Global Programs: Direct Network Partnership with Lead Insurer Strengthened Using Technology
Relationship is Key
We know that relationships are crucial when it comes to the insurance business. Business models, services and processes are rapidly evolving, primarily backed by technological advancements. But, in Multinational Insurance (Global) Programs, the capabilities and expertise reside within the lead insurer’s global network.
Some of these network relationships are set up, fostered and managed by companies such as Globex.[1] However, there are enough data points to prove that lead insurers are also investing time, effort and resources in building their network of underwriting partners around the world to be able to respond to changing service needs of the multinational customers. While operating internationally, lead insurers continually seek opportunities to exchange lessons learned, best practices and innovative approaches with partners in different countries. This continuous improvement approach is a collaborative process of investing in a “relationship deposit” with partners for better future business returns, particularly if the partner is geographically based in an area of strategic interest to the lead insurer.
The role of technology
Insurers can leverage technology to power the network by strengthening the “digital relationship” with their partners. By allowing partners to access a user-intuitive, clearly guided portal in the local language, lead insurers can truly enhance engagement with the local underwriting partners while ensuring data quality, integrity and auditability through the entire process. Such data helps in analytics which further helps to improve the relationships.
If you run a global network, you should be able to inform your customer who is handling the local business, what service level they can expect, and reassure them that their programme will be managed consistently and professionally around the world using data-driven technology at its heart.
[1] https://globexintl.com/