Examples of innovative risk solutions
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In today's market, our customers are facing increasingly complex risk management challenges. They deserve a risk partner that combines knowledge, agility and creativity to help address those challenges. These examples span industries, geographies and technologies, but they are all designed to make our customers – and the world – more resilient.
Parametric insurance can become an impactful risk transfer tool that offers breadth of coverage, speedy payouts and flexibility to fit the specific needs of an organization or a public entity.
Based on pre-agreed event parameters (triggers) that all but eliminate a lengthy claims adjustment process, such policies are frequently used for nat cat protection. Parametric insurance can stand on its own or become part of a larger, more comprehensive insurance programme.
Our specific examples focus on protection from earthquakes, hurricanes, hailstorms, haze levels and water levels (floods or droughts). Download to learn more.
When risk appetite and capacity are scarce, price stability and guaranteed capacity over longer term can be a major boost to your organization's resilience. A structured Multi-Year Multi-Line policy can deploy considerable capacity on a three-to-five-year basis.
A virtual captive can help you decide if risk retention is the right step for your organization. Whether you are not equipped to navigate the regulatory environment or need more time to set up a full captive, a structured solution like our virtual captive can help keep you protected with the added flexibility.
Download for examples of our structured solutions and how they can fit into your risk transfer strategy.
Non-physical Damage Business Interruption
A "Black Swan" event tied to an act of terrorism or political instability can have a significant impact on revenue streams. An NDBI policy can offer speedy payouts as the cover is built around specific event triggers.
In today's market, the interest in NDBI policies has been on the rise. For our specific NDBI example, download Innovating Together.
Other Innovative Solutions
In today's IIoT and AI world, insuring algorithms (and their failures) is likely to become standard practice. Our example highlights an insurance back-up for a predictive maintenance software package in the consumer appliance industry.
At the same time, natural catastrophes nowadays often pose a greater threat to the organization's intangible assets than to the physical structures. Large corporations are looking to protect their most valuable intangible asset – their employees. A B2B2 Employee policy is a unique way to boost employee resilience and help them get back to normal faster after a natural catastrophe.