How do I offer my local clients expert global insurance advice?

It’s a new era for international insurance coverage: more companies are doing business globally post-pandemic — and with it, their corporate exposures are increasingly complex.

“That’s why more clients than ever are turning to brokers to bring them peace of mind with expert, credible advice and comprehensive global insurance protection,” says Klaus Navarrete, Managing Director and Chief Agent of HDI Global SE Canada — a leading provider of international insurance programs with over 50 years of expertise in this space.

“It’s therefore important for brokers to be aware of the challenges, risks, and various regional changes across the world, so they can confidently advise their local clients on the best global solutions to suit their unique situations,” he adds.

Increased Complex Risk

“When talking to your clients about their international coverage, brokers can start by explaining the challenges businesses face abroad and how to mitigate them, which will help them understand the need for, and benefits of, an adequate and compliant international program,” says Jennifer Anthony, Head of HDI Global SE Canada’s International Programs.

Companies today are operating in different legal systems abroad and have to meet more compliance, legal, and regulatory requirements — especially where their insurance is concerned. Without a seamless international insurance program — a centralized insurance solution with numerous policies across various jurisdictions — your clients face numerous other challenges, says Anthony. These include a lack of control over the process, potential coverage gaps related to tax and regulation, administration issues, inconsistency in claims service, potential non-compliance with country insurance regulations, the potential perception of tax evasion, and the inability to conduct overall insurance activities with a certain country.

In addition, evolving global events continue to impact risk and shape international insurance markets — including record inflation, sanctions and embargoes, continued supply chain issues, protectionism, and increased nationalism.

International insurance, therefore, requires a dynamic and flexible approach from risk managers.

“A worldwide, uniform insurance coverage program takes into account local requirements and regulations,” explains Anthony. “At the same time, it offers the boutique, intelligent solutions risk managers need to address local complex risks and claims. This is why, at HDI, we recognize brokers’ need to work directly with our underwriters as the single point of contact offering all the technical local knowledge and expertise needed.” 

Benefits of International Insurance

HDI Global SE Canada’s international insurance programs help you provide your client with a compelling solution to manage their coverage in a centralized, simplified way.

“There are several benefits to both the parent company and its subsidiaries abroad,” says Anthony. This includes the following: 

Parent company benefits

• Central control to manage the program comprehensively;
• Central purchasing and administration — saving your clients time and money;
• Consistent compliance with various jurisdictions’ laws, regulations, and insurance standards; and
• A single point of contact for all related questions.

Benefits for locations abroad

• Local policies designed to meet local legal and regulatory requirements;
• Local cover requirements and compulsory insurance considered;
• Claims handling considers local legal requirements;
• Compliance with local taxation and supervisory regulations; and
• A local contact for questions about local policy.

Trusted Global Expertise

With the financial strength and stability you can trust and boots on the ground in over 175 countries — supported by HDI’s network of entities and regional hubs — HDI Global SE Canada offers over 5,000 international insurance programs globally.

“Brokers can help clients eliminate coverage gaps with seamless global support and dovetailed programs put in place by our dedicated, seasoned teams offering over 50 years of expertise and regional underwriting knowledge of complex risks,” says Anthony. HDI also remains committed to its market-leading promise of issuing policies within 30 days of binding, she adds. And when it comes to claims handling and support, the HDI advantage means your clients can expect less complexity and uncertainty with the global claims process.

Perhaps one of the biggest benefits is HDI’s IP-Web platform, which enables both brokers and clients 24/7 real-time access to manage their international programs.

“It’s a game-changer for both brokers and clients, who can keep track of their programs globally — whether it’s policy wordings, invoices, loss runs, premium payments, or claims,” says Anthony. “Being able to compare data from all locations worldwide over several years also means clients will obtain valuable insights to help risk managers make informed decisions that lead to better risk mitigation.”

After all, Navarrete adds, helping your clients confidently mitigate risks is key to being a reputable advisor. “At HDI, we’ll provide you with the global expertise, solutions, and support your local clients need — all so you can help protect and advise them confidently and successfully,” he says.

 

If you’d like to provide your clients with a comprehensive international insurance program and global expertise, service, and support, contact Michelle Mahabir.

Learn more about HDI Global SE Canada’s International Programs.