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Welcome to our Monthly Newsletter – January 2007

Talk Around the Bazaar

  • In Japan, the FSA is to review its supervisory guidelines to protect the insurance buying public. Good news for customers!
  • Lloyd’s plans to open an office in India this year. Its reinsurance unit in China should be fully operational within a few months. 
  • French politicians are mooting a class action bill which would push liability rates up but not as high as they would have been if punitive damages and lawyers’ contingency fees were allowed. Phew!
  • Reinsurance rates for catastrophe risks in the United States do not reflect the good year in 2006 but an anticipated bad one in 2007. In Europe it depends on the country concerned with Denmark, for example, not putting winter storms high on the list of leading business risks.
  • In China, the CIRC will now allow foreign investors to set up their insurance agencies which will include insurance broker firms.
  • The FSA in the U.K. is pressing brokers to disclose details of commission if their commercial clients request this.
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    We are currently discussing projects in the following markets:

  • Portugal
  • Tunisia
  • India
  • U.S.A.
  • Czech Republic
  • Ireland
  • Germany
  • Spain
  • Romania
  • Australia
  • Canada
  • Poland
  • France
  • United Kingdom
  • Netherlands
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    What Clients Say

    “Worldwide Risk Solutions knows an awful lot about international networks”

    “They are very responsive with good information”

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    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

     

    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.

    We wish all of our clients, associates and readers around the world a happy, healthy and rewarding New Year!

    Marketing Strategy

    We are currently looking at the marketing plans of a number of networks. Here are our thoughts as to what goes into a good marketing strategy. After the Vision and the Mission of successful networks, the third part of this “road to success” is identifying and planning of goals to be achieved along the way: realistic, ambitious and measurable targets. Some activities will involve one-off projects, others will be continuing tasks.

    It is interesting to note that whilst quite a few networks have differing stated objectives, they all appear to be trying to do the same thing. And so whether the networks “provide answers to members’ queries” or “deliver complete, international, personalised service” they are all seeking to do business around the world. What this indicates is that sometimes the aspirations of a network are not all that well worded. What also results is a difference in how effective a network can appear – especially when viewed from the outside.  

    Ultimate Goal

    A platform which will enable the network to achieve its goals efficiently. Proof of the pudding would be in comparing performance to network criteria, especially as regards:

  • Member satisfaction
  • Recognition and Reputation
  • Intermediate Steps

    These will form an Action Plan which could also be entitled Work in Progress, An On-going Document. This is what keeps a network manager busy. There are many aspects to such a person’s duties and responsibilities and result in  important parts of a network’s :

  • Culture
  • Communication
  • Membership growth and expansion
  • Utilisation of technology
  • Business development
  • Measurement

    More people respond to a question about networks with the answer “who?” than with an informed reply. One would be tempted to say that as long as the people who pay for the network are happy, who cares? But being taken seriously is one of the biggest problems confronting networks because it ultimately costs them support, clients and long term viability. Therefore the Marketing Strategy should include emphasis on visibility and reputation and be directed towards:

  • Members
  • Clients
  • Carriers
  • Trade and industry media
  • Other professional and financial institutions
  • If you would like us to conduct a swift appraisal of your current marketing strategy (this can probably be done by looking at your marketing materials on-line) or if you have questions about global developments, just give us a call
    +44 (0)1444 450 919 or send us an e-mail and we will be happy to look at some of these questions and to start providing answers.

    In our next e-newsletter we will look at  Visibility/Activities.

    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