Generali, the Italian insurance giant, has partnered with BELFOR Property Restoration to bring a dynamic risk management solution to US-based multinational corporations. The product, Tribune, is set to be a game-changer due to its comprehensive solutions for both American and overseas property exposures.
Generali’s innovative partnership with BELFOR means Tribune clients can access a variety of services tailored to the multinational market, without having to place multiple calls to insurance providers around the globe.
Instead, the program, which is administered from one central location, ensures Americans’ property insurance needs are met regardless of where their assets are located.
Through this partnership, Generali seeks to provide added value for their clients, with features such as cross-border premium transfers, the ability to adjust and settle claims locally and access to a vast network of loss control engineers.
Essentially, clients benefit from the consistency and efficiency of Generali’s global network, with a human touch when it comes to local servicing. From the Italians’ standpoint, it will help prevent the kind of international insurance fragmentation that too often plagues multinationals.
Tribune clients also have the ability to make use of BELFOR’s ‘Red Alert Priority Response Program, which Generali recommends for loss control and mitigation. As the very nature of multinational corporations, means their assets are spread across the globe, this partnership is uniquely equipped to respond to the types of cross-border risk management issues they can face.
Generali, as one of the top insurance companies in the world and the best Italian brand for strength and value, generated a total premium income of €74 billion (£60 billion) in 2015. They have more than 76,000 staff members in 60 countries around the globe. Proving their innovation with products like Tribune is recognized outside of their industry, they were the only insurer featured in MIT’s Technology Review of the “50 Smartest Companies in the World.”
The Tribune product has a capacity of $250 million (£200 million) to write commercial property risks for US multinationals, covering their exposure at home and abroad and connecting Americans with Generali’s truly global network.
Could Tribune be a game-changer for the insurance industry? Are other insurance companies prepared to follow suit with similar products for businesses that manage assets in their home countries and abroad? Time will reveal which major insurer is next set to follow Generali’s lead.
