International business insurance: 11 questions from clients and brokers

In a world where clarity is key, we understand the importance of straightforward answers. That's why we've compiled a concise guide addressing the top 11 questions posed by our valued clients and brokers. From the distinct advantages of choosing Swiss Re Corporate Solutions for your International Insurance Programs to the intricacies of policy issuance and network services, this article provides clear insights into the most pressing inquiries.

Dive into our expertise as we navigate through the complexities of international business insurance, ensuring you have all the information you need at your fingertips.

Our teams are driven by a passion for excellence, a commitment to transparency, and the backing of the Swiss Re Group's financial strength and experience. Our approach integrates cutting-edge technology, a robust network, and award-winning products to deliver unparalleled service. Transparency and open communication are key as we navigate the complexities of International Programs (IP) alongside our customers.

With a focus on strong Risk Engineering and Claims Services, we ensure global alignment and dedicated customer management. For more complex accounts, our specialists provide tailored expertise to guarantee the highest level of service delivery.

We don't operate to Service Level Agreements typically, as the delivery of policy and invoice issuance is managed and owned by both the broker, the customer, and Swiss Re. On average, the target for policy issuance is within 45 days following the receipt of the final information, meaning the earlier the information is provided, the quicker the policy can be issued. If there are specific territories where faster issuance is required, perhaps to meet local contractual requirements, this can usually be accommodated.

Yes, in certain territories this is possible, though in other territories it is mandatory that a broker is appointed to service the local customers.

Full details on where Swiss Re are permitted to operate directly are available through Knowledge Base, our internal database of information regarding insurance regulations and market practices globally. When engaging with a client and their broker, we work together to confirm what is required and agree the best approach to serve the customer's needs.

​We have a network of over 150 countries, with nearly 80% of premium handled by Swiss Re offices:

• As we look to grow and adapt our network to our customers' needs, there may be existing contacts/negotiations that can be accelerated – this can take some time though.
• We can provide consistency of cover by covering DIC/DIL above a locally sourced policy.
• We may be able to offer other coverage solutions, although this will depend on local regulations and the customer's requirements.

Early engagement with our network management team is strongly advised.

We have service standards that the network is expected to adhere to for key tasks:

• Issue the Master Policy - Within 15 days of receipt and agreement of final information.
• Issue local policies - Within 45 calendar days of receipt and agreement of final information.
• Issue mid-term changes/endorsements - Within 45 days of receipt, and agreement of final information or other relevant information as applicable.
• Issue certificates - Within 2 working days from receiving instructions or request to issue.
• Implementation Tracker calls (if requested by the client) - To be set up prior to inception, and then held regularly until all policies and invoices are issued.

We have an experienced team of underwriting analysts who look after the end-to-end implementation and servicing of your international business insurance. They may also be additionally supported by dedicated account managers if the deal is particularly complex or involves a captive.

Yes – communication is key, and often potential issues can be quickly resolved through early engagement and trouble shooting. We are more than happy to commit to attending tracking meetings, alongside structured engagement with the broker and customer throughout the policy lifecycle.

We offer P&C, D&O, E&C (single projects). Property and Surety. Property makes up most of our book. Here we can provide meaningful capacity, strong underwriting and can serve all market segments.

Our award winning ONE Form policy wording for Property Damage / Business Interruption programs (PDBI) is available through all Swiss Re offices, and in some key network partner territories. In the remaining territories and lines, we work with our partners to provide policies to good local standard. This offers a broad and flexible coverage that can be adapt to the customer's needs and reduce or remove the need to manuscript local policies. If the customer still wishes to pursue a specific wording, our Knowledge Base provides a view on where this is possible. If adopted this will delay the policy issuance process and require additional focus for claims management.

Yes, full details are available on Knowledge Base, our internal database of information regarding insurance regulations and market practices globally. Special attention must be paid to territories that are cash before cover, and those with short payment timescales. When we prepare an international programs proposal, this type of information is included so that our brokers and prospective customers have a full picture of how we intend to service the program.

Once the premium has been received by a local Swiss Re office, we consider it fully received and can authorize payment to the reinsurance panel, including captives. When using a network partner, funds are required to be ceded to Swiss Re before any onward payment occurs. However, we work with our partners to schedule regular premium cessions and can also be flexible in this area and are open to discussing how to best meet the needs of individual customers.

We offer international business insurance for upper mid-market clients as well as large and complex companies. Currently, 80% of our book consists of companies with less than USD1.5B in annual revenue, and this is the proportional mix we want to maintain going forward.

We also write complex accounts including Captive fronting. This is an area where we are particularly strong, evidenced by the flagship accounts written and the positive customer and broker feedback we receive. World-class service is key, which is why we carefully consider such accounts, with enough lead time and in alignment with all functions involved. This segment needs to be particularly targeted and early discussions with the customer are key. A dedicated account manager is available to ensure the coordination of service delivery.