At a glance
- The number of multinational companies sending employees abroad rose 25% in the last decade
- Agriculture, chemical, construction and engineering are expected to have the largest overseas expansion
- Zurich is further expanding its global reach to help your clients protect their employees
Pan-European operations mean pan-European claims. In today’s world, mid-corporate businesses need to be sure international losses can be handled effectively.
In an increasingly international environment, it is not commercially viable for companies, especially those in the mid-corporate space, to restrict themselves to operating at a local, regional or even national level only.
Whether it is the customers they want to sell to or service, the supplies they want to purchase, or the partners they need to work with, looking beyond the boundaries of the UK alone offers the potential to grow sales and reduce costs for many firms.
However, this commercial goal of higher turnover and better margins comes at the cost of additional operational and logistical complexity; working from multiple sites across a number of territories is not easy.
Nor is it simple to effectively manage operations that often stretch across many countries, or to mitigate the risks that come from employing many different distribution channels. In doing so, there will be losses to cope with and insurance claims to settle.
Finding a straightforward solution
The challenge for you, the broker, and us, the insurer, is to create solutions that introduce simplicity and effectiveness to these more complex operating models. The right claims service enables businesses to be sure the policies they have in place will not only respond as they expect, but also generate prompt and painless settlement when needed, allowing them to focus on their day-to-day operations.
The right claims service enables businesses to be sure the policies they have in place will not only respond as they expect, but also generate prompt and painless settlement when needed
The creation of the European Economic Area has prompted mid-corporate businesses to push harder and faster onto the continent. As a result, they need a claims service that delivers on-the-ground expertise in each of their operational territories.
When working with these clients, brokers need an insurance partner that offers a claims proposition that will provide the speed of response and expertise that they demand. This must all be delivered in a way that makes it easy for them to stay in close contact with what is happening and keep abreast of regular developments.
Recently we have developed our Corporate Focus proposition to clearly articulate our underwriting appetite in a range of mid-market commercial industries. This focus, enables you and your customers to see where our expertise can provide support and add value to risk programmes both now and in the future.
A broader approach with Corporate Focus
However, it is not enough simply to do this for UK operations. Zurich wants to extend the expertise it offers through our Corporate Focus proposition to give the most dynamic claims proposition possible to UK mid-corporate firms with an international side to their business.
Today, the insurance market tends to offer an overseas claims service that is either managed from the UK or is dealt with locally. In practice, this is not always the best approach and there are a number of aspects that can be improved by switching to a model that does both, with claims being supervised from the UK, but also investigated at a local level.
In the first instance, it allows teams that are already on the ground to react quickly to the loss and give your client immediate assistance. Claims teams responding at this level also bring an in-depth knowledge of the local area and this is often invaluable in getting issues resolved quickly and efficiently with the most appropriate responses actioned immediately.
Benefit from a single contact
Reporting to a single UK point of contact means it is also possible to create an overview of the claim, enabling effective strategic direction to be given as needed. This individual contact also acts as the point of information for brokers, protecting you from having to chase around numerous people based in different countries, in different time zones and speaking different languages.
Similarly, empowering local teams to carry out the investigation ensures the right people are involved, reducing the time to settlement and keeping the costs involved to a minimum.
Despite the complexity that lies within the operations of mid-corporate businesses, it is possible to introduce insurance solutions that generate speed, simplicity and security.
The growth of pan-European risks means growth in pan-European claims. The way in which these claims are managed and handled is a key consideration for you and your customers when choosing the right insurance partner to work with.
When the benefits generated by Freedom of Services policies are so apparent, it is essential there is a claims proposition to match.