The HUB Q&A: Guiding Clients Through the Complexities of Global Risk

Global organizations face an increasingly complex and difficult business environment that requires the right partner to help navigate and mitigate evolving risks.

HUB’s new Global Risk Solutions Practice is perfectly positioned to be that partner. Led by HUB Executive Vice President William Mulé , the Global Risk team will work alongside Complex Risk Practice Leader Mary-Beth Hahn to provide insurance and complex risk advisory services to multinational and global accounts.?

Q: How will the Complex and Global Risk teams work together to meet global client needs?

William Mulé (Will): The HUB Complex Risk Practice has industry specialists across all verticals experienced at managing large, complex risk accounts for clients who often have an international footprint. Via the Global Risk Solutions Practice, our team can help guide clients through these complex international exposures as well.

Mary-Beth Hahn (Mary-Beth): What makes HUB unique is our extensive network of experts — we have local teams available to our clients and the resources of a leading middle-market broker to wrap around and support them. With Will’s 25 years of expertise on the international side, we can now provide that global component to reduce our clients’ total cost of risk.

Q: What is keeping your global clients up at night and how do you address those concerns?

Will: The biggest concern for risk managers is not having control and oversight when it comes to overseas policies. Our complex risk advisors are their eyes and ears on the ground, whether it’s through our U.S. Complex Risk team or our colleagues in other countries who keep us informed. We consult with our clients and act as a true business partner. This includes claims management, which can quickly become a problem for businesses if not handled correctly. We provide regular communication and updates throughout the whole process of any overseas claims.

Mary-Beth: Communication is another concern. We are in a choppy market, and property insurance has been very difficult, not only in the U.S. but globally. We provide regular updates on the market outlook to all our clients and explain how it affects them. But more importantly, we communicate how we are going to help them through this challenging time with specific insurance market strategies to obtain global coverages.?

Q: How important is enterprise risk management to mitigating global risks??

Mary-Beth: There are certain risks that may not be insurable unless you find an alternative insurance option for it, like a captive. We work hard to help clients step back and think about the things they never thought could happen — the “Black Swan” event that is out there.

We engage in fact-finding to uncover exposures, and then have a discussion to evaluate the complete picture, and how HUB can address those risks with them.

Will: From the international perspective, we may not be able to address every exposure right now, but we can start assessing the right solutions where the client has their biggest operations. Then we can create a scheduled plan to roll out those risk solutions in the rest of the countries where they operate.

Q: What advantages can working with HUB bring to global clients versus working with another broker or directly with a carrier?

Will: As a consultative brokerage, we are committed to understanding what our clients need and what is the best fit. Especially when dealing with many countries with different local requirements, we need a detailed plan for each country. What works well in one country may not work well in another. We want to find specific, detailed solutions, not just check a box.

Mary-Beth: Collaboration between practice groups is a tenet of HUB. Whether it’s working with the claims practice to escalate the processing of a large loss or bringing in our leadership to facilitate a meeting between a client and a carrier, our practice groups are not afraid to reach out at HUB to locate the best of the best for our clients.

Ready to learn more? Start a conversation in the comments below, or contact HUB International’s Global Risk Advisors to create a global program to reduce your total cost of risk.?