Driving agility and efficiency in International Programs
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Headquartered in Australia, the customer is in the financial services industry with more than 10,000 employees and operations in over 25 locations globally.
The customer had purchased a large limit D&O insurance program which consisted of three layers with different excess limits to spread the risk, and a 31 May renewal date. While the $30mil primary layer was led by another local insurer, Swiss Re Corporate Solutions has been a co-insurer in the customer's D&O program since 2018. As part of the partnership, the second layer of the program, which was a high excess layer, was led by our team. In addition, the customer had four local policies across four different markets in the Asia Pacific region.
The customer's primary lead insurer advised the customer two months prior to renewal that they were no longer able to participate on the primary program.
As the broking partner was familiar with our International Program capabilities, they had approached us late in March to take the lead on the primary program. Then, the broker had advised that the customer was reconsidering their risk management strategy and they were likely to expand their existing coverage to eight countries.
In order to deliver value to the customer, our Swiss Re Corporate Solutions team worked together to bring the best of our expertise and capabilities within a short timeframe. A key focus of the team was to develop a solution that would meet the customer's needs and its expanded D&O program requirements. With our PULSE platform, our technology-enabled solution offered transparency to the customer's D&O program and helped to simplify the process involved in the stipulated period:
As a result of our agile approach, leveraging our Pulse platform and network of partners across the region, our efficient coordination of this D&O International Program project enabled the customer to not only renew their policy within a short timeframe but to successfully meet their new risk management requirements of expanding the scope of the D&O program to eight locations – all being completed within this short time frame.
In addition to meeting the customer's requirements, we also helped the customer achieve greater efficiency through simplifying the complex regulatory needs in the expanded countries by enabling the D&O program to be underwritten out of Australia. Overall, the broker partner and the customer were very pleased with the result.