Global businesses require a global approach to risk protection. This can be challenging when assets are internationally dispersed and growth is rapid.
JLT Specialty USA’s team of specialists understand the complexities of managing global and local insurance programs at both a company and regulatory level, and are able to provide clear and actionable insight.
By collaborating with insurers, we structure the placement of policies effectively and efficiently and most importantly, ensure they meet local compliance legislation.
Our approach is to avoid the one-size-fits-all service model and get to know our clients and their needs both locally and globally. We act as a true extension of our clients’ insurance management function, rather than merely a third-party service provider.
WHAT WE DO
JLT’s global international network is managed by our global service team, whose sole focus is on administering, advising, and consulting on global and local insurance programs.
Our global service team specializes in:
- Ensuring that local legislative requirements are met, while ensuring the insurance program responds to your risk and insurance strategy
- Providing advice in relation to insurance regulations and practices worldwide, general program information, and any opportunities we foresee to enhance your existing arrangements
- Management of your insurers such that local policies are issued correctly and with speed
- Facilitating prompt payment of premiums, including ongoing monitoring and troubleshooting
- Providing clear protocols for communication for claims, invoicing, third party relationships, and changes in risk exposures
To do this, we provide our clients with:
- A global insurance manual – a manual detailing all global insurance covers and accompanying information
- Policy and invoice tracking documents
- Register of local insurances / policy digests
- Local broker service level agreements – scoped on a local basis and then agreed upon with our clients in advance
- Proactive and regular legal updates as the local legislation evolves in countries where you carry out business.
We commit to delivering in the following areas:
- Effective implementation, administration, and control by expert staff, who specialize in the management of global programs
- Relevant and efficient problem resolution for local service issues, due to management of both local broker and local insurer networks
- Clear communication protocols that range from a single point of contact for you centrally and for local brokers on overseas issues, through a hub model, to a fully one-on-one relationship with your business units
- Our multilingual team supports successful network management so that communication with overseas brokers and insurers (verbal and written) is enhanced and any barriers are broken down
- Administration costs are reduced as advice can be provided centrally to territories where the services of a local broker are not necessarily required
- We work with our clients to agree upon a service model that meets your needs. This includes a centrally controlled program service management where we will work closely with the global insurer. Brokers are appointed in key or mandatory territories/regions only, thereby increasing efficiencies and resulting in reduced costs for your business
A FTSE 100 company with a presence in over 60 countries had problems with the transparency of their locally placed policies, delays in gathering renewal data and a slow response to queries from local brokers. They appointed JLT to conduct a review of all local policies, analysing gaps and overlaps in cover and checking compliance of all policies.
We streamlined the process for gathering renewal data using JLT's web-based iRIS system, reducing the time taken to collect information from five months to six weeks. The client now has full transparency of all locally placed policies and achieved cost savings.
GLOBAL INSURANCE REVIEW
For a major multinational client we identified numerous coverage duplications between the global and local programs. Upon receipt of our global insurance review, and through auctioning our recommendations, we removed all duplications and saved over USD 350,000 in costs.
Further, by removing duplications we avoided the potential for complications in the event of a claim. Our client provided us with the following testimonial, following our review – “right from the outset JLT provided us with first-class management information on global insurances in a format that suited us. This in turn has made it easier for us to understand and manage the risks.”
Our global hubs
Global Insurance review
In addition to the management of your global program, our team of specialist conduct a global insurance review. A global insurance review delivers a stock take of global insurance arrangements and provides the following benefits:
- Cost of risk visibility – Visibility of local insurance and related costs on a worldwide basis
- Group control – Compliance with group insurance buying philosophy, risk management discipline, and minimum standards of insurer security on a worldwide basis
- Identification of savings – Through elimination of duplication, program rationalization, and identification of opportunities to leverage group buying (including the use of pools or schemes)
- Enhanced group protection – Through identification of gaps between local and global program limits, strengthened compliance with local insurance requirements, and cover enhancements from improved use of global insurance programs
- Informed decision making – Through a clear, auditable process
- Insurance program strategy development – Establishing a prioritized set of actions for global program evolution