One of the most pressing of problems for insurance buyers is ensuring that their insurance programmes are compliant globally. Accessing relevant information on local insurance legislation and regulation can be difficult. Insurance buyers that inadvertently agree to a non-compliant programme can potentially face non-payment of claims, fines and exposure to reputational damage. In extreme cases, those responsible can even face imprisonment.
Airmic, Axco and six leading insurance brokers have developed the Insight Risk Manager Database that provides the following;
- A database of insurance legislation and regulation broken down by country, and where relevant, state
- Information addressing key Airmic member concerns, e.g. regulator and supervision information, admitted and non-admitted insurances, premium, premium payment, policy wordings and renewal and cancellation requirements.
- Information designed with the obligations of the insurance buyer (rather than the insurer or broker) in mind
- Information for territories covering over 90% of all placed insurance premium
Insight Risk Manager is the result of a cross-market project chaired by Airmic and involving six leading brokers. Axco was chosen to provide the content following an extensive selection process, during which more than a dozen proposals were considered. This collaborative approach goes a considerable way to ensuring that Insight Risk Manager will address this most pressing of problems for insurance buyers - the challenge of ensuring that their insurance programmes are compliant globally.