Recipe for Success: Ingredients for a Thriving International Program

Since entering the international program (IP) market back in 2020, we have really had the chance to reflect on what has – and hasn’t – worked in developing a compelling, attractive and innovative offering. 

Naturally, there are a variety of key components at play. In this space in particular, a combination of strategic planning, technical expertise and a broad global market footprint are really required to meet clients wherever and however they do business.  

From a strong underwriting (UW) team to effective client communication and efficient claims processes, here are five key ingredients that I believe are key to building a thriving international program.

Undoubtedly, skilled underwriters are the backbone of any successful IP.  

It’s not enough for clients to rely on UWs who know the numbers. They need to be confident that they’re working with experts that really understand the global exposures and unique risks that they face across different regions. 

For this reason, IP underwriters should be able to bring both global and local expertise to the table, providing insight on everything from economic conditions to regulatory frameworks. In doing so, they are well placed to assess risks and recommend relevant coverage options – be it through stand-alone local policies or an IP. 

Additionally, the very best IP UW teams will take this one step further, combining that holistic view with tailored coverage that is designed to address the specific needs of each individual client and broker. By acting as key advisors that work hand in hand with customers, exposures around the world can be managed in the most effective way possible.

While these insights and expertise are important, an effective IP is just as much about service as it is solutions. To provide a leading client experience, transparent and consistent communication must be a priority.  

Clients with multinational exposures, complex programs and significant risk profiles will naturally want regular updates and insights into their accounts. For carriers, it’s an obvious route to help reduce uncertainty surrounding coverage or claims settlements and to build the confidence and trust that are key to long-term, successful, sustainable relationships.  

At the same time, it’s also important for carriers to guide clients and brokers in how they can enhance their own experience. Yes, carriers are ultimately responsible for serving their customers, but there are three parties involved in this relationship and everyone should play a role.  

To help keep a healthy dialogue flowing, the best IP teams will have dedicated support staff focused largely or solely on international clients. Further, key technologies like client portals that allow brokers and customers to track program details in real-time can also dramatically improve overall transparency.

Like any insurance product, timely payments are vital for the success of IPs. But without effective planning and management, there is a risk that the complexities and financial logistics involved may result in administrative bottlenecks and payment delays.

For this reason, it's wise to ensure that the payment processes are managed by dedicated, specialist teams committed to ensuring that funds can move efficiently and effectively. The best teams will also extend that value, providing transparent fund tracking to clients and panel members so that they know exactly when they'll receive payment, bringing peace of mind to what can be high-stress scenarios.

A global footprint is naturally important within the context of IPs.  

Indeed, any strong IP is underpinned by a robust international presence, particularly in key markets like North America and Europe. Not only does an on-the-ground presence provide an edge in terms of market understanding, it's also key in enabling carriers to deliver the timely communications that brokers and customers need. 

Extensive international footprints can also be leveraged to help identify new demands and opportunities in established and emerging markets, enabling IP providers to adapt and position their services in line with evolving needs. 

Finally, it's important that any IP provider plays to their strengths. For Swiss Re Corporate Solutions, that has meant leveraging our expertise in key lines of business, like Property – an area we have been active in for more than 160 years.  

In addition, we’ve found value in focusing on those industries and customer segments that are naturally global, where IPs can logically provide value by addressing cross-border exposures.  

That said, in any line of business, IP offerings should focus on bringing something new to the table. Technology, for example, can play a key role. Whether it's client portals that offer real-time access to program details, or automated systems that streamline policy issuance and claims processing.  

By consistently investing in innovations and improvements, the IP client experience will continue to improve.

Without question, a successful IP demands a combination of expertise, dedication, innovation and a solid global footprint with presence in key markets.  

With a top tier underwriting team, open communication, efficient payments, a transatlantic footprint, focus on key sectors, and a commitment to innovation, IP providers can meet the demands of today’s market and set new standards for what clients should expect from their international insurance program. 

It’s a complicated recipe. But using each of these ingredients, IP providers can help to safeguard the risks of their clients effectively in various locations across the globe.

_{The intended distribution of this document is to licensed insurance producers. Swiss Re Corporate Solutions offers the above products through companies that are allowed to operate in the relevant type of financial products in individual jurisdiction including but not limited to insurance, reinsurance, derivatives, and swaps. Availability of products varies by jurisdiction. This communication is not intended as a solicitation to purchase (re)insurance or non-insurance products.}