AM
Business Wire
ACE Group will highlight ten top tips for brokers on the
intricacies of placing effective, compliant multinational insurance
programmes at the BIBA 2015 Conference and Exhibition that opens in
Manchester today.
Earlier this year ACE launched ACE Multinational Partner, a
package cover for UK & Ireland based companies with one or more
overseas subsidiary1. As a response to the related research in
which brokers expressed concern about lack of knowledge and
expertise in placing complex multinational programmes, ACE has
developed its top tips for brokers for successfully managing
global programmes.
1. Take a bottom up approach - when building a global
programme, look at each territory individually and ask 'what does
the insured need in the event of a loss?' Structuring the programme
around the answers will allow you to respond to your client’s
individual needs.
2. Challenge your insurer partner - service is key so
challenge your insurer partner to deliver on global service for
your client. When will they issue local policies, certificates, and
invoices? What service standards do you want in place? How will
they help you monitor programme data in real time?
3. Give consideration to claims handling at an early
stage – quiz prospective insurers on how they would handle a
loss overseas. Can local claims teams provide support on the ground
when needed? How will they ensure the client management team is
kept up to date? And where will the claim be paid?
4. Don’t forget your clients’ risks – compliance with
local regulations applies to niche risks too. One central policy
will not respond to all eventualities in all territories. Discuss
with your client the need for local policies for their D&O,
accident & health, marine and other specialist lines
placements.
5. Think compliance - non-compliance with local
regulations can potentially result in fines, loss of licence,
reputational damage and business interruption for your client and
for you. Ensure you have reliable sources for compliance guidance,
and keep up to date with changes.
6. Think local – local policies aren’t just about
compliance, they provide local market standard cover, and are often
required for local territory certificates, travel visas etc. It’s
important these needs are taken into consideration when structuring
the programme.
7. Demand transparency from your insurer partners - your
client will need evidence of programme compliance, everything from
visibility over premium allocation, to local taxes and charges, to
what the local policy wording and certificates say. Challenge your
insurer partners to provide this transparency.
8. Put all your eggs in one basket - one comprehensive,
well-structured multinational programme performs better than
multiple policies in multiple jurisdictions placed with multiple
carriers, especially where your client has interdependency between
territories.
9. Consider both cost and benefits - multinational
programmes may appear more expensive at first sight, but in the
long run they are more cost effective as they give greater
certainty and consistency of coverage and service.
10. Take a team approach - make sure the right level of
visibility, procedures, controls and communication processes are in
place, and there is constant communication involving all parties.
Don't worry if you don't have all of the answers yourself. Be
prepared to pull in knowledge where required to build the right
team for your client. This is likely to include a partner insurer,
and brokers in other territories.
Jeff Hobson, ACE Multinational Partner Project Team Member, ACE
European Group, said:
“We know from our research that regional brokers across the UK
are keen to expand their knowledge of multinational programme
placement because more and more of their clients are expanding
overseas for growth. However, cross-border policies are a complex
minefield that many find hard to navigate.”
“As a leading insurer with an extensive global network and a
strong track record in managing multinational programmes for
clients of all sizes and industries, we are well placed to help
both brokers and their clients to understand the challenges and
offer easy to manage, cohesive and compliant solutions.”
-ENDS-
About ACE:
ACE Group is one of the world’s largest multiline property and
casualty insurers. With operations in 54 countries, ACE provides
commercial and personal property and casualty insurance, personal
accident and supplemental health insurance, reinsurance and life
insurance to a diverse group of clients. ACE Limited, the parent
company of the ACE Group, is listed on the New York Stock Exchange
(NYSE: ACE) and is a component of the S&P 500 index.
ACE UK & Ireland’s five regions are:
Ireland (Dublin and Belfast) ∙ Scotland (Glasgow, Aberdeen) ∙
The North (Leeds, Manchester, Newcastle) ∙ Midlands (Birmingham) ∙
London and South East (London, Maidstone, Reading, Watford)
Additional information can be found
at: www.acegroup.com/uk
1
http://www.acegroup.com/uk-en/media-centre/details.aspx?article=/uk-en/Home/Assets/news/20150330005007en.html
ACE GroupCeline LachevreMarketing Manager (PR &
Events)020-7173-7489Celine.lachevre@acegroup.com
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