Are you getting the peace of mind you’re paying for?
22 May 2018
If you bought insurance direct, online or through an agent, or you haven't reviewed the details recently, you may find you're paying too much for ineffectual protection. We often discover businesses are over-insured, underinsured or plain uninsured, for their everyday risks.
Try a no-obligation risk review with our specialist consultants
The risk management and insurance buying process can be complex and inefficient – particularly when it results in poor decisions and financial liabilities down the line.
A risk review is an informal, structured workshop session followed by a deep dive into your contractual arrangements by our specialist consultants afterwards.
A thorough risk review can prevent a lot of stress and financial worry – and it’s not burdensome as you might think when you use a structured process and genuine experts.
What is the risk review process?
Step 1 Get to know you and your business
Method: informal workshop session at your premises or ours.
Objective: Reach a clear picture of your objectives, challenges and risks.
- Getting the right people in the room (from your business and ours)
- Asking the right questions
- Keeping an open mind about solutions
Step 2 Contract audit
Method: desk exercise conducted by our consultants and claims technicians.
Objective: find out if your current arrangements meet your needs and make suggestions for improvements if necessary.
- Gaps in coverage
- Overlaps in coverage
- Identifying cost savings
- Consolidation opportunities
- Risk management issues
- Areas of concern from an insurance company perspective
Step 3 Present findings to project/leadership team
Method: report / presentation.
Objective: highlight areas for improvement i.e. more responsive insurance and risk.
- Cost savings
- Streamlined processes
- Coverage improvements
- Risk management strategies and tactics
- Hidden, insidious risks
- Presenting to strategic leadership
- Forging board-level relationships
- Implications of chosen tactics
Next steps? Mitigate. Transfer. Protect
If you’re happy with our findings, proposed improvements and savings, we can help:
- renegotiate your insurance contracts,
- plan risk management initiatives, and
- teach best practice to key stakeholders.
Risk reviews can be a standalone service as part of your risk management approach – or may form part of the ongoing broker-client relationship. Every situation is different. Sometimes we may even do your risk review for free.
To find out more no-obligation risk review services, give us a call.