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Discover our approach and results in different client cases
Client Ref.: 299.776
Client and project challenges
Leading Spanish manufacturer of high quality additives for the automotive sector and paints.
Belonging to one of the largest Asian industrial conglomerates, with presence in 36 countries and assets valued at more than 45,000 million USD.
<!– wpml:html_fragment –> The complexity of the project resided in the coordination with the Global broker of the insurance program at Spanish level, being able to provide both clarity to the parent company and specific coverage for the Spanish subsidiary derived from its activity.
<!– wpml:html_fragment –> The complexity of the project resided in the coordination with the Global broker of the insurance program at Spanish level, being able to provide both clarity to the parent company and specific coverage for the Spanish subsidiary derived from its activity.
Our work and approach
First, we analyzed all existing policies, both local and global, that had implications for the Spanish company.
Our experience in international programs with companies in Spain helped to give a new approach to the American broker and to detect possible local contingencies that could not be detected at a global level due to the particularity of the insurance market in the European Union and the specific needs of the Spanish factory.
After this first risk analysis, at the request of the Spanish subsidiary and with the approval of the American parent company, it was decided to change the local broker in favor of Ferrer&Ojeda in order to implement the improvements detected for the local policies.
In the case of the international liability program, we detected that the employer’s coverage in Spain was limited and was not in accordance with the indemnities that are currently required in Spain. After our intervention, the U.S. broker transferred our concerns to the insurance company and we were able to increase the Spanish sub-limit at no cost.
In the case of the health program for all employees and family members of the group, we negotiated with their health provider 2 new coverages at no cost and we made the Employee&Benefits team of Ferrer&Ojeda available to the client so that they could advise and resolve all the doubts of the insured and at the same time administratively unload the HR department.
Results
First of all, we helped the managers of the Spanish company to have a clear and accurate view of their insurance program and the major risks involved in their activity. Until now, the insurance program had been managed at the European level and the various national plants were not fully aware of the coverages and their risk exposure. By doing due diligence on their insurance program, it helped Spanish management to identify potential local contingencies and work together to find a solution.
<!– wpml:html_fragment –> Second, we outsourced outside the HR department the day-to-day management of both health and accident insurance, bringing in our experience and added value in those sectors. These aspects have helped to relieve the HR team of work and provide a professional service.
<!– wpml:html_fragment –> Finally, we are working to finish structuring all local policies within an international program in order to continue providing good control and visibility for the parent company while complying with all legal requirements and covering the specific needs of the Spanish company.
<!– wpml:html_fragment –> Second, we outsourced outside the HR department the day-to-day management of both health and accident insurance, bringing in our experience and added value in those sectors. These aspects have helped to relieve the HR team of work and provide a professional service.
<!– wpml:html_fragment –> Finally, we are working to finish structuring all local policies within an international program in order to continue providing good control and visibility for the parent company while complying with all legal requirements and covering the specific needs of the Spanish company.
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