Sunday, January 24, 2021
News
NEWS HOME
»
PRN INDIA
Managing strategic risk for global companies
  SocialTwist Tell-a-Friend  
   

ZURICH, Nov. 25, 2020 /PRNewswire/ -- The following is from Fred Kleiterp, Regional CEO EMEA Swiss Re Corporate Solutions

In today's complex world, companies face multiple challenges when it comes to insuring global assets. Operating across different jurisdictions, they frequently have to deal with a confusing set of local policies with varying degrees of cover.

International insurance programmes offer the opportunity to take a consistent approach to risk management, but there are a number of inefficiencies in the way they operate today.

Traditionally the preserve of major multinational corporates, such programmes are now being purchased by mid-sized and even smaller companies as they expand their business, supply chains and financial assets into different countries across the world.

However, these smaller organisations face substantial challenges in implementing international policies. For example, many struggle to prevent local offices buying policies from non-programme entities, and there can be higher costs involved in such a set up.

For insurers, the challenge is to quantify risks in parts of the globe where they may have no previous experience. And creating standardised policy wording to cover all jurisdictions is a major technical challenge. Swiss Re Corporate Solutions aims to overcome these challenges and advance Corporate Insurance by developing industry solutions together with partners like Württembergische Versicherung.

Technology to the rescue

Some more established insurance companies rely on legacy systems with processes that have been pieced together over time, as well as conflicting technologies that simply do not talk to one another.

To overcome the inefficacies in these legacy systems, which can cause process frictions including delays in settling claims, we need to leverage todays technological advances such as cloud computing to build open and connected industry platforms with API connections to achieve an end to end integration. Other industries are demonstrating the power of such architectures.

International programmes involve sharing a great deal of data, much of it unstructured. By structuring data consistently, all parties have a full picture of the risks they are insuring and the cover they are receiving.  

Of course, it's possible to use solutions like artificial intelligence to sort this mass of unstructured data, but the only way to make things simpler and more cost effective is to automate the process from end to end.

Above all, international programmes need to be fast, accurate and transparent – and this can only be achieved by deploying technology and data standards.

Transparency for all parties

Contract certainty is a prerequisite to ensuring coverage is complete across all territories. Put simply, customers need to be able to see what risks are covered and where. Again, technology has a critical role to play by making policies transparent on a single platform.

But addressing customers' pain points is about more than just standardising policies, vitally important though that is. It's also about using data to understand and price risk more accurately, wherever in the world our clients operate.

As insurers we are seeing the same trends – reduced capacity, the need for better underwriting discipline and rising insurance rates. But if we can work together and share technology to innovate and stay one step ahead, there is much cause for optimism.

The fortunes of our industry are closely linked to the health of the global economy and there is evidence from our latest sigma report – World insurance: riding out the 2020 pandemic storm – that we are likely to outperform the recovery when it comes.

At Swiss Re, we have a vision for advancing the insurance industry through technology. We're already using digital technologies to deliver international programmes. As we've seen, time-consuming workarounds can make it cumbersome to administer programmes on an international scale and across jurisdictions.

We want to make this process simpler and more agile. And we need to better understand the risks we are insuring. As investment returns diminish globally, improving underwriting profitability across the industry will be ever more important.

Setting new standards

In order to achieve these goals, we designed and built a platform appropriate for today's world and the future. Using technology in this way, we can help drive the industry forward and begin to set new standards.

Our solution – the International Programme Administration platform (IPA) – combines technology with deep risk insights in a single platform to address the needs of our customers and eliminate inefficiencies.  

In addition to using the platform to support our insurance customers, we are now also offering it to Brokers and other Insurance Companies. In this way, we start to address some of the more structural challenges of communication between market participants.

The latest partner to take advantage of the IPA platform is Württembergische Versicherung. The German insurer will have access to our network of over 150 local office and network partners as of 1st January 2021. This will help it grow its corporate business book while delivering structured and compliant multinational programmes to its customers.

