Insurer responds to calls for flexibility in cover and easily tailored solutions
ACE has enhanced its package of multinational property and casualty and traditional lines of insurance for companies based in the UK and Ireland with one or more overseas subsidiaries.
The cover has been designed by a specially created project team, following broker and client research.
In 2014, ACE’s project team spoke asked about 30 UK broker organisations to identify how multinational insurance solutions could be better structured to support the changing needs of their clients as they expand internationally.
The common themes that emerged from this research were the need for flexibility, coherence and easily tailored solutions, combined with the importance of seamless coverage across a client’s international operations and traditional insurance lines. Emphasis was given to the importance of clear and relevant solutions organisations beginning to trade multinationally or that operate in a limited number of overseas territories.
The enhanced insurance package, ACE Multinational Partner, has been designed to meet these needs as well as the requirements of the Insurance Act 2015, which come into force next year.
Sally Blyfield, ACE Multinational Partner project leader for the UK and Ireland said:
“Recent ACE research shows that the majority of European companies believe their risk profile has become more multinational in the past three years. With a mounting array of international regulations bringing ever more complex compliance requirements, they are increasingly at risk of fines, reputational damage and the potential for invalidated claims if their insurance programmes fail to perform as expected.”
Phil Sharpe, chief operating officer for the UK and Ireland at ACE said: “When we spoke to brokers about their clients’ multinational insurance needs last year, compliance with local insurance standards, advice and support managing international risks and access to on-the-ground account and claims assistance were among the priorities they highlighted. Through our own operations in 54 countries, a global network spanning 200 territories and a team of 2,000 claims handlers around the world, ACE has the right people in the right places to deliver the high level of responsiveness our clients demand and deserve, while minimising cultural and language barriers and time zone issues.”
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