Insurance Programme Management can be outsourced.
The need for national or multinational businesses to manage complex insurance programmes with multiple product lines, insurers, brokers and policies has never been greater given far-reaching repercussions on failing in areas of compliance, transparency and claims settlement.
The complexities of wide-reaching businesses
Companies can find themselves in challenging situations with multiple parties in an insurance chain, inefficiencies in insurance placements, and gaps or sub-optimal structures in insurance programs. Failing to comply with local compliance regulations along with other legal, financial and tax matters can all be areas of concern when managing a complex insurance programme.
When a business has a complex insurance programme, they are typically asking similar questions:
- Are the insurers we are using licensed, compliant and financially strong for the policies that have been issued?
- Are the right policies in place for the risks we have?
- How does one differentiate an array of solutions from insurers and brokers?
- How do I know the premium I am paying is the premium the insurer is charging?
- Is non-admitted insurance and insurance premium tax liability complex?
- Is our captive correctly established?
- What are the financial and reputational consequences of a noncompliant insurance programme?
For a business to survive and grow it must embrace risk. Ensuring a complex insurance programmes is correctly managed is increasingly important to many companies looking to survive and grow their businesses. To do this strategically, it is recommended partnering with an experienced insurance consultant for isnurance programme management.