Provide Global Insurance Solutions, Increase Client Retention

There’s no question that cross-selling can increase client retention. When trying to make clients stickier by offering them additional products, producers need to wield an ever-more relevant coverage: multinational insurance.

The ability to provide multinational insurance solutions is a competitive advantage because so many clients have international exposures. In 2014, an astounding 98% of the more than 304,000 U.S. companies that exported goods were small and midsize businesses (SMEs), according to the latest numbers from the U.S. International Trade Administration—numbers that have increased 10% since 2009. SMEs accounted for one-third of all goods exported by value, and top export markets for SMEs ranged from the U.K., Canada and Mexico to China, Australia and Singapore. The upward trends hold true for importers too: 97% of those in the U.S. are SMEs.

These data points show that many SMEs have international exposures—and could benefit from producers who help them best protect their businesses with global insurance solutions. Chubb estimates that less than 25% of SMEs with international exposures currently purchase a standalone international package policy that covers their risks.

At the individual client level, two scenarios indicate the opportune time to begin the international risk conversation:

1. A business is beginning to send employees overseas or trade internationally. Start the conversation about potential gaps in workers compensation coverage, and then move on to general liability coverage territory and the location of suits in the event of a claim.
2. A business with new or existing international operations buys insurance in the local markets. Does the insured know what coverage and limits they’re purchasing? Having the ability to talk about the savings benefits and control of a coordinated global program with an established multinational insurer can be the difference between retaining and losing a customer—or between winning and missing out on the next prospect.

For more information about multinational risk products and solutions, visit Chubb online.

Tim Benson is senior vice president of commercial insurance multinational property-casualty at Chubb.

The opinions expressed herein are those of the author. Insurance provided by Chubb Insurance Company and its U.S.-based Chubb underwriting company affiliates. Chubb is the marketing name used to refer to subsidiaries of Chubb Limited providing insurance and related services.