As more and more companies operate internationally, they are turning to multinational insurance solutions for comprehensive and consistent worldwide coverage.
As part of a centralised enterprise-wide risk management strategy, multinational solutions bring huge benefits. Yet these solutions are highly complex to design and implement. Covering multiple lines of business and territories, they typically involve a large number of policies and stakeholders, and must comply with diverse local insurance regulation, tax and legal requirements.
Efficiency and insights
With these challenges in mind, technology has become key to the implementation of a compliant and robust multinational solution, where coordination, communication and transparency are critical. Automation and artificial intelligence (AI), for example, are already helping to speed up processes, increase efficiency and improve the service experience for multinational clients. In addition, Application Programming Interfaces (APIs) enable the real-time flow of data between clients, their brokers and insurers.
Technology is also helping multinational companies and insurers leverage data to enhance risk management. Alongside advanced analytics, AI is being used to improve data capture and drive insights, helping to identify risks and evaluate effective mitigation actions. According to a FERMA survey, around 40% of risk managers now use a dedicated risk management software system to assess, monitor and report risk. Insurers investment in AI is forecast to grow from around $8bn in 2024 to $141bn by 2034, according to Precedence Research.
According to Matthieu Caillat, AXA XL’s Chief Operating Officer, technology will remain key for multinational solutions going forward, especially with the new developments in AI.
"Technology serves as the backbone of modern multinational insurance solutions, providing the transparency, coordination, and control necessary to streamline operations, enable faster data exchange, and leverage advanced analytics for improved risk management across borders."
New client portal
AXA XL recently launched a new client portal that enables global clients to track the implementation of their multinational insurance solutions in real time. Available via AXA’s Digital Commercial Platform (DCP), the client portal enables multinational clients to view and download key information, such as policy documents and premium movements, through an interactive dashboard that complements AXA’s broader suite of risk management tools under one roof.
And future developments and functionality are already planned.
According to Yves Betz, Head of Multinational Solutions at AXA XL, the portal provides multinational companies with greater control and transparency and at a time when data and technology are becoming central to the successful management of risk.
“In an increasingly complex risk environment, we are helping our clients to navigate the challenges of managing multiple policies across different jurisdictions as part of a single multinational solutions program.
“By introducing our client portal, we are further enhancing our offering, bringing flexibility to our clients by providing them with a holistic view of their program in an end-to-end transparent and effective way,” said Betz.
AXA XL is committed to growing and strengthening its multinational solutions business. With over 40 years of experience and knowledge in this space, AXA XL offers multinational solutions in over 200 countries and territories across 20+ products, one of the most comprehensive offerings in the market. Further information on AXA XL’s multinational solutions and client portal can be found here.
