Improving the world of multinational insurance programs (MIPs) can be a tough task. These programs are essential in providing comprehensive insurance coverage across multiple countries, yet they face numerous challenges in efficiency and effectiveness. One key issue is to coordinate a vast network of local insurers, often managed through emails, paper and spreadsheets. The sector is ready for disruption, with new entrants eager to challenge existing MIPs on cost and service, but the complexity of these programs often makes it difficult to be profitable and slows down efficiency.
The aforementioned challenges are the reason why Beyond Multinational Programs (BMNP), a revolutionary digital platform designed to transform the way insurers manage and coordinate their MIPs was created. BMNP is an innovative platform which enables insurers to not only connect their own global companies but also to seamlessly integrate third-party fronting partners. This integration creates a unified, single point of insurance delivery that suits the diverse needs of international corporations, whether they engage directly, through brokers, or as captives.
BMNP’s will reduce operational costs, enhance timeliness and responsiveness, and foster better client service. This results in increased profitability, growth, and improved relationship with clients. Developed by experts in insurance technology, BMNP provides different key features: It is faster and provides clients with faster and more certain response times. The platform was designed with in mind to give businesses as much flexibility as possible. It also enhances connectivity with network partners. The platform acts as a single source of truth for all parties, ensuring that information and process status are accurate.
What are the different features of the platform ?
Functionalities such as “Connect” revolutionizes partner integration. This allows for an effortless configuration of new partners, a digital connection of local and master policies for accurate coverage, as well as an easy integration with internal systems through APIs and connectors.
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The “Engage” feature ensures consistency and speed through identification of issues, the possibility to set up alerts for quick intervention as well as an easy way to share documents and data.
Video source: ChainThat’s youtube channel
Lastly, the “Control” feature allows partners to plug into your platform, using data segregation for security, and new partners can quickly and seamlessly be integrated in the platform.
Video source: ChainThat’s youtube channel
Overall, BMNP is not just a tool; it’s a game-changer for the insurance industry, redefining the way multinational insurance programs operate and thrive in a complex and global world.