It’s vital that we, as insurers, understand how claims handling operates outside a customer’s domestic market, in order for us to coordinate local policies around the world and manage claims effectively and efficiently.
Our own research highlights that businesses, large and small, are looking overseas for growth opportunities; many source labour or materials internationally, others sell their goods and services in foreign markets.
When losses become insurance claims, those smaller businesses need the same coordinated approach that large multinationals have been accustomed to receiving.
A look at claims coordination
Consider the following scenario:
A midsize manufacturing company based in Manchester learns of a large property loss at its Chinese operations. The policyholder wants quick answers to their many questions: How should they proceed? Who do they call? What steps can it take to mitigate the loss, repair the damage and minimise disruption? Could a similar incident occur at the company’s other international locations? How will the company recover?
For CNA Hardy policyholders, notification of the incident kicks into motion a team that is highly skilled at coordinating claims and international resources.
How Do We Manage Multinational Claims?
Preparation is key. CNA Hardy’s approach to this global claims scenario began months earlier when our dedicated Multinational team and Claims team met with the policyholder to better understand its business, its exposures and to discuss processes that would help them if a claim occurred.
Whether the policyholder is in five countries or 40, and has a marine, general liability, property or other claim, our approach does not vary by line of business. A claim’s complexity may change, but the process of coordinating global claims is the same.
It’s about understanding the customer’s needs, ensuring everyone understands the policyholder’s insurance programme and the right resources are put on the ground in a timely manner.
The claims process can be daunting, even for companies that have full-time risk professionals. For smaller companies, where risk management may be one of many responsibilities for a given individual, a multinational claim can be overwhelming. In either case, having expert, dedicated service from an international insurer enhances the value of the insurance policy.
People are the Key:
Technology is a great enabler for businesses in all industries, but any effective insurance solution is led by people. When an insurer bases its solutions on collaboration, personal connections and relationships, it’s much easier to know whom to call when a policyholder has a problem.
Hamish McBride
Head of Multinational Claims, CNA