Driving regulatory compliance for your cross-border property program
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Established over 10 years ago, the customer in the manufacturing industry produces remote controls for electrical appliances. Headquartered in Singapore, the company works with partners internationally that are involved in the manufacturing or storage of their products.
Due to the nature of their business, the customer does not own the buildings in countries they operate in. Instead, they currently have local policies for their property program covering their machinery and stocks across four locations globally. Serviced by other insurance providers, the customer has local policies for their registered representative offices, and a master policy which covers their presence in other locations.
The customer's existing insurance providers had changed their risk appetite and wanted to reduce the capacity for the program. This recalibration of the insurers' risk appetite meant that the customer's broker needed 50% more capacity for renewal of their commercial insurance policies within a short timeframe. Our positive relationship with the broker led to them approaching us with the opportunity to participate in the program.
Our Swiss Re Corporate Solutions team focused on bringing the best of our expertise and capabilities together. The team's key priority was to develop a solution that would add value to the customer's existing requirements.
In addition to the team's collaborative and agile approach, our solution for the customer included:
The broker and customer were both satisfied with our proactive, solution-oriented approach, which facilitated a tri-partite relationship between the customer, the broker, as well as Swiss Re Corporate Solutions as the insurer.
Our agile and efficient approach, which enabled the customer to meet the local regulatory requirements, meant that they were able to renew their property program insurance within a short timeframe. In addition, our thorough review of their existing program led to significant savings in their insurance premium. The trust gained from the customer and broker resulted in Swiss Re Corporate Solutions taking the lead in the customer's property program.