The challenge
One of the world’s largest media companies needed a new approach to its crucially important trade credit program. The company's trade credit insurance had expanded to cover over 45 countries and more than 880 entities, with around 35,000 individual credit limits totaling $20 billion in exposure. Despite the global nature of its operations and the increasing focus of its central treasury and risk function in the U.S., the program had remained U.K.-centric.
The solution
Critically, the media company was looking for a partner that would listen, analyze and understand its unique challenges and requirements. Willis, a WTW business, saw this as an opportunity to bring fresh thinking and a new approach. The company made it clear it wanted to stay with its incumbent insurer, and Willis recognized the potential to support this goal with a single global team.
Willis's approach was to build a detailed understanding of the company’s trade credit insurance arrangements and future strategic decisions. This involved deep dives into the company’s current broker and insurer processes, as well as its internal operations.
One global team, multiple local and regional specialists
With this detailed analysis, Willis proposed a solution that aligned with the media company’s needs. They suggested a ‘One Unified Global Team’ approach, emphasizing the importance of operating without geographical constraints. This included forming a central service team based in New York to provide immediate, on-the-spot advice to the company’s U.S. functions.
Additionally, Willis proposed a hub-and-spoke model, with a team of trade credit insurance specialists who would serve the company both locally and regionally. These specialists would handle issues locally whenever possible, but also know when to escalate more serious concerns to regional or head-office leaders.
The goal was to provide the media company with a consistent, global approach, streamlined processes, improved visibility and increased control over its treasury and risk functions. Willis also offered in-house claims management expertise and a clear governance schedule, including a smooth transition period. However, they deliberately avoided proposing major changes to the company’s existing trade credit insurance arrangements, while suggesting ways to reduce the administrative burden through streamlined terms and conditions.
The results
The media company liked Willis’s proposal, which was focused on understanding and meeting its specific needs. The appointment of Willis as the new broker highlighted the importance of listening to clients and understanding their detailed requirements.
Willis is now committed to working closely with the media company through core relationship and servicing teams, ensuring seamless communication and support without acting as a gatekeeper to its insurers. This collaboration promises to enhance the company’s trade credit program and support its global operations effectively.
