Swiss Re Corporate Solutions’ first North American collaboration with Canadian insurer, Economical Insurance, to provide access to its International Programme Administration (IPA) platform and network services
- The collaboration supports Economical Insurance’s desire to grow its business and strengthen its ability to serve clients with international interests
- Swiss Re Corporate Solutions offers insurers a solution to service their international customers using its network of over 150 countries, streamlined financial processes, knowledge, and IPA
- IPA allows insurers and brokers to manage structured and compliant international programmes on one platform and deliver international programmes in a transparent and efficient manner
- Insurers gain access to Swiss Re Corporate Solutions’ network of over 150 local offices and network partners, and benefit from a globally standardized property policy integrated into the IPA platform
- Swiss Re Corporate Solutions aims to advance corporate insurance, address industry inefficiencies and improve the customer experience by developing industry solutions insurers and brokers can access
San Francisco, CA (Mar. 23, 2021) – Swiss Re Corporate Solutions is pleased to announce it has signed an agreement with the Canadian insurer Economical Insurance to provide its IPA platform for its first insurer in North America. Following collaborations with the global broking company Brokerslink in 2019 and insurers LocalTapiola and Württembergische Versicherung in 2020, Swiss Re Corporate Solutions is making its international programme solution more broadly available outside of Europe. The IPA platform enables users to manage and deliver structured and compliant multinational programmes from a single online platform and provides insurers access to its international network of more than 150 offices and partners.
IPA, which launched in 2019, leverages new technologies to make programme delivery more efficient and improve the customer experience. IPA also leverages a globally standardized property policy providing customers efficiency, compliance, and clarity of coverage. As a result, customers benefit from increased contract certainty and faster processes.
This collaboration with Swiss Re Corporate Solutions enables Economical Insurance to take on lead positions and provide innovative services to its new and existing clients with international interests.
“We are pleased to collaborate with Economical Insurance so they can benefit from our digital International Programme Administration platform,” stated Adrian Hall, CEO Canada Swiss Re Corporate Solutions. “Swiss Re Corporate Solutions continues to move the digitalization of corporate insurance forward, underlining our ambition to simplify complex international programme delivery through technology.”
“We’re pleased to collaborate with Swiss Re Corporate Solutions to continue the diversification of the commercial business at Economical and provide world class solutions,” said Fabian Richenberger, Executive Vice-President, Commercial Insurance, Economical. “This is a very positive opportunity for our valued broker partners to serve their Canadian customers who have business interests outside of the country.”
About Swiss Re Corporate Solutions
Swiss Re Corporate Solutions provides risk transfer solutions to large and mid-sized corporations around the world. Its innovative, highly customized products and standard insurance covers help to make businesses more resilient, while its industry-leading claims service provides additional peace of mind. Swiss Re Corporate Solutions serves clients from offices worldwide and is backed by the financial strength of the Swiss Re Group. For more information, please visit corporatesolutions.swissre.com.
About Swiss Re
The Swiss Re Group is one of the world’s leading providers of reinsurance, insurance and other forms of insurance-based risk transfer, working to make the world more resilient. It anticipates and manages risk – from natural catastrophes to climate change, from ageing populations to cyber crime. The aim of the Swiss Re Group is to enable society to thrive and progress, creating new opportunities and solutions for its clients. Headquartered in Zurich, Switzerland, where it was founded in 1863, the Swiss Re Group operates through a network of around 80 offices globally. It is organised into three Business Units, each with a distinct strategy and set of objectives contributing to the Group’s overall mission. For more information, please visit www.swissre.com.
About Economical Insurance
Economical Mutual Insurance Company (“Economical” or “Economical Insurance”, which includes its subsidiaries where the context so requires) is a leading property and casualty insurer in Canada, with over $2.8 billion in annual gross written premiums for the year ended December 31, 2020 and over $6.6 billion in assets as at December 31, 2020. Economical is a Canadian-owned and operated company that services the insurance needs of more than one million customers.. For more information, visit www.economical.com.
In the United States, insurance products underwritten by North American Capacity Insurance Company and North American Specialty Insurance Company, New Hampshire corporations and members of Swiss Re Corporate Solutions. Surplus lines insurance products are available only through licensed surplus lines brokers and may not be available in all states. In Canada, insurance products underwritten by Westport Insurance Corporation, a Missouri corporation and member of Swiss Re Corporate Solutions.
SOURCE: Swiss Re
Tags: Economical Insurance, industry first, partnership, platform, Swiss Re
