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Welcome to our Monthly Newsletter – February 2007

Talk Around the Bazaar

  • The European Union is to increase its scrutiny of distribution and conflicts of interest. Once again brokers will feel the heat. But it will be their ability to promote change which will ensure a smooth process.
  • Buyers in the latest two accession nations in the EU (Bulgaria and Romania) are finding out quickly that their insurance programmes need modernising. The main carriers are all lining up to help. 
  • The creation of the Oman Insurance Association (OIA) and re-vamping of the insurance legislation will lead to an influx of foreign insurers as more business is expected to remaining the country.
  • Axa (France) and Aegon (The Netherlands) are moving into the Indian general and life markets respectively.
  • Rates for U.S. coastal property risks appeared to the only ones not under pressure after the latest round of annual reinsurance contract negotiations.
  • In Thailand insurance companies will be required to undergo credit ratings. Another consequence of globalisation.
  • There is talk again that in Brazil the IRB will lose its monopoly. Will it really happen this time?

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    We are currently discussing projects in the following markets:

  • Portugal
  • Tunisia
  • India
  • U.S.A.
  • Czech Republic
  • South Africa
  • Ireland
  • Germany
  • Romania
  • Australia
  • Canada
  • Poland
  • France
  • United Kingdom
  • Netherlands

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    What Clients Say

    “It is a great help to us that Worldwide Risk Solutions has so many international contacts.”

    “Once again I can rely on the accuracy of their information.”

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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. Amongst our clients are some of the world’s largest networks and independent brokers in four continents.

    Visibility / Activities

    One of the biggest assets of independent networks is their servicing capability, yet their biggest challenge is being taken seriously. In the arena of international service and distribution, it is the global branding of the mega-brokers which sets them in a different league. How can the networks raise their visibility, create a brand and become well-known on the limited budgets they have?

    There are two areas to concentrate on in order to promote a network and enhance its reputation: internal and external.

    Internal

    There are very few brokers, part of a network, where more than a fairly small minority of the staff and employees are aware of the network they belong to. It is difficult to expect the outside world to know and appreciate your firm’s membership of a top quality group of independent firms, if a large number of your own colleagues do not even know that.  Examples of steps to highlight and increase awareness of membership are:

  • Display the logo and possibly the name on stationery, business cards and website
  • Devote space on the website and intranet to introduce the network and explain how it helps you and your clients
  • Talk about your network in your newsletter and invite your fellow members to submit articles in an International section
  • Arrange swaps of key and promising staff for training purposes
  • Host a meeting or conference and get as many of your staff as possible either to attend or help with the organisation

    • External

    A network cannot force its members to take steps to publicise the fact that they are part of a network, but it should consider having, as part of its own Marketing Strategy, a plan for getting the message out to the wide world. If the Mission Statement is “sharing knowledge and information” the message will be different than if the objective of the network is “to become a leading provider of solutions worldwide.” The more competitive the goal, the greater the need for a solid branding because of possible criticism and gamesmanship. Basic elements of the external message are :

  • Logo and name
  • Culture, core values, how you go about your business and provide value to the client

    • Spreading the Image

    We are currently working on some of these items and would be glad to be of assistance to you in a similar process. The incentive for spreading the image is a bit like becoming the automatic selection for the starting line-up of a large sporting event. But it remains a question of how you get the biggest bang for your buck. This can be expensive and any help from the outside would usually be gratefully accepted. The ways by which the image is spread include:

  • Word of mouth
  • Showcasing (worth considering - a gimmick, usually a photogenic person who gets associated with your network)

    • In our next e-newsletter we will look at  Use of Technology

    This is the eighth edition of our E-Newsletter and we would be very interested in hearing your thoughts. If there are topics you would like us to address, we would be more than happy to look at them!

    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 2007