QBE North America has debuted what it says is a novel customer approach for its financial institutions customers that combines otherwise separate silos. Sompo International Holdings Ltd. is teaming with a public insurance company in Germany to launch a new agriculture sector insurance product.
QBE North America is debuting a new approach for its financial institutions customers.
Its new dedicated unit is the QBE Integrated Advantage for Financial Institutions, and it is designed to avoid having customers deal with traditional industry verticals. As structured, it offers customers access to a single team organized under a dedicated leader involving financial institutions professionals in Underwriting, Claims, Global Risk Solutions, Distribution and Product.
The QBE Integrated Advantage for Financial Institutions team is led by Stacey Meade, senior vice president, and offers streamlined access to products and services that meet the unique exposures of financial institutions businesses, including asset managers, banks and insurance companies. The company said this approach is designed to break down silos and take a holistic view of the industry.
Sompo International Holdings Ltd. and SparkassenVersicherung (SV), one of the largest public insurance companies in Germany, launched a new agriculture sector insurance product.
Dubbed SV ErnteIndex, the coverage offers farmers parametric protection against crop losses such as drought, heavy frost or prolonged wet weather. Payment is based on a 10-year average crop yield index for the district in which the farm is located as well as yield and market price projections determined by the farmer at the time the product is purchased.
The SV ErnteIndex parametric product is designed to be part of an overall farm risk management program that complements traditional loss-based crop insurance. Because the contract is parametric and not loss-based, complex and potentially time-consuming claims assessments are avoided. The typical contract duration is one year, and the product can be used for a wide range of conventional and organic crops.
Sompo International and SV have been business partners since 2006 and entered into a strategic partnership last year to leverage their unique capabilities in this market.
Sources: QBE North America, Sompo International