It’s fair to say that when it comes to choosing whether or not to combine your insurance coverage across a number of regions into one multinational programme, there are a several things to consider.
We know from our own research conducted earlier on this year that in addition to the UK, both Europe and Asia have been identified as regions with the most growth potential among UK and European multinational businesses.
However, given the fact that the average multinational client operates from just three countries, the perceived complexities involved with structuring a multinational programme are not as difficult to overcome as one might think.
Fundamentally, companies operating across borders need a robust and compliant programme and confidence in their insurer around the servicing of claims as and when they might arise.
We live in a world which is becoming increasingly interconnected, so why wouldn’t we look at our insurance coverage this way?
It’s hard enough already to keep on top of the pace of change in the world we operate in and when organisations look to ensure they have the right controls and compliance structures in the regions they conduct business, a multinational programme can usually provide a simpler and more harmonious approach to these rather complex issues.
Choosing the right partner
In light of all these moving parts, partnerships are key. We know that no two risks are the same, even across a single organisation. We know that each region will be subject to their unique local topography, market conditions and regulatory environment. Expand beyond a single country border and some of these differences become more pronounced, especially when you add to the mix language and cultural differences.
To reduce, remove or simply help you navigate some of these issues, it is essential you have access to a dedicated multinational team, focused solely on providing solutions for multinational organisations.
A multinational team will go beyond basic programme underwriting; they will be directly involved in developing non-prescriptive programme structures which should be fully aligned with your buying needs.
At CNA Hardy we know that establishing a best in class network, with all parties sharing a common operational vision and culture is critically important to the success of a joined-up, multinational programme.
Whilst every client will be different, the best solution will be the one that works specifically for you; this solution will either sink or swim due to the experience of those putting it in place. At CNA Hardy we have a dedicated team of multinational experts with over 50 years combined experience of managing multinational programs, networks and countries.
By Jason Beelders, International Solutions Underwriting Director, CNA Hardy