Reason Magazin 2014Q3 Seite 29

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settle claims locally and will want their car rier to offer consistent performance in terms of policy documentation and contract cer tainty Odds are good that cost effectiveness will feature prominently on the list too 3 State of the art global master form combined with broad standard local underlyers The ideal solution in structuring a global program is to have the local coverage and master coverage as closely matched and as broad as possible This maximizes coverage in the local territory and therefore maximizes the local loss payment When the underlyer policy is practically a mirror image of the master policy the program structure ensures that maximum not simply adequate local coverage is in place Should a loss occur it can be paid with certainty at the local level 4 Balanced global and local service Most risk managers value consistency when it comes to certain important aspects of their program including capacity coverage claims and the level and quality of key ser vices they choose Yet keeping local constit uencies and decision makers engaged and happy can be an equally important element of a successful global program Because every client s needs are dif ferent from a carrier s perspective there is a need for a flexible service model that can be fine tuned to ensure that centralized services and decision making authority are provided to the corporate client and that the agreed amount of localized on the ground services are delivered to local subsidiaries and locations But meeting this corporate need for consistency while allowing for a judicious degree of localized contact service and deci sion making can be a delicate balancing act 5 Consistent loss prevention engineering service protocols and deliverables As more companies expand their footprints overseas they often find that the challenges they face in understanding hazards and man aging risks grow proportionately Why As companies establish them selves in places where they can produce more cost effectively they often discover that the prevailing standards of protection and construction differ significantly from what they may be used to at home Local codes may be lax or non existent often in regions that may be more prone to natural hazards Also local attitudes toward loss prevention can vary widely So unless com panies go in with their eyes open and take prudent steps to manage those risks what they seek to gain in productivity may be off set by the increased cost of risk 6 Claims control and settlement via in house claims adjustment network One way of ensuring prompt claims service anywhere in the world is by having insurers recruit train and retain well qualified claims professionals with on the spot authority and who are located around the globe Addition ally the role of an adjuster should begin long before a loss ever occurs that is by helping clients both local and corporate feel edu cated and prepared for a loss and developing shared expectations Success in the global arena Developing communicating and executing a risk management plan can be a formidable hurdle for any enterprise Even in the sim plest organization there are organizational boundaries to cross decision making struc tures to penetrate and relationships with key decision makers to cultivate Of course risk managers always have to think well beyond their own organizations A successful risk management plan depends on a concerted effort from numerous parties including underwriters engineers brokers contrac tors and countless others who are integral to its success Taking that same simple plan global means that extended communica tion lines cultural differences language bar riers and time zones must be added to the list of challenges While daunting these hurdles are not insurmountable The key is to get all of the parts moving in the right direction at the right time Experienced risk managers know that the answer lies in an agreed plan that has been communicated to all parties such that individual assignments are fully under stood in the context of the overall plan and all actions support that plan A successful risk management plan depends on a concerted effort from numerous parties including underwriters engineers brokers contractors and countless others who are integral to its success Nick Batten is vice president manager corporate global services at FM Global the IDEA ISSUE 3 2014 Reason 29