A New Force in International Insurance

Worldwide Risk Solutionsis 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 nine months ago we have advised some of the world’s largest networks and independent brokers in four continents.

Network Structure and governance

As opposed to global companies who own branches around the world, international networks are virtual global companies. They have independent members who join (and leave) voluntarily. Running a network is in the hands of just a few people and in most cases only one or two have a full time coordinating role. The supervision of their activities is carried out by a small group who does this only as part time activity.

Charter

A network needs a document setting out how it works. It could also be called Articles of Membership or Constitution and members would sign this when admitted to the network. Items would include:

• Vision and Mission statements
• Roles and responsibilities

Chairman

The network elects a chairman from its membership and this role should be for two or three years with possibly one extra term. This person should have the necessary wisdom, cultural awareness, time and commitment to perform an international supervisory role effectively, including:

• Chair meetings
• Oversee the activities of the chief executive

Chief Executive

This role, also called executive director, is pivotal to the success of a network. Tasks are wide-ranging and involve travel, administration, PR, high quality inter-personal skills and certainly include more than the following:

• Network coordination
• Membership development
• Maintenance of information database and communication systems
• Provision of value-added services

Committees

The chairman is assisted by several other members in monitoring the performance of the network. This group is usually called the Board or Executive Committee. Depending on the size of the network and its administration, there may be a need for a Financial Officer. Membership should rotate every three years or so. This group would meet fairly frequently.

Most larger networks have separate groups for their international specialists. These are the people chiefly involved with new business referrals and servicing. Their networking activities ensure the unbeatable service clients appreciate. They also swap ideas, share experience and expertise and assist in the development of network tools such as standardised documents.

Procedures

Handling business across borders in different languages can easily result in misunderstandings and mistakes. Personal relationships count for a lot and to have good systems in place is essential. The network needs:

• Proper dialogue between the chief executive and the chairman and the board
• (Bi)Annual meetings of all members to discuss budget, strategy, progress, performance, business development, etc
• Guidelines for international client servicing
• User-friendly database and network communications

In our next e-newsletter we will look at The Benefits of a Network

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