Increasingly, multinationals are seeking to consolidate control over their worldwide insurance practices at the Home Office level in an effort to manage costs and ensure compliance and competitiveness of their local placements in each country. This is easier said than done. They often do not have adequate staff and resources to cope with all the demands of managing overseas and in-state program renewals, to identify and vet local vendors, ensure compliance with the latest local laws and regulations, and ensure that their local in-country policies are competitive – all while staying within budget.
Globex offers multinational clients our exclusive Globex 360 capability to provide or enhance control over their insurance programs around the world, all on an extremely cost-effective basis.
What Is Globex 360?
This capability is a comprehensive, renewable arrangement that provides multinationals access to a dedicated team of international insurance specialists. Our team works hand in hand with the client’s in-house management to coordinate and manage their overseas renewals process on an ongoing basis throughout the year, while also providing ongoing support for other needs (planned or unexpected) that arise from time to time.
What Basic Services Are Included?
Globex 360 services included under this arrangement typically include the following:
- A dedicated team of international specialists working with the client’s management team to help plan, coordinate and manage their local insurance activities through their local brokers in each country.
- If external resources are required for a specific need, helping to identify and introduce appropriate vendors such as loss control, adjusting firms, forensic accounting, attorneys, HR or compensation consultants, etc.) that the client could utilize.
- Coordinating and managing the activities of their recommended external vendors and providing the client with regular status reports.
- Support and assistance understanding the local insurance environment and competitive best practices in new locations the company may be considering for future expansion.
- Access to country profiles that outline the insurance environment and requirements of a particular location.
- Access to monthly newsletters and updates with a brief overview of global insurance trends and developments.
- Advice and assistance in formulating or updating a global insurance and governance strategy.
- Access to our exclusive Globex360.net online platform to view and download country profiles, regulatory updates, policies, statements and forms, bundled together with a suite of valuable global tools and resources.
Who Can Benefit From Globex 360?
- Companies of any size or industry who need assistance managing their global and local renewals but do not necessarily want to change or disrupt their existing local broker relationships.
- Companies seeking a single point of contact to act as their “global quarterback” to help them consolidate the management and control of their coverage worldwide.
- Companies who are in rapid expansion mode and will need additional consulting services but cannot predict the exact timing or locations of their need.
- Companies with a variety of international questions and issues requiring ongoing assistance and support.
Contact Globex to learn more about how we can help you!