A broker, insurer and risk manager will debate the pros and cons of multinational insurance programmes
Inconsistencies in communication, delays or difficulties in policy coordination and contract uncertainty are some of the top concerns that risk managers have when implementing global insurance programmes.
These will be some of the issues raised during a panel discussion between a broker, insurer and risk manager on the pros and cons of multinational programmes at the 2016 RIMS Australasia conference in Melbourne on 23 August.
Praveen Sharma, global practice leader – insurance, regulatory, and tax at Marsh, will be joined on the panel by Tony McHarg, SVP and head of multinational Asia-Pacific at AIG, and Alistair Daly, group risk and insurance manager at Lend Lease.
Speaking to StrategicRISK ahead of the event, Daly said that when implemented correctly, multinational programmes could help organisations operating in multiple countries to manage uncertainty and achieve economies of scale.
But he explained that the programmes weren’t suited to every company.
“[Risk managers] need to take a deconstructed approach to deciding if a global insurance programme is right for their company,” he said.
“There’s a balancing act between making sure that there’s sufficient input from the regions and also a strong drive and direction from the head office.”
AIG’s McHarg said that a “multinational programme should be no more or less challenging than a local policy”.
He added: “The challenges that come up usually arise because either there’s a lack of alignment and coordination, there are communication challenges in describing the expected scope of coverage, agreeing the tax calculations, the claims settlement process and expectations as to how that’s going to work.
“It boils down to those fundamental issues, which can all be overcome.”