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Welcome to our Monthly Newsletter – April 2007

Talk Around the Bazaar

  • Mapfre plans to accelerate its European growth (it has taken stake in Genel in Turkey and opened an office in Poland) and to compete for international business. Nice to have another serious player
  • D&O has become a mandatory insurance for companies in Romania
  • The Caribbean cat pool (CCRIF) will cover 18 countries, many of whom are hit by at least one major hurricane every two years
  • Having had a go at the EU about CO2 emissions, Slovakia is being taken to court by the EU: about ship classification
  • Swiss Re has formed three entities in Luxembourg in anticipation of the implementation of the European Reinsurance Directive
  • The Chartered Insurance Institute is soon to open an office in Mumbai
  • Irish regulators are calling for employers to offer their employees retirement pensions
  • Although prices seem to be dropping almost everywhere, in Australia they are under even more pressure
  • Lloyd’s has obtained a licence to begin reinsurance operations in Shanghai
  • The Middle East’s first captive insurance company has been formed – in Bahrain
  • * * * * * * * * * *

    We are currently discussing projects in the following markets:

  • Portugal
  • Tunisia
  • India
  • U.S.A.
  • Czech Republic
  • South Africa
  • Croatia
  • Serbia
  • Romania
  • Israel
  • Australia
  • Canada
  • Poland
  • United Kingdom
  • Netherlands
  • * * * * * * * * * *

    What Clients Say

    “We are pleased that we can rely on what Worldwide Risk Solutions does to help with our European expansion”

    “They are good at understanding international markets”

    * * * * * * * * * *

    CONTACT US

    BY POST
    Worldwide Risk Solutions LLP
    20 Blunts Wood Road
    Haywards Heath
    West Sussex
    RH16 1NB, England

    BY TELEPHONE
    Telephone: +44 (0)1444 450 919
    Mobile: +44 (0)7968 191 511

    BY E-MAIL
    info@worldwiderisksolutions.com

     

    Disclaimer
    Information appearing in WoRdS is checked for technical accuracy but is not intended to provide a basis of knowledge upon which advice can be given. Worldwide Risk Solutions accepts no responsibility for any loss occasioned to any person acting or refraining from action as a result of the material included in this newsletter.

    A New Force in International Insurance

    Worldwide Risk Solutions is a U.K. based commercial organisation facilitating global business strategies and business development in the international insurance industry. For more information about us, please go to www.worldwiderisksolutions.com. Amongst our clients are some of the world’s largest networks and independent brokers in four continents.

    the flow of business

    This is the main reason why international relationships are created. Once the potential for more business referrals has been recognised, it is a wise move for the participants to work together as closely as possible to maximise that potential. At a certain stage rules and agreements will become formalised and a network is born.

    What makes it possible to get business into the network?

  • In the producing broker’s country there must be firms with international operations
  • That broker must have the credibility to earn the right to prospect such firms
  • These firms must be willing to talk to non-mega brokers
  • The chosen network partners must be able to back up the producer
  • The producing broker must be able to negotiate a good deal with the international carrier
  • What role does the network play

  • Has good members (service, skills, knowledge, energy, commitment)
  • Provides a networking environment where brokers find out about each other’s qualities and gain confidence that they will not jeopardise business prospects but enhance them
  • Facilitates the international mindset
  • Provides information and knowledge to the members through conferences and seminars, market up-dates and the latest news
  • Makes experience and expertise available to members through presentations, success stories via breakout sessions, the extranet and discussion groups
  • Promotes the willingness of members to help each other
  • Has user-friendly servicing systems and procedures
  • Provides tools such as standardised documents
  • Depending on the size of the network and the amount of business referred amongst the members, the network would have an interactive servicing platform
  • What must the recipients of international referrals understand?

  • They do not have an unassailable right to receive new business referrals
  • They need to instil confidence in the producing broker
  • They can help by showing willingness to assist: providing regular up-dates about their markets, about their capabilities (circulate newsletters?)
  • They must be responsive and constructive in their communications
  • Sending off the membership lists of the International Chamber of Commerce and then just sitting back does not produce results
  • Actively assisting in seeking local subsidiaries who need help and alerting the producing broker can enable the producer to get a foot in the door
  • What must the producers of international referrals understand?

    Besides proper implementation and co-ordinations tasks:

  • Use clear English
  • Remember time frames (daylight saving, national holidays, different days for the weekend)
  • Realise cultural differences (being too familiar with people who are used to very formal interaction can scare them off)
  • Seek voice to voice contact in order to develop friendship and loyalty
  • Where possible, meet the people (this could be at one of the regular network meetings and really is important)
  • Is the flow of business everything?

    No, but obviously this is one of the most talked about subjects within a network. When thinking about an answer to questions relating to a network’s value to its members, it is easy for members to point to tangible benefits as being the easiest way to show that network membership costs are being covered. But it is surprisingly difficult to identify and monitor business referrals within a network. However, if you add up the total revenues of all network members, international referrals in most networks would be less the 5% and that is roughly half of the percentage enjoyed by the mega-brokers.

    A network cannot assume the role of international producer but, as we have seen, it can help. The value-added to members lies more in the intangible benefits because it is here that the network has more control of how it provides value to its members.

    In our next e-newsletter we will look at Network Needs Around the Globe.

    See our Contact Details

    George Worsley, Director
    Worldwide Risk Solutions
    Telephone +44 (0)1444 450 919
    E-mail info@worldwiderisksolutions.com

    © Worldwide Risk Solutions LLP 2007