Watch this space!

CRAsia talks to Rinnah Roque from HDI Global SE, Australia about the insurer’s plans for its international programmes offering for Asia

“Watch this space,” says Rinnah Roque, regional service delivery manager producing office, international programmes (IPs) for HDI Global SE Australia, when asked about the insurer’s plans to develop its IP offering across Asia.

Roque, who began her career in the Philippines with Pioneer Insurance and is based in Sydney, Australia, has responsibility for managing and developing this particular portfolio in Australia, Singapore and Hong Kong.

While Roque is not an underwriter, she is the technical expert for the IPs that cover property, general liability, marine cargo and financial lines (in Singapore). “I represent the group network and have to make sure we have coverage and can issue policies that are compliant.

“In the past, underwriters were setting up and running IPs by themselves, typically with very few if any guidelines,” says Roque. “When I joined HDI Global, it was to grow and develop the IP arm. We have gone from 38 to 172 IPs in that time.”

HDI Global’s IP offering covers three core markets in Asia-Pacific. “In Singapore, the types of markets involve big multinationals and large brokers who are very well-versed in IPs. They are knowledgeable and quite a few of their clients are domiciled elsewhere – say manufacturing giants in Thailand. In Australia, I work closely with brokers from start to finish. The majority of the portfolio are the global multinationals but you also have a number of mid-market firms that have businesses in the US and Canada and need separate policies for that region.”

Risk management maturity
One feature of the Asian market is the varied maturity of the risk management profession from country to country. For example, says Roque, the market is much more developed in Singapore and Hong Kong and risk managers are able to articulate that to the market. But in other countries it is more challenging so insurers need to come up with a strategy that works for the region in terms of international programmes. “It is hard work but I am confident that we can do it. Our underwriting team is very supportive,” says Roque.

The insurance market also varies in size and maturity across the region, creating challenges for IP providers. “The requirements differ from one country to another – laws and regulations are constantly changing, tax regimes are changing and we have to keep up. The quicker we can get the information, the better we are able to work with the brokers and the risk managers on implementing changes before the policy expires. More accurate information helps us to do our job better.”

According to Roque, the insurer’s USP is its ability to issue local policies in more than 175 countries. “In Africa and other emerging and remote markets, we have built a local, on-the-ground presence and we are looking to do the same thing in Asia where our insurers and underwriters are able to speak the language. This makes it much easier to operate the programmes and develop the product.”

In Singapore, HDI’s most popular line is marine cargo, followed by liability. In Australia, liability is the biggest line. The most challenging line is property. Cyber is still an emerging product in the region and therefore not ready to be included in IPs just yet, says Roque. “We just recently appointed a regional manager for cyber.”

Price is inevitably an important driver for Asian clients but for the majority, service is more important, says Roque. “Whenever we have set up an IP, we meet or exceed our KPIs so the client is happy that they paid a little more. For example, it means they can continue to operate because they have the proper certification. It is not just the insurance company’s interests but about putting yourself in the shoes of the clients.”

In terms of growing the business, the intention is to make HDI more visible as an IP provider and, ultimately, as the IP provider of choice for the region. A key part of this will be the insurer’s ART capabilities, including captives, says Roque. “We have an ART team based in France and I work very closely with them on structuring the IPs and submitting proposals.”

HDI has been successful in captive fronting in the Asia region and in Australia specifically. The company now has the green light to offer captives and other ART services across the region. Its Paris-based HDI Enablers division, which is responsible for promoting ART in Europe, appointed a new head, Eric Joly-Pottuz, as part of a management reshuffle back in October, and the aim is to incorporate more ART as part of the IP offering.