In the complex landscape of American insurance, international businesses often find themselves navigating uncharted waters. With each state boasting its own set of regulations and requirements, risk managers and brokers supporting companies entering the US market frequently seek guidance to ensure comprehensive coverage.
Recognizing this critical need, Zurich North America unveiled a groundbreaking initiative in December 2023: a complimentary continuing education course titled “Writing Business in the U.S. via International Insurance Transactions.” This virtual program, designed specifically for Zurich-appointed brokers, aims to demystify the US insurance market for international risk managers and brokers.
A Comprehensive Curriculum
The two-hour course offers a deep dive into various aspects of the US insurance landscape:
- Current state of the US insurance market
- International program technology
- US regulatory environment and compliance measures
- Key underwriting considerations
- Post-placement services
- Claims management and risk mitigation strategies
Spring Uphoff Neely, head of strategy and execution for international programs at Zurich, based in Peoria, Illinois, highlighted the program’s significance. “Historically, there’s been a gap in training for non-US brokers on the intricacies of writing business in America,” she noted. “With many brokers facing reduced training budgets, there’s a pressing need for accessible, CE-accredited content that’s both practical and timely.”
Addressing Industry Hesitations
Bart Shachnow, New York-based director of Zurich Insurance Academy, pointed out a common industry challenge: “Some international brokers may hesitate to work with companies having US exposures due to unfamiliarity or unease with the complexities of obtaining coverage for foreign entities operating in the US.”
He emphasized the potential negative impact of mishandled transactions: “When incoming business isn’t properly managed, it creates a lose-lose-lose situation for the client, the broker, and the carrier.”
Leslie Carlson, Zurich’s head of international insurance servicing in Chicago, elaborated on the benefits of the program: “Clients often become frustrated when facing issues or delays in policy acquisition, potentially resulting in inadequate coverage. By closing these knowledge gaps through education for companies outside the US, we believe all parties will be significantly more satisfied with the process.”
Key Markets and Early Adoption
Carlson identified the primary countries with companies expanding into the US market:
- Canada
- Germany
- Switzerland
- United Kingdom
Additionally, she noted that businesses based in China and Japan sometimes have substantial US exposures.
The program’s pilot phase involved collaboration with a multinational brokerage’s Canadian division. Since then, several major brokers and brokerage networks have accessed the course, according to Uphoff.
By providing this valuable educational resource, Zurich North America is taking proactive steps to smooth the path for international businesses entering the US market, ultimately fostering a more informed and efficient global insurance landscape.
