The impact of increased local regulations on the management of international mobility

Philippe Fassier, Sales Director and Partnerships Manager at Allianz Partners, International Health attended the Previnter Summer University on May 17th. As round table speaker, Philippe discussed  "The increase of local regulations: strong impacts on the management of international mobility", and the development of expatriate benefits.

The discussion highlighted that the end of grey areas is desired by regulators due to the economic stakes of expatriate benefits, combined with a rising level of consumer protection via stronger regulations both on the level of benefits (aligned with local needs) and on the protection of medical data.

This results in the multiplication of local contracts in a logic that remains global. Phillippe therefore emphasised the importance of dialogue with the regulators to agree expectations and the agenda for compliance, giving the example of the forthcoming creation of a subsidiary in Canada in order to respond to local issues.

He added “while the new model is very much a deployment of contracts country by country, the need for a “master contract” will remain to allow clients to monitor their exposure and expat population on global scale. We must anticipate delays and additional costs related to the implementation of local contracts and financial monitoring”.

Allianz will also play the role of advising its customers regarding the diversity of local contexts, advice that will be based on legal monitoring and tailor made products. There will also be opportunities by geographical area as in the case of the Middle East where the rules of Dubai, Oman, Bahrain and Jordan tend to harmonise. There are also opportunities in the life market, particularly with Anglophone insureds preferring lump sum solutions rather than conventional benefits.