2011-06-09

By staff reporter

JLT Specialty Limited (JLT) says many of those in charge of arranging insurance for their companies on a global basis are not totally convinced that they know all of the policies purchased at a local level that make up the full programme.

Tracey Clayton, partner, JLT, says "Of the people who attended the workshop who were responsible for arranging the insurances for their company, 54% said they knew what made up their global programme but when pushed only 12% thought they had full visibility of their insurance programmes. This figure is surprisingly low and worryingly implies that many companies may not know if they have duplicate polices, spending more on insurance than needed, if there are gaps in their cover and/or if they are setting policies in the most effective and efficient way".

Karen Gorman, partner, JLT, says "It's easy to worry about compliance, local anomalies and local buying patterns and let these cloud the best decision for the buying of the insurance that’s needed. Whilst control is key so are regular reviews, a proactive outlook and careful weighing up of options".

Clayton concludes, "These days the issue of 'local v. global isn't black and white and must be about finding the best balance between the two. Making sure there are the right level of visibility, procedures, controls and communication processes in place to maximise expenditure, cover, limits and deductibles. Constant communication is important but this needs to be two way communication that includes analysis, understanding and the involvement of all parties".

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