Does central purchasing of credit insurance work in a multi-national company with over 400 subsidaries?

Short answer? Yes it works.

Together with Matthias Beck, Head of Risk Management at the Würth Group I was delighted to develop a new credit insurance purchasing strategy, with the aim of moving the placement of dozens of local policies across the world, into central negotiated credit insurance programs. On the one side, we could achieve significant economies of scale and process efficiency, while on the other side the operative handling of all policies (limit discussions, claims handling) could remain in each local entity. As a result of this project Matthias has received the award “innovative insurance programme of the year”, by the Federation of European Risk Management Associations (FERMA). For further information, please do not hesitate to contact me.

The Würth Group is a worldwide wholesaler of fasteners, screws and screw accessories, dowels, chemicals, electronic and electromechanical components, furniture and construction fittings, tools, machines, installation material, automotive hardware, inventory management, storage and retrieval systems. Today the Würth Group operates worldwide and employs over 79,000 people, realising an annual turnover above 14 billion EUR, making it one of the largest non-listed companies in Germany.