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2022 Innovation Awards: Navigating Multinational Risks



American International Group
Navigating multinational risks

Designing and implementing global insurance programs is complicated by regulations and reinsurance requirements that vary between jurisdictions, the complexities of using captive insurers and other challenges that require expertise to ensure coverage is appropriate and legally sound.

That’s among the reasons American International Group Inc. created its “Navigating Multinational Risk” training program to help policyholders and brokers understand the process of structuring global programs, said Elke Vagenende, AIG’s London-based global head of multinationals.

“It̵

7;s seen as a complex area that very few people understand,” she said.

To fill what AIG saw as a gap in the market for flexible training that gives risk managers and brokers the knowledge to structure sound multinational programs, the insurer developed a self-paced curriculum with three free modules.

The first module covers the basics – defining multinational companies, identifying insurable risks and describing such elements as local policies, global policies and controlled master programmes. “It’s really familiarizing yourself with the options and what you can do,” Vagenende said.

The second module deals with program design, covering issues such as compliance, principles of coverage, the roles of program stakeholders and finer details of controlled master’s programs.

A final session on advanced subject topics is instructor-led and can be taken in person or via webinar. It focuses on some of the complex elements of building a multinational program such as understanding local requirements and using captive insurance companies. “The last module is more interactive,” Vagenende said. “So, if you have a lot of questions around specific territories, we can work through that with you.”

The curriculum emphasizes flexibility in the design of multinational programs, Vagenende said. “You can decide what the best solution is for your business,” she said.

Users are eligible for continuing professional development after completing the curriculum, which is accredited by the CEU Institute in the United States and accrediting bodies in other countries.

In its first 11 months, the curriculum drew participants from around 60 countries – around 1,000 self-paced online users and 700 who attended in person or via webinar.

Feedback on the program has been “overwhelmingly positive,” Vagenende said. “We will continue with this, and we look forward to expanding it.”


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