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Welcome to our Monthly Newsletter – May 2007

Talk Around the Bazaar

  • Besides Mexico and Brazil, Euler Hermes, the trade credit insurer has now opened up in Argentina. They also recently took a large share of a leading credit insurer in Tel Aviv, Israel Credit Insurance Company
  • Collection and payment of foreign insurance premium taxes is getting closer to the top of clients’ criteria when choosing a global carrier 
  • In China, Lloyd’s is now up and running and has commenced transacting business
  • The global Islamic financial industry is quickly becoming one of the fastest growing elements of international commerce
  • Pakistan is to develop a Shariah compliant risk management guide which will lead to many more organisations taking out (takaful) insurance
  • China has introduced new commercial motor insurance terms designed to protect policyholders
  • Germany has passed the EU environmental liability laws which will enter into force in October this year
  • The Isle of Man is to reinforce its drive to attract business from emerging markets
  • Vietnam has implemented new rules for foreign insurers to protect consumers. The rules have also changed to help foreign insurance brokers to enter the market
  • Taiwan is relaxing the rules for clearing foreign currency on local insurance products
  • * * * * * * * * * *

    We are currently discussing projects in the following markets:

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

    What Clients Say

    “Worldwide Risk Solutions gives us an objective and effective answer to our questions”

    “They delivered quality work on time and on budget”

    * * * * * * * * * *

    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.

    network needs around the globe

    There is a difference between what a member needs from its network and what the network itself needs from its members. As we have stated in previous Newsletters, a successful network provides value to its members but what does a network need in order to be able to do that? Basically there are two main conditions which must be complied with:

    Setting the Stage

    These are facets of a network which need to be in place before a network can perform. Elements include but are no means limited to:

  • Name, logo, website
  • Clear structure, governance, roles/responsibilities, charter
  • Agreed objectives and a platform for dialogue with members
  • Chairman and designated co-ordinator
  • Good geographic representation
  • Systems and procedures
  • Action and Keeping Momentum

    A network needs active involvement and commitment on an on-going basis and this includes:

  • Members who need to use the network
  • A forum for maintaining the effectiveness of the client servicing tools
  • Members with good servicing capabilities who enjoy the confidence of producing members
  • Business referrals and education
  • Members who care about the network and who are willing to give and take. They give time to share their ideas, experience and expertise and take the trouble to support the requests of fellow members with answers, advice and a good example
  • Funding from those who see value in investing in the network – not just membership fees but financial support from sponsors
  • In addition to these criteria, one needs to take a pragmatic approach to implementation.

    How do you bring it all together?

    There is a fine balance in getting it right and even if you think you have it right, it can be very subjective and it really depends upon what the majority of the members want. In the course of the past year Worldwide Risk Solutions has had the opportunity to discuss these matters with quite a few networks: in some there are members who only want incoming referrals and sit back and wait for them. In one or two networks, there a members who handle as much as possible on a non-admitted basis, leaving the network member to handle “the dregs” of an account.

    We have been involved in surveys where it is clear that members want to increase their knowledge about other members’ markets but need encouragement to say something about their own. Further groups want brainstorming sessions from dawn to dusk and there are those who are looking for little more than a game of golf, a good dinner and the chance to see their friends again. Well, as the diplomat might say, they are all right and in 1984-speak, some are more right than others.

    In our experience, most networks believe they have a good chance to be successful if they have:

  • Like-minded members
  • An environment which encourages members to go the extra mile
  • Clear and understandable goals and objectives
  • Members whose expectations are in line with such goals and objectives
  • A culture of communication and a willingness to turn a talking shop into a constructive dialogue
  • Equitable income-sharing arrangements
  • Flexible and workable rules about the cost of service
  • Respect  as a result  of a recognised name/image and a good reputation
  • Last on this shortened list but top of anyone’s: have someone to co-ordinate it
  • What makes international business interesting?

    Besides our continuing reviews of international collaboration and co-operation, we will be bringing readers an insight into different markets around the world. These Spotlight articles will be pulled together with the welcome help of some of most successful networking brokers in their region/country and we will discuss international developments and some of the effects they have on the global markets.

    Worldwide Risk Solutions has a wide client base of internationally oriented organisations. Utilising the knowledge and experience gained over many years, we can put this capability at your disposal. If you would like us to conduct a swift appraisal of your global activities or if you have questions about international 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 Spotlight: Brazil, a country which is on the verge of some exciting developments. The monopoly of the IRB is finally coming to an end and we shall discuss what could be happening next.

    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