IPA will also allow Württembergische Versicherung to use our ONE  Form standardised property policy framework, which delivers higher policy accuracy, increased contract certainty and faster processing – wherever in the world their customer is operating.

In too many cases, the customer experience of international insurance programmes isn't up to scratch. But with the whole industry – carriers, brokers and customers – on board, we can reboot it for today's fast-changing and increasingly uncertain world. Let's act now to improve efficiency and give customers the service they deserve.

Above all, we want to make the world more resilient. By taking a data-driven approach and addressing industry inefficiencies, we believe we can do just that.

Photo - https://mma.prnewswire.com/media/1338041/Swiss_Re_Corporate_Solutions_Fred_Kleiterp_HeadShot_Photo.jpg
Logo - https://mma.prnewswire.com/media/891484/SR_CS_CMYK_Logo.jpg

 

More News by PR Newswire India

Suficore Revives The Golden Age of Hindustani Classical Music

Self Storage India to launch first of four new NCR facilities on 1st February 2021

Rogers International Commodity Index (RICI®) Composition Unchanged -- FX Source Changed

Ascend Performance Materials' Acteev technology takes prize at Outdoor Retailer Innovation Awards

Frost & Sullivan Experts Present a Strategic Outlook of the Global Automotive Industry in 2021

OKExChain launches Swap and Farm DApps, allowing users to increase their OKT earnings

Simplilearn Wins Fourth Consecutive EC-Council Global Award

Let the Countdown Begin! One Year Until Special Olympics World Winter Games Kazan 2022

Iyuno Media Group Enters Agreement to Acquire SDI Media

Terralogic Announces the Acquisition of US-based, PDS Inc. Effective date: January 11, 2021

NEI recognized among India's Top 30 Best Workplaces in Manufacturing 2021

Strengthening the future of education at TEGS 2021 - empowering educators to overcome unforeseen challenges

Manipal Education and Medical Group Launches 'UNext' - An Affordable, End-To-End, Online Learning Platform For Professional Courses

Hisense Creates Bold New Campaign With Partner Club Paris Saint-Germain

Global Center on Adaptation (GCA) : Nobel Laureates, Global Scientists call on World Leaders to Accelerate Climate Adaptation as part of Post-Covid Economic Stimulus

SVP Global Q3 Results exceeds Expectations, Consolidated QoQ PAT up 35%

Havas Health & You Evolves Network Positioning, Announces Chief Content Officer Hire Lars Bengston, and Launches Content Assembly

Contrast Security Empowers Zurich to Secure Its Digital Transformation Efforts

Menarini Receives European Commission Approval of ELZONRIS (tagraxofusp), for the Treatment of Blastic Plasmacytoid Dendritic Cell Neoplasm (BPDCN)

United Power Electrifies Their Customer Experience with Bright Pattern Cloud Contact Center Software

OFS Portal Approaches 21 Years Of Data Stewardship, Surpasses 500 eCommerce Agreements With Trading Partners

OneWeb Announces Eric Gillenwater as Vice President and Business Head of Global Carrier and Enterprise

EyeQue Acclaimed by Frost & Sullivan for Its Wide Range of Consumer-friendly, Hand-held Ophthalmic Monitoring Solutions

Matteo Magnani Joins Firmenich as Chief Consumer & Innovation Officer, Perfumery

IDBI Intech Announces the Appointment of Suresh Khatanhar as the New Chairman of the Board

Panchshil Office Parks Honoured with 3 Safety 'Oscars'

General Aeronautics, Unmanned Aerial Vehicle Specialist, Raises INR 65 Million Pre-Series A Funding

Empirix Helps CEHE Confidently Migrate to Five9 Cloud-Based Contact Center Software

Atradius to host a series of virtual events on the future of global trade

68 Percent of Professionals see learning as the key to landing better opportunities: Survey by Simplilearn

Shanghai Electric Strengthens Environmental, Social, and Corporate Governance for Dubai MBR Solar Park Project

