Globally Consistent, Locally Compliant – how does technology help?

International customers today are taking advantage of attractive business opportunities in countries worldwide. It’s not unfair for them to expect the same level of agility, responsiveness and follow-through when it comes to understanding their insurance coverage around their risk jurisdictions and when it comes to managing relevant claims.

That typically means that open, effective and timely communications are essential between the customer, regional offices, lead insurer, broker and other key stakeholders who would need to collaborate in a timely manner to provide the best service possible for the client. It also goes without saying that the capabilities and expertise that reside within the lead insurer’s global underwriting network are a critical success factor for such collaboration to work to its fullest potential.

This is where technology can create value.

Technology and Digital Innovation across the spectrum allow a consistent communication and collaboration process between client, broker, lead insurer, network partners, fronting partners, and other stakeholders. Such solutions can guide the underwriters and coordinators to adhere to local compliance regulatory laws while ensuring the proper process is followed while placing risk in local countries, e.g., do we need CUO approval to write business in Cambodia, or do we need a local broker to establish a business in Argentina etc. Regional and local country laws are fast-changing, and the technology can support such a change without creating a lot of overheads for underwriters.

Without technology solutions, such adherence monitoring can be tedious, time-consuming processes for underwriters or regional hubs to perform, resulting in E&O risk exposure and inconsistency in the overall process and data.

Contact us if you want to know how technology can ensure your process is globally consistent and locally compliant.