The insurer aims to steal a march on its competitors with a new international insurance programme property policy framework, due to launch across Europe. Samrat Dua, the insurer’s chief innovation & transformation officer gives StrategicRISK a preview
Swiss Re Corporate Solutions will offer a new global property policy framework as of now, as part of its international insurance programme proposition, in a bid to outcompete global insurers by improving contract certainty, increasing accuracy and reducing the time it takes to issue a policy.
In an exclusive interview with StrategicRISK at this year’s Ferma Forum in Berlin and ahead of the framework’s official introduction on Thursday (21 November), Samrat Dua, the insurer’s chief innovation & transformation officer gave a demonstration of its new framework, ONE Form.
ONE Form works by automating and aligning master and local policies, “while respecting local requirements and specifics, thus helping to increase contract certainty and accuracy,” says Dua.
“We’ve invested in a lot of effort to ensure the congruence of coverages in our master policy and local policies around the world,” he says.
“The framework has been built with modularity and flexibility in mind. This means that underwriters have the flexibility to select the coverage modules within the master policy that meet the precise and nuanced needs of risk managers; and align these coverage modules with local polices.
“This congruence – between master and local policies – is precisely what gives risk managers contract certainty.”
The new framework is embedded into the IT systems that the insurer uses to manage its international programmes, enabling the automation of master and local policy issuance. As a result, customers and brokers receive more accurate policies, faster.
“Typically, insurers would strive to issue policies within 45 to 60 days but because of the complexity of these programmes, there have been many cases of delays of up to six months.
“With this framework – and the fact that it is integrated into our IT landscape – we can reduce this time and deliver more accurate polices in a faster way. “
Steal a march
ONE Form supports the insurer’s new international insurance programme proposition, which has been built to address risk manager’s top three complaints, including poor servicing, lack of accuracy and transparency and contract uncertainty.
“The fact is, we do not have legacy challenges because we have built ONE Form and our multinational insurance programme proposition from scratch, including the product, the network and the supporting technology platform,” says Dua. “This means we have the flexibility to create a proposition that addresses our clients’ biggest pain points.”
ONE Form will be available for accounts incepting 1 January 2020 and beyond. It is currently offered in six countries as a master policy wording, in ten countries as a local policy wording and in two languages, English and Italian. It will soon be rolled out in five more countries as a master and in eleven more countries as a local policy wording as well as in six more languages: French, German, Japanese, Mandarin, Portuguese, and Spanish.