The Multinational Insurance Conundrum
Research from McKinsey says that by 2025, almost 230 Fortune Global 500 companies will be based in the emerging world’s cities, up from 24 in 2000. (That’s nearly 860% more companies expanding their global footprints!)
For multinational insurance companies, that means big opportunities for massive growth. But it’s not all moonlight and roses. There are serious challenges to overcome, including some that will continually evolve and change:
- Compliance across many jurisdictional regulations
- A myriad of partners with a myriad of processes
- Working with many different technologies of varying sophistication
- Broad execution gaps traditionally filled by email, spreadsheets, and paper
- A broad lack of transparency
What’s more, resources are generally not co-located in multinational insurance programs as they are in national programs. For the most part, lead underwriters are in different countries than their in-country counterparts. Working through email to get work done across multiple time zones dramatically impacts turn-around times. (And, not in a good way!)
And, if all this wasn’t enough, tax and regulatory authorities in these emerging markets are quickly coming up to speed about the massive economic opportunity. This adds more complexity to what’s clearly an already complex situation.
A recent paper explores some of these opportunities for accelerating growth and supporting compliance requirements while highlighting an approach that could address this conundrum—and all of its variables—automatically.
Register for this whitepaper and better understand how to take advantage of this emerging multinational insurance opportunity without having to navigate so much complexity.