International Programs Have Complicated Needs. That’s Why a Carrier with Data-Driven Underwriting Practices and a Commitment to Customer Service Is Critical

It’s been four years since Swiss Re Corporate Solutions launched its International Programs proposition in 2020.

Back then, Swiss Re Corporate Solutions was determined to establish a strong presence and become a marketplace leader — something it was well-positioned to do, given the company’s extensive transatlantic footprint.

Today, the company has “achieved the objectives we set for ourselves, and we are now looking at how we can move things to the next level as an established player,” according to William Porter, head of international programs for the Americas at Swiss Re Corporate Solutions.

A mix of data-driven underwriting, emphasis on customer service and buy-in from leadership has helped the company establish its robust international program presence. These traits are key to any good international program insurance provider, and they will play a significant role in any growth in the space.

“We entered this space with the intention of setting a new standard for international programs, rather than simply replicating what our competitors have been doing for decades,” Porter said.

Growing International Programs Based on Data-Driven Underwriting

William Porter, Head of International Programs in North America, Swiss Re Corporate Solutions

One way to build a strong international insurance program is by using data to drive underwriting decisions. “As underwriters, we can work with the data provided by insureds and align that with our risk insights. From there, we develop loss expectancies, identify appropriate local policies, determine the extent of coverage needed and issue policies and products in line with local regulations,” explained Michael LaRocca, head of property and specialty for North America, Swiss Re Corporate Solutions.

Property, a line with a 160-year history for Swiss Re Corporate Solutions, seemed like a great place to start building internationally. “It’s the ‘P’ in ‘P&C’ and the bedrock upon which we build and grow,” LaRocca said.

The energy space seemed promising as well. Swiss Re’s North American energy underwriting team engaged with brokers and customers to see what opportunities might exist internationally. They found that “energy is a critical area that is inherently international, yet it had not received much attention from many international carriers,” Porter said.

“The success we achieved in this space was unexpected but has now become a core part of our portfolio.”

Dedicated Teams Drive Results

Michael LaRocca, Head of Property and Specialty for North America, Swiss Re Corporate Solutions

Insureds with international programs have intricate needs. As LaRocca explained, “These programs are complex and can vary significantly, even if they share similarities in terms of countries involved.”

Consequently, they need steadfast teams in underwriting, claims and risk management to ensure that they run smoothly.

“We have established dedicated teams that focus primarily on these programs, allowing us to ensure that our underwriters are properly trained and supported by a specialized back office,” LaRocca said. “Our goal is to have underwriters dedicated solely to international program business.”

“IP is about ensuring that policies are issued wherever the customer has exposures, that money is moving smoothly for premium payments and claims, and that communication is flowing effectively,” Porter added. “Customer service is a large part of what we’re selling.”

These teams work with Swiss Re Corporate Solutions’ international financial management team, whose “chief responsibility is to ensure that money flows correctly between the fronting carrier and any reinsurance panel on international programs, regardless of the direction,” Porter said. That way, policy premiums and claims both get paid in a timely fashion, and insureds can see where in the process their money is at each stage.

“We can provide them with details on where the money is and how long it will take to get from point A to point B while also helping them track the process every step of the way,” Porter said.

All of these resources mean that insureds can rely on their carrier partner in the event a claim occurs, because “that’s when people need their insurance the most,” Porter said.

An International Programs Partner Driven by Smart Growth

Companies with a need for international insurance programs are inherently complex. They’re working in multiple jurisdictions and are often juggling a wide variety of exposures, some novel. An insurance partner committed to data-driven risk assessments, transparent communication and financial stability is paramount to the success of an insured with international insurance needs.

Since entering the international programs space, Swiss Re Corporate Solutions has worked hard to become a leader in the space. Its international footprint had the company poised for success from the start, and the company has doubled down, building a team of experts dedicated to underwriting and managing these policies. More than 500 company employees commit time to the international programs space.

“International programs are dominated by North America and Western Europe, which are the biggest producing and receiving areas. Our strong presence in these regions, starting from Switzerland and expanding across Europe and into the United States, provided the necessary foundation,” Porter said.

Swiss Re’s PULSE portal plays a critical role in managing international programs. The secure digital portal allows insureds to manage all their insurance needs in one place — something any company with a complex insurance program can appreciate.

“The foundation of excellent service is communication. It’s about being open and transparent, keeping customers informed about their account and program performance worldwide,” Porter said.

“By keeping communication lines open, we can hit our service metrics, such as issuing policies and moving money within a set number of days.”

As with any company, you need leadership buy-in to ensure an initiative succeeds. Swiss Re Corporate Solutions has shown its commitment to international programs with the announcement that Ivan Gonzalez would be returning to the business unit to assume the position of global CEO of Corporate Solutions in July. Gonzalez has prior experience spearheading the international programs proposition during his tenure as Corporate Solutions North America CEO, as well as global experience, most recently as the company’s CEO reinsurance China and China country president.

“The dedication to international programs at Swiss Re Corporate Solutions is tremendous, and these leadership changes further emphasize that,” LaRocca said. “I recall interviewing with Ivan Gonzalez six years ago when he was CorSo North America CEO, and within minutes, the conversation centered around international programs, what the company was trying to achieve and how my experience could contribute.”

All this is a testament to Swiss Re Corporate Solutions’ commitment to smartly expanding its reach in the international space.

“We are very proud of creating international program opportunities where we saw a need, rather than simply taking over existing ones from carriers who were underperforming,” LaRocca said.

“When we entered the market, brokers and customers were pleased to hear that a company like Swiss Re Corporate Solutions, with its strong underwriting reputation, was bringing that expertise to the international side,” Porter added. “We expect to continue to grow this portfolio and be a leader in international programs.”

Learn more about International Programs at Swiss Re Corporate Solutions.

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.