Global clearance system to give common tone to worldwide business
Sompo International Holdings (SIH) has created a worldwide platform and introduced its global clearance system (GCS) as the firm consolidates its multinational operations.
The GCS sets a “new global standard of conducting business”, the firm claimed, as customers gain a wider array of products from across insurance markets to manage their risks.
The complete transfer of all the former Endurance companies to SIH at the end of September sparked the creation of the global platform. Following on from this, the company will execute the 100% transfer of the Sompo America companies and Sompo Japan Nipponkoa Insurance Company of Europe Limited (SJNKE) to SIH “in the near future”.
The intention is to bring all other Sompo worldwide subsidiaries under the ownership and control of SIH. The SI Group will then have worldwide oversight for these accounts including technical products and underwriting support.
The GCS is a web-enabled platform which provides Sompo Group’s operations with access to view and clear submissions regardless of location, operating platform or legacy system. The initial launch includes legacy Endurance, Sompo America and SJNKE, with all Sompo’s other oversees operations to be added over time.
In combination with SI Group’s products, the development is the first step toward migrating the majority of the SI Group’s business onto a common, integrated technology platform. It is projected that full integration of the SI Group’s business into a common technology platform will be completed in 2020.
Sompo International told StrategicRISK that by aligning its operations under an integrated organisation structure with a shared underwriting approach and a common technology platform it will increase collaboration with its global operations.
“Combined with a broader offering and specialty underwriting expertise, this will enable us to provide exceptional value to our clients, in Asia and globally,” Sompo International’s statement said.
“In doing so, we strive to establish and grow a profitable and truly integrated commercial, global property and casualty underwriting business.”
“By leveraging our global licensing capabilities and specialty expertise around the globe, we can offer these clients coordinated and integrated coverage and services delivered across their operations. We believe that this approach is unique in the market and will be welcomed by multi-national accounts,” Sompo claimed.
Kengo Sakurada, president and CEO of Sompo Holdings, said: “Starting with the solid oversight for all commercial lines of products, this reorganisation and the alignment of our global platform under John Charman’s leadership is the next logical step in our journey to fulfil our vision to build the first truly global integrated insurance and reinsurance business.”
John Charman, chairman and CEO of Sompo International, said he was delighted with the “substantial progress” the firm has made to date in integrating the various operating entities of Sompo International.
“Of course, complete integration will take time and we are committed to accomplishing this in a thoughtful and deliberate manner while keeping the best interests of our clients, trading partners and employees at the forefront,” said Charman.
“The launch of our new global clearance system is just the first step as we continue to modernise and transform our technology platform across all lines of business and geographies,” he added.