The Challenges of Globalisation

The Challenges of Globalisation

The Earth – 150 mill. sq km of land and 360 mill. sq km of water.

Plenty of space for your business… and for risks…

The Challenges of Globalisation

The Earth – 150 mill. sq km of land and 360 mill. sq km of water.

Plenty of space for your business… and for risks…

Many of our clients have built up world-wide business connections and are active in all the inhabited continents on earth. This leads inevitably to a considerably more complex risk structure, which must be covered.

 

The following challenges in particular have to be overcome in this respect:

  • Worldwide common standard for cover:
    The main office must issue cover guidelines to all branches abroad and retain local implementation for its own security.
  • Differing systems of law:
    These have to be understood and taken into account in order to meet local requirements.
  • Integration of German and foreign cover:
    All the aspects of cover in the firm must be exactly co-ordinated with each other in order to prevent gaps, overlaps or the double charging of premiums.
  • Tax matters
    Disregarding local tax laws, for example in claims settlement or the payment of premiums can result in severe penalties.
  • Flow of information
    It is not only the flow of information between the headquarters and the relevant subsidiaries which must be maintained, co-ordination between the subsidiaries is also important.
  • Languages and cultures
    Co-ordination in numerous languages involves a lot of valuable time. There are also certain risks in co-ordinating different cultures. “Promptly” can mean “tomorrow” to one person and “in six months” to another. There is also a challenge in differentiating between”must” and “should”.
  • Choosing suitable insurers
    Accurately assessing local insurers in a foreign country is exceptionally difficult and without sound experience on the ground it is rarely possible.
  • Choosing the most appropriate insurance strategy
    The methods of resolution for cover are as complex as international company structure and forms of law. Decisions must be made. Is it better, for example, to take the “freedom of service” solution, a “co-ordinated programme” or even an “integrated programme”?
  • Local service from brokers of quality
    Just as in Germany, foreign countries have honourable insurance brokers and also sadly their “black sheep”. It is difficult to find the right one who can take care of YOUR needs.

All these challenges have to be safely overcome in order that your business is not threatened.

Discuss your security and risk management needs with us

We would be pleased to answer all your questions on protection and risk minimisation.

+49 - 541 - 40 40 - 0

Your contacts