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Welcome to our Monthly Newsletter

Talk Around the Bazaar

  • Climate change: if you can’t stop it, insure against it, says the U.N. at a conference in Kenya. One better than Canute!
  • In advance of de-tariffication next year, India has created the IMIP (Indian Motor Insurance Pool)
  • Liberty Mutual has been granted a licence to operate in Vietnam. Once again, Asian countries are targeted for western companies’ growth
  • Takaful is really taking off in the Middle and Far East. Many countries in the Arabian Peninsular, India, Indonesia and Malaysia are all seeing similar developments. In fact in Malaysia, takaful is expected to grow by more than five times it current size in the next  three years
  • JLT has launched their joint venture with Lixin in Guangzhou and becomes the first foreign broker to have a majority shareholding
  • Japanese carriers are spreading their wings in new markets: Mitsui Sumitomo (Bermuda), Aioi (China), Sompo (India)
  • Russia has agreed to open its market to U.S. insurers. What about the others?

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    We are currently discussing projects in the following markets:

  • Australia
  • Belgium
  • Canada
  • France
  • Germany
  • India
  • Netherlands
  • New Zealand
  • Poland
  • Portugal
  • Romania
  • Spain
  • Sweden
  • United Kingdom
  • U.S.A.

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    What Clients Say

    “Tapping into the knowledge base of Worldwide Risk Solutions helps us to make quick decisions”.

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    CONTACT US

    BY POST
    Worldwide Risk Solutions LLP
    20 Blunts Wood Road
    Haywards Heath
    West Sussex
    RH16 1NB, England

    BY TELEPHONE
    Telephone: +44 (0)1444 450 919
    Mobile: +44 (0)7968 191 511

    BY E-MAIL
    info@worldwiderisksolutions.com

     

    A New Force in International Insurance

    Worldwide Risk Solutions is a U.K. based commercial organisation facilitating global business strategies and business development in the international insurance industry. For more information about us, please go to www.worldwiderisksolutions.com. Since our formation 10 months ago we have advised some of the world’s largest networks and independent brokers in four continents.

    The Benefits a network can provide

    Networks provide tangible and intangible benefits to their members. One founding member will need the benefit of a good international servicing capability and others will have the benefit of incoming client referrals. One of the biggest disappointments some network members have is the lack of incoming business. This can be avoided by actively attracting referrals (obviously!) but more importantly by looking at the other benefits a network can provide. In fact if a network has no added-value to offer it will find itself with many dissatisfied members.

    Tangible

  • New business with lower acquisition costs
  • Income from overseas servicing partners
  • International capability helps domestic growth
  • Wider range of clients to prospect

    • Intangible

  • A polished brand enhances one’s reputation
  • Shared ideas, knowledge and expertise add to one’s capabilities
  • Worldwide spread of servicing partners
  • Solid servicing platform
  • Understanding other cultures and creating long term relationships
  • A platform for networking, training, business development
    		•

    Accessing the best of what a network has to offer

    As we have said previously, when a network does not comply with members’ expectations, the performance of that network comes into question. The network’s goals and objectives should cater for providing value which should be easy for the members to utilise. The following are some examples of how a network can make the intangibles available to members and we are happy to suggest others:

  • Easy to access database of updated information
  • Effective communications and interactive discussion platforms
  • Good use of IT 
  • Dynamic conferences with educational value and networking opportunities
  • Willingness amongst members to support the network.
    		•

    network structure and governance

    In our previous WoRdS we inadvertently omitted a vital last paragraph:

    Who governs the governors?

    The chairman and the board are elected by the full membership of the network, called the General Assembly or Partners/Owners Council. The board should report regularly, with a level of transparency dictated by the members as set out in the Charter.

    As 2006 draws to a close we wish you all a merry Festive Season and a healthy and prosperous New Year. For many, 2007 will bring tough targets and there may be ways in which Worldwide Risk Solutions can help you achieve such goals. Should you be passing through London, just give us a call (+44 (0)1444 450 919) or send us an e-mail and we will be happy to look at some of these questions and to start providing answers.

    In our next e-newsletter we will look at Marketing Strategy.

    See our Contact Details

    George Worsley, Director
    Worldwide Risk Solutions
    Telephone +44 (0)1444 450 919
    E-mail info@worldwiderisksolutions.com
    © Worldwide Risk Solutions LLP 2006