Three unstoppable forces have driven the normalization of Professional Indemnity and Cyber Risk insurance in our industry. They can no longer be ignored.
As a bundled Professional Indemnity and Cyber Risk Insurance program designed specifically for Destination Service Providers, TERNINGPOINT is an offering that was slightly ahead of its time.
Three years later, three compelling plot lines are converging to establish a dynamic transformation in the global relocation and international mobility sector.
A revolution of attitudes and practices with respect to professionalism and insurance is now fully underway.
The industry finds itself at the intersection of irresistible forces that will inevitably lead to ‘tipping-point’ traction and unstoppable momentum.
Those who do not heed the signs will do so at their own peril.
1. Visionary Leadership
As standard bearers for training, quality certification and research, our industry association ushers and shepherds members to aspire to and achieve higher levels of professionalism.
Presciently, in response to member demand, EuRA brought the aggregate purchasing power of our industry to bear against the marketplace to define a tailored global professional indemnity coverage solution at optimal terms and pricing. Such was their foresight that cyber-risk was bundled into the offering well before GDPR.
This is not lip service, and is accompanied by corresponding rewards.
Astute members will take note that international professional indemnity cover is non-negotiable EQGS requisite.
Heretofore, this criterion will be rigorously enforced.
2. Regulatory Environment
GDPR is only the latest in a recurring wave of legislative compliance initiatives that will test the mettle of business owners and supply chain executives, and shines an unblinking light on an organization’s attitudes and preparedness with respect to the handling of sensitive personal information.
EuRA recognized that DSPs had a significant exposure to these risks as they frequently exchange personal, financial, medical or business critical client data, and that access to resources to deal effectively with a data-breach or unauthorised IT systems access could be critical to the survival of a firm.
3. Corporate Risk Management
Relocation Management Companies, have been compelled at the behest of their MNC clients to examine and address supply chain risk. RMC’s now recognize and appreciate the extent to which they are exposed vis a vis the operations of local service providers and the commercial impact of inaction.
Leading players have communicated an unwavering commitment to and a renewed push for vendor compliance worldwide. Where once destination service providers could plead poverty, seek exemption or decry the availability of providers, there is simply no more time for excuses.
Adapt or Perish.
Until now, the select forward-thinking Destination Service Providers that welcomed TERNINGPOINT brandish their certificates like honours of distinction, aggressively marketing the protection that differentiates them from uninsured competitors.
Alas, their audacity will be short-lived. It’s abundantly evident that professional indemnity and cyber-risk is becoming standard operating procedure.
Providers slow to respond or who don’t embrace the new standard of professionalism will find themselves on the outside, looking in.
Get covered today. www.terngrp.com/eura
By Paul Coleman
President and CEO
TERN Financial Group Inc.