8K Miles Software rebrands itself as SecureKloud Technologies Limited

TheMathCompany is All Set to Become a Flexi-Work Workplace

ERBA Mannheim Launches 2nd Generation SARS-CoV-2 RT-PCR Assay with room temperature storage

NANO Accelerates Content Delivery by Thirty Times with Solutions from ZephyrTel

3Pillar Global Great Place to Work-Certified in India for Fourth Year

V-Guard acquires non-controlling stake in a battery startup - Gegadyne Energy Labs Private Limited

Northway Biotech Opens New Biopharmaceutical Manufacturing Facility in Greater Boston Area

dunnhumby Code Combat live with over 3000 registrations in three days

Housing.com partners with MoEngage to boost platform enquiries by 15%

Notice of Proposed Claims and Distribution Process for the Veritaseum Fair Fund and Opportunity to Object

Shaip Launches Its Global ShaipCloudâ„¢ Platform Built for Generating AI Training Data

Supermicro Unveils NVIDIA GPU Server Test Drive Program with Leading Channel Partners to Deliver Workload Qualification on Remote Supermicro Servers

Celsius crosses $5.3B in assets, grows total assets 10X during 2020

iBwave to Offer an All-in-One Indoor & Outdoor Network Design Solution

HarperCollins Publishers India is delighted to announce 'Kamala Harris: Phenomenal Woman' by Chidanand Rajghatta

FLAME University to host the inaugural 'FLAME Purpose Summit 2021'

Launching Infosys Cortex: AI-First, Cloud-First Customer Engagement Platform, Part of Infosys Cobalt, to Humanize Customer Experience, Empower Agents and Drive Intelligent Operations for Enterprises

STL delivers a strong third quarter with continued Q-o-Q growth

Unnati Issues Digital Certificates via Certif-ID in Face of Pandemic

STL enhances its Board with global business leaders

HGC announces strategic expansion to extend ICT capabilities in Asia with Singapore upgraded as major Asian hub

CIE at IIIT Hyderabad announces the start of its next cohort of Deep tech Accelerators

Dow, Liby and LOVERE ink MoU to advance sustainability in packaging agenda

JAGSOM Bangalore, formerly IFIM B-school, completes 100% Final Placement 2021; Avg Salary up by 12% to Rs.10.21 LPA

Clarivate Enhances Cortellis CMC Intelligence Platform with Addition of Comprehensive Biologics Content

HGC brings hyperscale ultra-connectivity to 20+MW Hong Kong cloud data centre

Cobwebs Technologies Discusses the European Commission's New Counter-Terrorism Agenda and How It Can Be Tackled Using Automated Web Investigation Technologies

Balaxi Pharmaceuticals reports Revenue of INR 1,784 million for 9M FY21

From Freshers to Experienced, a Bright Future for all is the Promise of MIT-SDE

PureCircle and Almendra Resolve U.S. Patent Litigation

Stock Pro - A Training and Guiding Solution for all Stock Market traders and investors

Award-winning socially driven startup, CabDost, merges with Dvara Money

ISGF announces the 7th edition of India Smart Utility Week 2021, an International Conference and Exhibition on Smart Energy and Smart Mobility for Smarter Cities from 02 - 05 March 2021

Thepackersmovers.com, An Online Directory Expands Its Operations In The USA for Smooth International Relocation

AVerMedia Launches the Live Streamer CAM 513 -- 4k UHD, Wide-angle Lens Webcam with Exclusive Camengine Software

A new, unprecedented solution for human behavior analysis

Swiss Artists And Swisscom Score A World Premiere: First Public Broadcasted, Decentralised Live Music Experiment Was Successful

Unbxd joins Adobe Exchange Partner Program to automate site search and relevance setup for Adobe customers

