The Client:
Privately owned 100 year old company

The Industry:
Integrated food manufacture and production, with consumer high street brands.

The Footprint:
3,000 products available across Australia and overseas, supplying 4,000 customers.

The Problem

Early in April 2019 the client was sold to a private overseas company, and due to the transaction no insurance renewal details were available until post-transaction. The client’s insurance program had a 31 May renewal date.

The client’s broker advised that their total premiums were expected to increase by 40%. RAS were engaged to support the client with the imminent renewal.

The Solution

Our consultant worked alongside the incumbent broker and the company’s senior management team. Engagement with the senior management and executive team was critical for a successful outcome. As with many businesses, the client did not have a dedicated senior-level employee whose role was to manage the insurance programme, and insurance was viewed as an increasing yearly expense.

RAS’s consultant became the in-house insurance manager for the next two months, engaging with and re-educating the executive team to deliver an informative and transparent outcome.

With a tight timeline RAS re-engineered the program to include:

  • More suitable policy wordings
  • Assessment of local or London placement
  • Finding additional capacity for certain markets
  • Reviewing of limits set across the program
  • Reviewing client’s risk profile against the insurance program

By the renewal date the programme was finalised with a great result for the client – including a total premium increase of just 9%.

The Legacy

RAS’s consultants work hard to achieve the right outcome for the client. In this case the lessons learnt were:

Broker – ensure all persons working on the account are fully engaged with the client for the interests of the client.

Client – Understanding complex insurance issues requires an educational and open dialogue with the insurance manager. Providing up-to-date and historical data about your company in a timely manner is really important.

RAS – A great experience to work with the client and broker to achieve such a positive result. As commented by our consultant, this was a case of “same horse, different jockey”.