Disbursements and Collections Smooth sailing for a marine insurer by pluggtwo


									                                                                             Disbursements and Collections

Smooth sailing for a marine
insurer’s claim payment around
the globe
Mutual Marine Protection & Indemnity organisation
One of the world’s oldest and largest mutual marine Protection & Indemnity organisation, insures over
100 million tons of owned and chartered ships.

The challenge                                             Using WorldLink’s omnibus account structure, the
                                                          organisation can make payments in currencies in
Insurance claims against the organisation can arise
                                                          which they don’t hold accounts. As a result, it has
from events such as stowaways, onboard injuries,
                                                          realised dramatic savings in foreign exchange fees,
cargo thefts and marine oil pollution. Claims are
                                                          as well as enjoying Citi’s foreign exchange rates,
centralised and sent to the organisation’s world
                                                          which are very competitive with those of local banks.
headquarters, where payment is initiated.

                                                          Since the timing of payments is crucial — claims can arise
Since P&I insurance applies to third-party liabilities
                                                          at any time, anywhere around the world — WorldLink’s
and expenses arising from owning or operating ships,
                                                          onsite cheque facility enables the organisation to act
the organisation needed its payments processed
                                                          immediately on payment requests from its member
and paid to beneficiaries all over the world. To settle
                                                          clubs. Checks can be disbursed with claim details
insurance claims in multiple currencies worldwide,
the organisation deployed WorldLink® Multicurrency
Transaction Services software.
                                                          The organisation’s customers, as well as the ultimate
                                                          beneficiaries, benefit from WorldLink’s ability to draw
                                                          items locally. And because the cheques are written by
The timing of payments is crucial —
                                                          Citi, the beneficiary’s comfort level is increased.
claims can arise at any time,
anywhere around the world
                                                          The result
                                                          WorldLink enables this marine Protection and Indemnity
The solution
                                                          organisation to provide fast, high-quality and efficient
WordLink is used to make onsite cheques, remote
                                                          service to its customers. It is now migrating to the
cheques and wire payments on behalf of the
                                                          CitiDirect® Online Banking suite, the Web-based
organisation’s member clubs. Claims are received
                                                          transaction and information suite for global corporate
from individual agents around the world, and
                                                          banking. In doing so, it will benefit from improved onsite
information is filtered to headquarters, where
                                                          cheque capability, which can reduce risk of fraud and
payments are centralised for processing. WorldLink®
                                                          improve clearing through automatic localisation of
gives the organisation aggregated foreign exchange
                                                          printed cheques.
purchasing, funded in any of three base currencies:
Euros, British Pounds and U.S. Dollars.

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