Global Strategy, Local Execution and Delivery
Since the time it was established in 1863, Swiss Re has built a reputation as a prestigious and respected name in the insurance industry. Its rich heritage, financial strength and penchant for innovation speak for themselves. Swiss Re Corporate Solutions provides insurance products through its various insurance companies worldwide.
Swiss Re Corporate Solutions, founded in 2010, continues to build and round out that legacy of excellence with a dedicated focus on the primary insurance market.
“Swiss Re Corporate Solutions now has more than 50 offices in over 20 countries, serving large corporations with a 5 to 10 percent market share in the segments we operate in,” said Adrian Hall, the recently appointed CEO Canada & Managing Director, Swiss Re Corporate Solutions.
Corporate Solutions excels in high-end specialty business as an excess lead insurer. It has been able to accomplish such rapid and sustainable growth because of its deep level of expertise in the industries it serves, a focused distribution strategy, commitment to the claims experience, and a client-centric approach.
Now, it is working to move into primary lead positions in the middle market. To do that effectively, it will leverage its global footprint while developing regional and local market focus.
Canada is just one of several regional markets the global insurer has targeted for its growth potential.
Canada: A Regional Focus
Canada is the eighth-largest commercial insurance market in the world — and growing. According to rating agency Moody’s, the Canadian property/casualty industry is experiencing stable demand, strong underwriting discipline, and increasing competition from insurers with strong balance sheets.
The marine, financial & professional services, cyber, general liability and property markets in particular seem likely to remain competitive in 2017.
A dedicated local strategy will be critical to maximize the opportunity these markets offer.
Swiss Re Corporate Solutions Canada business currently employs about 50 people with a premium of around CAD 184 million. It writes property/casualty lines, energy, financial & professional services, marine, engineering & construction and aviation business.
“We will continue to focus on those areas but look to expand into others as well,” Hall said.
Corporate Solutions demonstrated its commitment to a localized approach by creating a separate enhanced leadership structure to operate the regional businesses and execute a more boots-on-the-ground strategy.
That’s why Corporate Solutions brought in Adrian Hall to head up the Canadian business as CEO on May 1st — a role created to reinforce Corporate Solutions’ commitment to the Canadian market and grow its presence there.
“The new role reflects Corporate Solutions’ localization strategy,” Hall said. “Part of the expansion strategy is to have a local leader responsible for the strategic, managerial and institutional matters, from a position that is closer to our clients and to ultimately proactively service our clients more effectively.”
Hall has filled many roles in the insurance industry over his 24-year, globe-trotting career.
“I’ve held a range of leadership roles over my career in a range of markets internationally from positions in a number of European markets for a couple of years, and then in South America for a few years leading our distribution strategic direction,” Hall said.
“I was then in the Middle East for five years, based in Riyadh, Saudi Arabia and then in Dubai, United Arab Emirates heading up the marketing and distribution strategy and external positioning of the company across the region. I then moved back to London for a short period of time, and I’ve been in Canada for the last 13 years where I have fulfilled a range of Commercial and Personal Insurance leadership positions.”
Hall’s global view of the insurance marketplace, combined with his firsthand knowledge and network of contacts within the Canadian market, made him a perfect fit for the new leadership role.
“I’m very much focused on that global strategic thinking while executing local delivery. We have to watch market dynamics and think proactively about where the market and clients are heading so we can ensure future sustainable success for our Clients and Swiss Re Corporate Solutions” Hall said.
Hall’s most recent prior experience as a chief customer officer aligned his strategic thinking with Swiss Re Corporate Solutions’ client-centric philosophy. That relentless client focus was one of the key differentiators that attracted Hall to the position of Canada CEO.
The Swiss Re Difference
In addition to Hall’s leadership, a few key tenets of Swiss Re Corporate Solution’s business model and mission prime the organization for continued growth.
Not least among these is the company’s dedication to claims handling as an integral element of the proposition delivery for its clients. Corporate Solutions positions its claims team at the core of its organization, meaning it is integrated with every business unit in order to create a seamless experience for clients.
The company’s ‘Claims Commitment’ states its mission to pay covered claims within five business days, and advance payments of up to 50 percent of a loss estimate even sooner in the event of an insured first-party property loss. A member of the claims team will also contact clients within one day after a loss notification, and work with them to tailor a strategy best suited to their needs and preferences, whether that means settling or defending a claim.
“Our claims commitment is a key differentiator for us in the marketplace, and it stems from our client-centric approach,” Hall said. “We know that the way a claim is handled matters just as much as the eventual claim outcome. Creating a fast and smooth experience goes a long way in earning our customers’ trust.”
The insurer’ risk expertise also stands apart from competitors.
“At Swiss Re Corporate Solutions, we are focused on core business segments that we have a strong appetite in, and then we go deep. In the areas of property, energy, financial & professional services, aviation and engineering & construction, for example, there is deep, solid local expertise that our clients really benefit from,” Hall said.
A targeted distribution strategy also focuses on working with brokers that are aligned with Swiss Re’s philosophy and strategic thinking, which ultimately helps to build a more seamless insurance experience for clients.
Finally, financial strength and capacity also provide clients the confidence that their exposures are covered and their claims can be paid. Balance sheet strength also provides Swiss Re Corporate Solutions with the flexibility and muscle to pursue growth in promising markets and be selective in the industries and risks they take on.
To learn more, visit https://corporatesolutions.swissre.com/.
This article was produced by the R&I Brand Studio, a unit of the advertising department of Risk & Insurance, in collaboration with Swiss Re Corporate Solutions. The editorial staff of Risk & Insurance had no role in its preparation.