Clinical studies are and remain a challenge for market players in the life science industry. While the core competence around clinical trials is within the company itself, life science companies rely on external experts to solve the administrative hurdles in a highly regulated environment. This applies to the legal part and the purchase of the mostly mandatory insurance coverage. In this highly regulated industry, the cause of a future claim could be occurring right now, but the company may not be aware of it for months or even years.
As a company expands, agile insurance solutions with flexible covers tailored to its needs and relevant to the risks faced are necessary. The following diagram of a company’s typical lifecycle highlights some of the key covers on the various stages of a company’s development process.
Chubb, as insurer, and Kessler, as risk and insurance advisor, have been investing specifically in the life science sector for many years. Based on these experiences we have created together a series in 3 parts, which will be published in the Bioalps Newsletter in the following months:
Part 1: Phase I to III – save time and energy to get your insurance certificate
You have faced or will face the strict legal requirements around clinical trials. Obtaining an insurance certificate to demonstrate that your study is secured can be a challenge. Working with an experienced advisor and a company that can follow your whole journey is crucial and needs your anticipation. More to come in the first newsletter.
The complex international landscape in insurance needs a strong partner with a wide international reach. Without an experienced team, providing insurance coverage can be challenging before satisfying the needs of the local ethics committees. Avoiding a chain reaction affecting the whole process is key, that is why your advisors and insurers need to have a proofed track record in international clinical trial studies. More to come in the second newsletter.
With the product approval in your hand, the real journey starts. In relying on external experts, you get an objective view of your risk exposure on your operations. De-risking your operations gets key to secure your company durably. More to come in the third newsletter.
Chubb & Kessler’s support to Bioalps
Kessler is the leading risk and insurance management specialist/consultant. It's Life Sciences Team cooperates closely with Chubb as one of the leading specialized risk solution providers of this specific sector, particularly in liability and property insurance.
Working together, both teams resolve the complex challenges in risk management in the life sciences sector and provide the industry with innovative and efficient solutions.
Chubb is the world's largest publicly traded property and casualty insurance company. With own operations in 54 countries and territories and partners in more than 146 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. Chubb operates since 2003 in Switzerland. In 2008 the holding seat of Chubb Limited relocated to Zurich.
Chubb Insurance (Switzerland) Ltd, a subsidiary of Chubb Limited, currently employs 75 people, worldwide there are more than 33’000 employees. Chubb Insurance (Switzerland) Ltd is domiciled in Zurich and has an AA rating from Standard & Poor’s. Tailor-made solutions in property, liability, transport, cyber and environmental insurance, financial lines and personal and accident insurance cover the needs of companies and organizations of all size.
Kessler is the leading Swiss company in the fields of risk management, insurance and pension fund consulting. Our team, which is based in Switzerland has now grown to 300 staff and manages a good one third of the 500 largest Swiss companies from the services sector, trade, industry and the public sector.
As their dedicated partner in all risk, insurance and pension issues, we offer our clients customized risk analyses, modern risk financing concepts and optimized insurance solutions. We also support our clients if they need legal advice or require assistance in the event of a claim.
Life Science businesses operate in an evolving, complex and highly regulated industry where the cause of a future claim could be occurring right now but the company may not be aware of this for months or even years.
As a company expands, policies can adapt with flexible covers tailored to its needs and relevant to the risks faced. The diagram highlights some of the key covers that we offer at various stages of a company’s development process.