Why Global IQ?
As a multinational company, your risks may be complex and sometimes difficult to identify and evaluate. The challenge of effectively managing differing regulations, local insurance customs, documentation in many languages, as well as ‘managing the unknown,’ can expose your business to penalties, high costs, uninsured risk, and reputational losses. A comprehensive risk and insurance audit can support multinational corporations in addressing these specific challenges.
How WTW's Global IQ audit delivers value
Flexible and dedicated service teams customize Global IQ to meet your company’s risk profile, delivering some key benefits focused on:
Enhancing and developing your global insurance strategy
- Supporting compliant insurance placements in the different jurisdictions where you operate
- Easy access to the information you need, with an interactive dashboard allowing you to view placement data (premium and number of policies) by country and insurance category
- Optimization of program design
- Future insurance program expansion (program structures that support your organisation’s geographical growth)
Improving the administration of your insurance policies and processes
- Reduction of risk management administration through process optimization
- Guidance establishing global claims procedures
- Increasing transparency across your business of your global and local insurances
Managing your global and local insurance costs, irrespective of geography
- Explore premium savings and possible efficiencies
- Understand and minimize total cost of risk and frictional costs
- Manage compliance to minimize potential penalties
What is Global IQ?
Global IQ provides a thorough assessment of your international insurance programs and your operation’s global footprint, highlighting your risk and insurance needs. This detailed and customized review identifies and consolidates your current and potential exposure information, legal and regulatory requirements, current insurance purchasing strategy, potential gaps and coverage redundancy, possible cost saving opportunities, as well as actionable policy enhancements.
The process is adaptable and scalable for local and global needs as befits your operation and includes access to broking specialists and complementary advisory services at key stages of the audit.
The process
Development of a customized approach to gather and interpret your global risk profile and the cost of its management.
FAQs
How do we keep our multinational insurance policies compliant with local regulations?
The best way to understand how evolving insurance, legal and tax legislation regulations may impact your business, is to identify where your risks are and assess any insurance policies you may already have in place. A Global IQ audit delivered by a global insurance broker who is up to speed with what may be required across different jurisdictions will provide you with this insight.
How can we streamline the administration and management of our insurance policies globally?
Firstly, you need to know what policies are in operation and then decide how to best manage them efficiently. Global IQ and our collaborative technology platform Risk Intelligence Central can help you consolidate this data and connect stakeholders round the globe.
How can we purchase insurance programs that are fit for purpose and in line with our multinational corporation's risk appetite?
A Global IQ audit will help you to identify any unsuitable insurance programs which could lead to gaps in cover, costly duplications, and unnecessary costs or premium spend. This audit will also help you to reconcile and justify premium spend against your company’s risk appetite.
