The global expansion of a company offers many opportunities, but also involves several risks. With the entry and growth into new markets, new challenges arise also in the area of risk and insurance management. The local legal situation, for example, compulsory insurance, taxes or licensing obligations, but also language barriers or special compliance requirements must be taken into account.
Understanding Your Risks
International insurance programmes are implemented to comply with local laws and market practices. Expert knowledge is required for the development of such programmes to ensure tailor-made coverage. Thus, the design of international insurance programmes is highly dependent on the individual characteristics and structure of the respective group of companies. In addition, the regulatory framework conditions in the individual countries often change.
Providing Tailored Solutions
There are many opportunities to manage global insurance needs, including integrated or coordinated insurance programmes just to name two. However, “one size fits all” programmes are outdated.
Based on an in-depth risk evaluation the customized coverage (structure, limits, perils insured, deductibles …) and cost control measures are designed individually and negotiated centrally at the parent level for the entire group of companies. Optimized premium levels, as well as global loss adjusting procedures, contribute to a cost-efficient purchase of insurance as well as the ultimate purpose of insurance, to protect the balance sheet of the parent company properly.
Creating Added Value
A “best practice” international client servicing is characterised by meeting the interests of the parent company as well as those of the subsidiaries to a large extent. The process starts with the set-up of global insurance guidelines and reporting standards are defined. To guarantee full transparency for the group management and to safeguard quality control also local insurance covers are included in global reporting.
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Roland Litzinger
Head of International Business GrECo Austria
T +43 664 210 50 13