Airmic global database for international programmes moves ahead

Airmic said that brokers Aon, Marsh and Willis are working with them on the project on the basis that it will initially provide a database to meet their own requirements. "It is hoped it will eventually become a facility for the whole market," said the association. Airmic stressed the basic aims of the project: "It is hoped that the proposed database will contain details of regulations on a territory-by-territory basis and make it easier for risk carriers, their clients and brokers to ensure that insurance programmes comply in every territory where cover is provided. The issue has emerged as one of the top 'stay awake at night' issues affecting risk managers," Airmic said. Airmic said that the first RfP it issued at the start of this year had attracted a high level of response and more than a dozen organisations came forward. The association explained that the second RfP is more detailed, and includes a timetable leading to implementation. The deadline for response is the end of March next year.hideAirmic said that it expects the RfP to be of interest to some law firms, specialist insurance database firms, IT companies and insurers that already have their own compliance databases. The association expects the successful service providers to make the scheme self-financing, a model that has worked well in other areas of insurance compliance, it noted. Airmic technical director Paul Hopkin said the association would work in partnership with companies to develop the right solution. "This is a complex project and we are therefore not going to be too prescriptive about how it is delivered as long as we achieve our objectives. We are also open to the idea of bidders with complementary skills teaming up to provide a joint response," he said. "We are happy to meet with interested parties as they develop their responses, to ensure that the best solution is achieved," added Mr Hopkin. Airmic explained that the main focus will be to provide global guidance on admitted and non-admitted insurers by jurisdiction. The association pointed out that this varies not only between countries, but also within some territories such as the US. It can also depend on the class of business written. "The importance of claims handling requirements is also a key aspect of the information that needs to be compiled," added the association. "This is a great opportunity to develop a collective solution to a problem that has dogged the market for years. I am confident that there are providers out there able and willing to do so - the momentum is there," said Helen Hayden, risk manager at Tesco and Airmic deputy chair. "Compliance is a key concern in the sector. Multiple access-points and several owners of insurance related data-bases that seek to address the issue present a further challenge to buyers and to the wider insurance community, we are therefore pleased to support this important project," said Chris Bilney, MD of Real Estate, at Aon Risk Solutions. "Multinational companies are increasingly confused by conflicting information provided by the insurance market on regulatory and tax matters affecting their global programmes. This creates unnecessary uncertainty in the present economic environment. Consequently, the initiative driven by Airmic to develop a standard database that would be applied by the market is welcome, as it would go a long way to ensuring consistency, clarity and contract certainty," said Praveen Sharma, a Senior Vice president at Marsh, and a leading supporter of the concept from the start. Airmic said that the project is supported by a number of market bodies including the London market based International Underwriting Association, the North American risk management association RIMS and the World Federation of Insurance Intermediaries, as well as London & International Insurance Brokers' Association (LIIBA) and Ferma.

Airmic global database for international programmes moves ahead

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