Tackling global warming? Apply for the Keeling Curve Prize by Feb. 10

Körber enables modern, award-winning supply chain operations for dm-drogerie markt

GA-ASI Completes Unmanned Aircraft Anti-Submarine Warfare Demonstration of Sonobuoy Dispensing & Remote Processing

LTI USD Revenues grow 5.8% QoQ and 8.5% YoY; Net Profit up by 37.9% YoY

PTT Exploration and Production Public Company Limited Selects GEP SMARTâ„¢ Procurement Software Platform To Manage Entire Sourcing

Food testing labs gain productivity boost with new 3Mâ„¢ Petrifilmâ„¢ Plate Reader Advanced

FII Institute Confirms 140 Plus Headline Speakers For Two-day FII Conference

Leading Automakers and Technology Companies Advance Blockchain Vehicle Identities that Could Help Buyers Avoid Cars with Incorrect Mileage, Maintenance, or Damage Histories

Aon CEO Greg Case Recognized as Top Ally on INvolve OUTstanding LGBT+ Ally Executives List

Passport Technology Inc. and Automated Systems America Inc. Combine to Form Leading Gaming Payments Technology Company

Sirtex Medical announces collaboration update with OncoSec Medical

La Liste, the world's best restaurant selection, reveals special awards for 2021 recognizing commitment, resilience and innovation across the global gastronomy sector

Global Green Hydrogen Production Set to Reach 5.7 Million Tons by 2030, Powered by Decarbonization

Artmarket.com: Artprice Global Indices show the strength of Contemporary Art and Drawing in 2020: both segments adapted particularly well to rapid digitization

NSE-BSE bulk deal: Nexpact Limited buys stake in Kellton Tech Solutions Ltd.

Heng Hiap Applauded for Mitigating the Damaging Effects of Plastics Pollution with its Intelligent Plastic Technologies

Virtual Visits and Connected Health Solutions Provide Better Care Delivery and Optimize ROI

Altair and Rolls-Royce Germany Join Forces to Converge Artificial Intelligence and Engineering

Infosys Builds applied AI Cloud, Part of Infosys Cobalt, to Democratize AI Within its Workforce and Expand Ability to Drive AI-driven Transformation for Enterprises

Power Sustainable launches the Power Sustainable Energy Infrastructure Partnership, a $1B investment platform dedicated to the North American renewable energy sector

Occlutech's Atrial Flow Regulator (AFR) Receives U.S. FDA Breakthrough Device Designation for Heart Failure (HF)

Players from India can win $1.58 billion in Powerball and Mega Millions jackpots on Lotto247.com

Mainstream Renewable Power signs EUR1 billion equity investment deal with Aker Horizons to deliver 5.5 GW global build-out programme by 2023

Jägermeister Launches Limited "Best Nights" Streetwear Collection

Cloud-based Email and Web Security Solutions to Propel the APAC Secure Content Management Market by 2024

Karda Constructions reports 23% y-o-y growth in new bookings in Q3, indicating turnaround in housing sector post-lockdown

InDevR Launches VaxArray Measles and Rubella Kit for Improved Vaccine Antigen Characterization

Unleash Your Creativity with FlipaClip on AppGallery Today

Dr. Kumud Kumar Dhital, Pioneer of the world's first Dead Heart Transplantation, has joined Yashoda Hospitals Hyderabad

ECPT Career Seminar - 22nd Jan, Counsellors Will Speak On Career Choices After Class 12th

QuEST Global reinforces leadership position in Zinnov Zones ER&D & IoT services ratings

UST Global Announces New Bold Brand and Dynamic Logo, Changes Name to UST

Strategic Alliance Of Aarvi Encon In Middle East Countries

Excellon Software Lauded by Frost & Sullivan for Enhancing the Operations of Automobile Dealers with Its Unique DMS

Daffodil Software bags the Best Financial Mobile Application award at the 2020 Mobile Web Award Competition

