GENERALI: Risk management's importance is growing; compliance is becoming a huge issue worlwide

11 May 2017 — Daniela GHETU
P/C insurance is globalizing, a lot of markets consolidating as to enhance their capabilities to provide global reach, Bill SKAPOF, head of global corporate and commercial, North America, GENERALI stated to A.M. BestTV.

Skapof spoke with A.M. BestTV at the 2017 RIMS Annual Conference and Exhibition in Philadelphia. He said risk management and compliance are becoming bigger issues for multinational clients, who are seeking consistency in coverage.

Speaking about GENERALI's position in the global P/C market, SKAPOF said: "We think we're well-positioned because we have a known network, which is a good differentiator. We think we can bring value outside and in addition to the policies.

One of the things that we look to do is really focus on our clients and brokers, and provide services that are a little bit more tailored, a little bit more bespoke relative to the individual client. We're new to the [ U.S.] market, so we have avoided some of the legacy issues, so that's helpful. Frankly, we've been fairly successful over the last three years, and we're building a very strong book, so that we can weather the various changes in the cycle."

As for the P/C insurance evolution worldwide, the GENERALI representative commented: "More and more companies becoming multinational, and the world is becoming a much smaller place. Obviously, as the world becomes smaller, it's also becoming a little bit more hectic. Risk management becomes all the more important, compliance is becoming a huge issue. There seems to be more of a focus on having a uniform program around the world, so that you can be assured of what the program structure should be, are you covered for the risks."

View the video version of this interview at: http://www.ambest.com/v.asp?v=skapof417

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