Clients want more: risk transfer alone is not enough

Corporate buyers want insurers to provide more than capacity as risks become interconnected.

Key points:
Complex risks need collaboration
Technology must enhance, not replace
Prevention sits alongside capacity

Geopolitical uncertainty, climate change, supply chain disruption, regulatory pressure and technological change are reshaping both the risks large organisations must manage and what they now expect from their insurers.

Capacity remains essential. But as exposures become more interconnected, corporate buyers are looking for more than risk transfer. That’s the view of Nuno Antunes, head of client and broker relationship management at Generali Global Corporate & Commercial (GC&C).

“Corporate clients are facing a risk environment that is broader, faster-moving and more interconnected than before,” Antunes told FERMA Forum Today. “Clients expect insurers to go beyond traditional risk transfer. They are looking for partners who understand their industry, can provide relevant insights, and help them make informed choices in complex situations.”

That, Antunes said, “requires a more consultative approach, based on expertise, transparency and continuity”, built around a deeper understanding of each client’s business and risk profile.

That is widening the conversation beyond the placement of insurance and towards how businesses understand and respond to emerging risks.

“As risks become more interconnected, businesses need support that combines capacity, expertise, prevention, service and innovation.”

Beyond risk transfer

For Generali GC&C, that means bringing together expertise that has traditionally occupied different parts of the insurance relationship.

Antunes said understanding a client’s business priorities and risk profile should determine how underwriting, risk engineering, claims, multinational and sector-specific capabilities are brought together.

“Our ambition is to act as a Lifetime Business Partner, bringing together underwriting, risk engineering, claims, multinational and sector-specific capabilities to deliver solutions that are relevant to each client’s needs,” he said.

The significance lies less in adding services around an insurance product than in connecting them around the risks a company is actually confronting.

“The greatest opportunity is to strengthen the role of insurers as strategic partners to clients,” he said. “As risks become more interconnected, businesses need support that combines capacity, expertise, prevention, service and innovation.”

That puts greater emphasis on what happens around the traditional insurance transaction. Understanding emerging trends, anticipating challenges and giving companies information that can support risk management decisions.

Antunes said agility depends on an insurer’s ability “to anticipate change, learn quickly and adapt without losing sight of long-term objectives”, including translating market signals into practical solutions.

“Agility is not only about speed; it is about making better decisions in a changing environment,” he said.

Earlier engagement

The shift also puts the relationship between insurer, broker and client under greater scrutiny.

“Brokers are essential partners in supporting clients through today’s risk environment,” Antunes said. “They bring a deep understanding of clients’ priorities, expectations and market positioning, while insurers contribute technical expertise, underwriting capacity and risk management capabilities.”

“No single party has all the answers. Brokers, insurers and clients each bring a different perspective, and the real value comes from connecting those perspectives effectively.”

“The best outcomes are achieved when this collaboration is open, structured and focused on the client’s long-term interests,” he added.

That is particularly important for complex multinational and specialty risks, where Antunes said alignment needs to begin early in the discussion.

“No single party has all the answers,” he said. “Brokers, insurers and clients each bring a different perspective, and the real value comes from connecting those perspectives effectively.”

That collaboration cannot begin at renewal. “This requires transparent communication, early engagement and a shared understanding of the client’s objectives,” Antunes said.

Trust also becomes more significant when companies are making difficult decisions amid uncertainty. “Trust is built through consistency,” Antunes said. “Clients and brokers need to know that their insurer understands their priorities, communicates clearly and delivers on commitments.”

That is particularly relevant when decisions have to be made with incomplete information and under time pressure, he added. Technical credibility and continuity therefore matter well beyond renewal or the point at which a claim occurs.

Data meets judgement

Technology is strengthening another part of that relationship. “Advanced analytics can improve risk assessment, support underwriting decisions and provide more meaningful insight into emerging exposures,” Antunes said, while digital tools can make interactions faster and more effective across markets.

But he draws a clear line between using technology to improve the relationship and allowing it to replace expertise.

“Technology must enhance relationships rather than replace them,” he said. “In complex corporate insurance, judgement, experience and the human touch remain essential.”

The opportunity, he said, is to combine data-driven insight with human expertise so that technology strengthens advice, service and clients’ risk management decisions.

The role of relationship managers is changing with it. “Successful relationship management will increasingly require the ability to connect technical expertise with strategic business understanding,” Antunes said. That includes facilitating conversations between clients, brokers and internal specialists and translating different perspectives into clear, actionable solutions. 

Curiosity, adaptability and the ability to work across cultures, markets and stakeholder groups will become increasingly important alongside technical expertise.

Ultimately, Antunes sees the changing risk environment as an opportunity for insurers to demonstrate value well beyond the provision of capacity.

“Insurers can create greater value by helping clients interpret emerging trends, improve resilience and access solutions that reflect the realities of their business,” he said.

Risk transfer remains at the heart of corporate insurance. But as geopolitical, climate, supply chain, regulatory and technological risks become harder to consider in isolation, the expectations surrounding it are expanding.

For insurers, the challenge is no longer simply to provide a solution when risk reaches the market. Increasingly, it is to bring together the expertise, insight and relationships that help clients understand what is changing and make better decisions about what comes next.

Nuno Antunes is head of client and broker relationship management at Generali Global Corporate & Commercial (GC&C). He can be contacted at: Nuno.Antunes@generali.com

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