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2022 Innovation Awards: Navigating Multinational Risks

2022 Innovation Awards

American International Group
Navigating Multinational Risks

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

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

“It’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 provides risk managers and brokers with the knowledge to structure sound multinational programs, the insurer developed a curriculum of three self-paced, free modules. 

The first module covers the basics — defining multinational business, identifying insurable risks and outlining such elements as local policies, global policies and controlled master programs. “That’s to really familiarize yourself with the options and what you can do,” Ms. Vagenende said.

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

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

The curriculum stresses flexibility in designing multinational programs, Ms. Vagenende said. “You can decide what the best solution is for your company,” she said.

Users are eligible for continuing professional development credits upon completion of the curriculum, which is accredited by the CEU Institute in the U.S. and accreditation bodies in other countries.

In its first 11 months, the training curriculum drew participants from about 60 countries — about 1,000 online, self-paced users and 700 who participated in person or through a webinar.

Feedback regarding the program has been “overwhelmingly positive,” Ms. Vagenende said. “We’re going to keep going with this, and we’re looking forward to expanding it.”





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