Common reasons clients don’t want to ask for help…
We already have an external insurance/risk advisor/broker.
Great up to a point, but do they have the following:
- senior insurance actuary, qualified for more than 25 years
- independent from all brokers and insurers
- no commission (or other benefits) received from insurers or brokers
- vendor neutral solutions (no pre-defined panels of insurers; the right insurer will be chosen at the right time)
- track record of successful risk & insurance transformational change (i.e. 80%+ premium savings, Safely and Strategically).
We already have an insurance broker..
We don’t want to change them
- Insurance Brokers primarily sell insurance solutions; InsuranceInspect Services takes a higher-level, solution-neutral, holistic balance sheet approach to find the best way to finance your risk
- In many client cases, the commission (brokerage) received by brokers for selling these insurance solutions is not clearly stated (in £).
- You may not have to change your broker; our Full Healthcheck review will consider their advice and may (or may not) recommend changes
- If I recommend an Implementation Plan, this may or may not recommend a new broker tender; your existing brokers of course will be able to re-tender
I have just had a similar review from our insurance broker..which looked comprehensive to me
- InsuranceInspect Services takes a higher-level, solution-neutral, holistic balance sheet approach to find the best way to finance your risk
- In most (if not all) client cases, brokers rarely recommend self-insurance of any risk at all
- The best way for You may be on balance sheet (self-insurance)
- The topics we cover are listed under “Healthchecks”
I’m in a highly specialist insurance market/industry (eg marine, aviation, PI, cyber)
- InsuranceInspect Services takes a higher-level, cross-class, holistic balance sheet approach to find the best way to finance your risk
- In many cases, specialist risks are not material to your overall balance sheet
- Thus, in many client cases, specialist policies are not cost effective, especially for large balance sheets
- Non-insurance (IPT-free) solutions can be designed, acceptable to third parties as security
I’ve just renewed our policies, can you still help?
- Yes, this is the perfect time to start a review for next year’s renewal
- A Full Implementation Plan can take 9-12 months, depending on your current state, perfect timing for your next renewal
We are happy with our current insurer, we don’t
want to change them…
- You may not have to; our Full Healthcheck review will consider your existing insurers and policies and may (or may not) recommend changes
- If I recommend a Full Implementation Plan, this may or may not recommend a new insurer tender; if so your existing insurers of course will be able to re-tender
I have an LTA (long-term agreement), which does not come up for renewal soon
- This is a very common situation in the public sector
- If I recommend an Implementation Plan, this will take account of your LTA dates
- In rare circumstances (unfair contract terms), I have recommended breaching or re-negotiating LTAs, but this is rare.