The world is becoming a smaller place and we can fly from one end to the other in around 24 hours and what with the internet we can visually see and talk to each other anywhere in the world within seconds, so what makes insuring a risk in the U.K via a broker or insurer in another country so difficult, apart from the normal regulations in each of those countries. Would it be possible to have a system in place that could offer terms worldwide on S.M.E business, corporate or even domestic classes?
The big block is protection!
The technology and information is there in the main to be able to underwrite anywhere in the world and to price a risk, however normal insurance companies do not yet have that vision to automate a risk such as liabilities, commercial combined and professional indemnity insurance.
The formula to be able to give a broker and an insurer business from around the world is there, yes there are time differences and yes there are areas in the world a underwriter may not be comfortable with, but for as many that an insurer or underwriter may not want to write there will be just as many that they could and would be happy with.
Internet and automation of products based on local knowledge can be factorial into any quote engine and indeed with intelligent underwriting the world is your oyster.
