Cover and compliance issues can be managed across multiple jurisdictions
ACE Europe has launched ACE Evolve, a co-ordinated insurance and risk management solution for mid-sized companies with overseas subsidiaries or assets.
The product will assist regional UK and Ireland companies trading internationally to manage their insurance coverage and compliance requirements across multiple jurisdictions.
ACE Evolve is available through all 11 of the company’s offices in order to support brokers in the regions who have mid-sized clients with operations outside the UK and Ireland, a service insurers usually only offer to large, London based multinational clients.
"By streamlining the insurance purchasing process, ACE Evolve enables them to buy the right level of cover and meet all the necessary local regulations and obligations effectively and efficiently. ACE Evolve provides a gateway to ACE experts in over 50 countries with local facilities in place for policy issuance, proof of cover, claims handling and risk management services. In addition, ACE is licensed to conduct business in over 140 countries," the insurer said.
Phil Sharpe, director of casualty and major risks for ACE UK & Ireland, said: “Despite the current economic downturn, we are in an era of increasing globalisation – our own research indicates that more than 800 companies in the UK, with a turnover of less than £100 million, have an overseas subsidiary. In addition, the current worldwide credit crisis is likely to herald a stringent and even more complex regulatory environment and we want to make sure our brokers and clients are equipped to deal with these challenges.
"The scale of the international regulatory environment creates complex insurance issues. For example, areas such as ‘non admitted cover’, where insurance provided under a policy in one territory covers exposures in another territory, can be a legal minefield for businesses without a Risk Manager or the specialist knowledge to comply with international insurance regulations.”
Alongside the ACE’s global servicing capabilities, brokers can access comprehensive information on coverage requirements, regulatory and tax issues, claims handling and risk management matters.
ACE Evolve enables cover to be available globally on an ‘admitted’ basis – which means that all polices issued meet the requirements of local legislation – or on a Freedom of Services (FOS) basis within the European Union where appropriate.
As an additional service for brokers without an international partner network, ACE can facilitate introductions though its database of preferred broking partners around the world.
Sharpe saidl: “The sheer scale and extent of regulation and legislation on a worldwide basis poses a real challenge to growing businesses. We believe ACE Evolve will help brokers with medium sized multinational clients provide an efficient and responsive service to meet the challenging needs of this important group of clients.”