We focus on transparency for all parties from local management to a foreign broker to executive headquartered management to be able to properly understand all elements of a scenario, and therefore, be able to make sound business decisions. Transparency is key! Ambiguity and vague interpretations lead to miscommunication, and ill-informed business decisions.
Managing risk globally must be a collaborative effort, and that requires answering tough questions that often go unasked. This lends to our philosophy that in person meetings whenever possible are vital, this leads our team to traveling the world for meetings with company headquarters and subsidiaries.
Typically, respective insurance companies and brokers located in each country of a multinational organization do not effectively communicate with each other. Sometimes if different brokers or agents are representing an international client in each country there can be a tendency to perceive each other as a potential threat and become adversaries. This is particularly frequent when there is not a global risk manager involved.
Traditional solutions for multi-jurisdictional locations have been to find a broker in each respective country that can countersign the local policies and provide very basic insurance services, but international networks still focus on “dots on the map” rather than a rigorous analysis of organizational attributes of the insurance service provider.