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, attached. 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.
Pages to are hidden for
"Disbursements and Collections Smooth sailing for a marine insurer"Please download to view full document