For over a decade, Swiss Re's Corporate Solutions team has brought clients customised commercial insurance solutions to help mitigate risk. Close collaboration with corporates led to the realisation that global clients also need help coordinating their insurance needs across countries. Thus, the team created International Programs.

"We saw that global clients were dealing with the complexity of different local regulations," notes Reto Collenberg, Head International Programs EMEA & APAC. "We knew that with our expertise in the global risks space, we could provide solutions."

Swiss Re's work with Ericsson, the Swedish multinational networking and telecommunications company, also goes back over a decade. In 2022, Ericsson approached Swiss Re with an interest in expanding the partnership. Swiss Re thus became the new leader for Ericsson's property damage and business interruption insurance programme.

Local complexities for international business

Ericsson's core business – delivering products and services to support the infrastructure for mobile communications – gives the company a far-reaching international footprint. Growth in the enterprise business, with offerings for wireless solutions for companies, means even greater international exposure. With about 105 000 employees globally, spread across 180 countries, Ericsson needed an insurance partner to help navigate the complexity of international business.

"A diverse international presence means dealing with different local regulatory regimes," notes Lars Stensgård, Head of Group Insurance Risk Management at Ericsson. "These factors complicate the procurement of insurance coverage," he adds.

An expanded partnership

When Ericsson was looking for a lead carrier, International Programs was the top candidate due to Swiss Re's enterprise-wide expertise and the comprehensive servicing offerings.

"Dealing with a multitude of local policies creates overwhelming complexity," notes Lars. "So one of the driving factors for us is the ability to provide proof of insurance locally. We need to effectively manage and pay claims in each region. Swiss Re helps us navigate the arena of complex compliance requirements."

Combined with insurance partners, Swiss Re's overall network covers over 150 countries. "We leverage this extensive network to maximise territorial coverage," notes Reto. "But we also saw that clients need personal service. Our team maintains close contact with clients to ensure transparency and to constantly improve our offerings, systems and processes."

Collaboration and capabilities

Beyond territorial coverage, Ericsson had also looked for a provider with a wide range of capabilities. "We also looked for a provider with a strong risk transfer appetite, and an experienced claims team with strong global and local expertise," notes Lars. "And when you look at risk transfer, what you really look for is a professional underwriter who understands the risk profile that we have – to fully understand the cover we need."

Working closely with their Ericsson counterparts, the International Programs team sought to bring the client as close as possible to the underwriter and other important service functions. "This helps us ensure effective communication with the client," notes Reto.

A collective team effort

Access to a strong network with collaborative teams has helped launch an effective partnership between Ericsson and Swiss Re. Swiss Re set up meetings and trainings on claims-handling protocols, ensuring clear engagement with the claims team. This practical and clear process means that claims-handling now proceeds more smoothly and with better efficiency.

"We also focused on bringing together our underwriting, operations, claims and complex account management expertise," Reto explains. "It is the collective team effort, and the close involvement of our senior management, that made us stand out from the competition."

The advantage of PULSE portal

PULSE portal, the Swiss Re broker and customer portal, also helped Ericsson gain transparency throughout the implementation of their international programme. "The advantage of the PULSE portal is that our clients and brokers get real-time information about the status of the implementation of their policies and premium payments," notes Reto. "Furthermore, customers can follow the lifecycle of a claim on the portal."

The platform helps with navigating the complexity of a broad international footprint by simplifying the flow of data and information in one secure place.

"The access to natural catastrophe information proves especially valuable," explains Lars. "Through PULSE portal, we get alerts on natural catastrophe events that are happening in proximity to our locations. We can keep in touch with the local teams as events unfold." The feature even has an interactive map where Ericsson can see all the locations and exposure values of their properties.

"Maintaining international oversight is a huge challenge," explains Lars. "Working with Swiss Re's International Programs, my team has a real partner and resources on hand."