In today’s fast changing world, companies face risks that span borders and regulatory regimes, which is resulting in growing interest in multinational insurance, a fully end-to-end customized service for the cross-border exposures of organizations, including risk transfer and captive services.
In response, the world’s leading insurers, including Allianz through our digital portal, are turning to digitalization to improve how they operate global programs, speeding up systems and improving data collection and analytics, including 24/7 accessibility and real-time updates. API (application programming interface) technology is enabling a more streamlined, real-time exchange of data between stakeholders. Such improvements are enabling greater transparency over what is covered under a local policy and what is covered under a master. Any potential gaps can then be easily identified and addressed, making things easier for clients, brokers and insurers alike.
Ultimately, digitalization is helping to deliver a better and deeper understanding of risk. It is making it easier for risk managers to take an active role in risk management, offering increased access to data and greater levels of collaboration with insurers and brokers, both of whom, in turn, can then spend more time on client-focused activities.
A captive is an invaluable tool when it comes to coordinating the different covers of various subsidiaries around the world and collating risk information on exposures and losses.
Contract certainty is one of the big insurance lessons learned from the Covid-19 pandemic. It is clear that there needs to be better greater clarity around what policy wordings actually mean in order to have a better understanding of what is and what isn’t covered.
Global programs deliver full transparency over what is covered under a local policy and what is covered under a master. Any potential gaps can therefore be easily identified and addressed as needed, making things easier for all parties.
In global programs, ESG is integrated into underwriting via industry leading rules and tools, while technology and data analytics is increasingly delivering better insights into big, emerging risks such as climate change, cyber and global supply chain issues.
Insights gained from AI-powered analytics and data could expand the boundaries of insurability, extending existing products, as well as giving rise to new risk transfer solutions. However, as with any disruptive technology, increasing usage of AI and engagement with the metaverse will also introduce new risks and potential liability scenarios to society. To ensure their safe and secure use, both will need rules among users and platform providers and appropriate measures for enforcing them.