CPT Career Seminar - 22nd Jan, Counsellors Will Speak On Career Choices After Class 12th

Couple in Kerala celebrates Wedding Anniversary with 3.3 Crores Jackpot Win

M&A valuations boom in the second half of 2020, despite COVID-19 impacts on the economy, according to PwC

"Enough is Enough!" says RevBits CEO

Tradewind Finance Delivers USD 5 Million Credit Facility for Meat Trading Company based in USA with Subsidiary in Brazil

Prakriti E-Mobility honoured with the Achievers Award 2020

IET India study captures Voices from the Ground: Unheard impact of COVID-19 on India's workforce

Amazfit GTR 2e and Amazfit GTS 2e Praised in the Media Spotlight at CES 2021

New report from FDI World Dental Federation tackles oral health inequalities and outlines strategies to improve oral healthcare over the next ten years

Infosys Accredited with Google Cloud Partner Specialization for Data and Analytics

Frost & Sullivan Recognizes Teleperformance as Innovation Leader in the Australia Customer Experience Outsourcing Services Market

JD Institute of Fashion Technology, South call for Admissions for 2021/22

LMRKTS helps banks bridge the SA-CCR adoption gap

Comviva Introduces next-gen Digital Services Delivery Platform to drive innovation and business growth

Pantum Launches New Global Elite Series of High-end Printers

Lexus Premieres All-new Variant of Its Luxury Sedan LS 500h

Chumbak announces Sara Ali Khan as their first brand ambassador

MFine Raises $16m From New & Existing Investors Led by Heritas Capital as Adoption of Digital Health Soars in India Amidst COVID-19 Pandemic

CricketPang Kindergarten, an educational app by You Need Character, exceeds 60,000 downloads a month after launch.

Jain (Deemed-to-be) University's educational model is to bring in the industry certifications, guarantee* placement programs and study abroad at California Riverside (USA)

42Gears SureMDM Simplifies Setting up Kiosk Mode on Linux Devices

Microland earns the coveted Windows Server and SQL Server Migration to Microsoft Azure Advanced Specialization

Mid-Caps & Small-Caps like Kellton Tech Sparkle in Post-Pandemic Gloom

Danish watch brand, REC Watches, gives new life to the World's Most Expensive Mustang!

The China International Import Expo, a boost to global service trade

St. Botanica Introduces 'GO Range' for Hair Care - Launches India's First Purple Shampoo and Conditioner

Harbin Harnesses Ice, Snow for Tourism Growth

Huion KD200: The Innovative Combination of Keyboard and Pen Tablet Won Three International Design Awards

SPJIMR closes placements on a high in a challenging year

JA Solar Supplies Largest Single Photovoltaic Project in Guam with All Modules Needed for Completion

An Homage to Nature: THOMAS SABO launches the Spring/Summer Collections 2021

The China International Import Expo spurs global cooperation in intelligent industry and information technology

Fractal strengthens its Cloud AI business: Acquires enterprise AI provider Zerogons

Huawei Residential Smart PV Solution Supports Vietnamese Households To Optimize the Use of Solar Energy

Asia-Pacific Contact Center Applications Market to See Buoyant Growth, Thanks to Analytics

 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
INDIA WORLD ASIA
AMU to bury time capsule containing its ...
Newborn girl rescued from pit in UP's Ra...
Farmers march from Nashik to Mumbai to t...
BJP holds roadshow in West Bengal's Birb...
Five held in Kerala for killing leopard,...
Tripura: Cycle rally to mark birth anniv...
More...    
 
 Top Stories
Russia criticises US embassy for su... 
Imran Khan delays notification on B... 
'Pakistan zindabad' slogans raised ... 
Kristin Cavallari, Jay Cutler spark... 
No case of bird flu in Jharkhand, R... 
14 held, Rs 35 lakhs seized in Karn... 
BCCI keen to get fans back to stand... 
Uttarakhand govt to increase ex-gra...