Creativity, solutions approach gives NACORA INSURANCE BROKERS LTD distinct market lead as prospects open north of the border.

Since 1972 it has been Nacora’s core competence to support companies in the design and building of cost-effective insurance programmes, according to Leung Ying Wai, Elves Godwin, Managing Director Hong Kong and China.

Nacora is an independent commercial insurance broker specializing in the provision of risk consulting and commercial (marine and non-marine) insurance solutions, products and services.

Its network of offices spans thirty countries, from where Nacora deploys insurance, claims and risk management specialists serving customers in all industry sectors throughout all the major economies. Its head office is situated in Schindellegi, near Zurich, Switzerland.

Owing to its heritage in the transportation industry, Nacora has unique specialist capabilities and resources in the design and management of insurance programmes for the transportation and logistics industry.

Nacora provides financial strength to its business partners and is a wholly-owned subsidiary of Kuehne + Nagel, the global logistics provider.

“We design special marine insurance which cover our client’s needs holistically according to their products, operation, logistic and particular needs.” – Leung Ying Wai, Elves Godwin.

Fight for Market Share   

“Hong Kong insurance market is very small and competitive. There are over 100 insurance companies including Life, General, and Composite Insurance Companies.

For life insurance it was growing over the past few years. Because of the expanding middle class in Asia, especially in mainland China,” says Leung.

“Due to such expanding a lot of people getting wealthier, needs for life insurance, medical insurance and superannuation products grows tremendously. One of insurance market they choose to buy is Hong Kong.

“For General Insurance, the competition on price is getting fierce, despite well known deficit lines, like Motor Insurance and Employees’ Compensation Insurance especially related to construction activities. This situation seems to slow down due to quite poor experience of the market.”

He says that since the premium war began 3 decades ago, most clients expect premium cut every year. Hence, service and security may not be the major criteria of a client to choose service providers, but premium.”

Nacora Insurance Brokers Ltd. receiving the award of “Commercial Insurance Solutions Leader of 2018” at Mediazone’s Most Valuable Services Awards in Hong Kong on June 1, 2018.

Unique Service Quality     

Leung adds: “Being an insurance broker alongside the most promising logistic group in the world, we design special marine insurance which cover our client’s needs holistically according to their products, operation, logistic and particular needs. We also provide products liability, credit insurance and storage insurance as per client’s needs.

“We may provide tailor made cover as per particular requirement of some customer in order to protect them well. Some cover is unique and you can seldom find it in the common insurance market.”

This is because Nacora and Kuehne + Nagel co-operate seamlessly to provide best-in-class service to our client. Nacora keeps modifying its protection cover for client constantly.”   

Exceeding Expectations   

“Since Kuehne + Nagel has over 50 office in China, we setup an insurance hub in Shanghai to serve our clients. The China market is growing immensely. We are now planning to setup more service centres in China to provide closer relationship sand service.

“Our customers today have very unique insurance experience through-out their whole journey with us because ‘we deliver as we promise’. We will keep our service standard higher than expected.

“We are busy exploring how the new cyber world can enhance our communication, application, service with our client, including through web-site and mobile gadget, etc. The future is bright for Nacora,” he says.

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Hong Kong’s Business Leaders share market and interest intelligence in the pages of HKMVC 2019