Global Network Operations
Consolidating through a single Broker Network is essential for an efficient administration of a global program, typically through an independent brokerage and risk management firm with a dedicated network of like-minded independent local brokers specializing in global programs. For this reason Innovation Broking is a member of the prestigious TechAssure network.
Once established, the Master Broker works with its broker partners globally in communicating the service requirements and risk management strategy. These components are established between the Parent Company and the Master Broker and based upon the pre-established insurance program objectives and strategy.
The global insurance program services:
- Master Broker and local servicing brokers execute the management strategy
- The Parent Company assists the Master Broker in working with the foreign subsidiaries to ensure the insurance model is administered effectively and appropriately.
Template International Program
The international insurance service will comprises many components, a number of which are referenced below. One of the most important requirements is the appointment of a broker capable providing communication on a regular and proactive basis with the corporate office and its overseas units, and their respective local partner brokers. The management agenda will incorporate these functions:
Site visits and introduction to local management:
- Discussion regarding local needs; interaction with corporate strategy
- Exposure data gathering and analysis (sums insured and estimates)
- Introduction to local broker
Design of Insurance Solution
- Global/local placements tailored to plan
- Servicing standards outlined and agreed by all parties
- Selection of Service Providers/Carriers
- Placement strategy negotiated and costed
- Details communicated to all brokers
Pre-renewal meeting to review requirements, face to face with the master broker
- Review insurers
- Consider business needs
- Establish key covers, limits and premium budgets
- Ensure the plan links to the corporate strategy
Renewal proposal to client
- Report on meetings
- Review and change insurance as needed
- Issue applicable documentation, registers, certificates etc.