Frequently Asked Questions.
All the answers to the questions you were afraid to ask.
Frequently Asked Questions.
All the answers to the questions you were afraid to ask.
What does Risk Advisory Services (RAS) do?
Risk Advisory Services is an independent risk and insurance consulting firm owned by its employees. We help our clients to minimise their costs and appropriately manage their risks by reviewing and developing risk management infrastructure and managing the performance of insurance brokers.
Our employees are some of the most experienced risk and insurance professionals in the Asia Pacific region and have advised some of the largest organisations in the world.
I already use an insurance broker, how does RAS fit in?
Many brokers in Australia are too close to the insurers they deal with. They rely on commission income from insurers and their standard revenue model is based on how many policies they can sell to their clients. This means it can be difficult for brokers to provide non-conflicted advice.
RAS does not earn income from insurers, so we can give you expert, non-conflicted advice about what insurance you need. We can then negotiate with your broker on your behalf to get the insurances placed in the market, making sure that the broker and insurers are not overcharging you.
What is RAS’s remuneration model?
We agree our fees up-front and based on hourly consulting rates, similar to other professional advisers.
We do not charge success fees or any other potentially conflicted remuneration.
Can RAS help me save money on my insurance programme?
We almost always find opportunities for savings, by:
- Ensuring a service agreement is in place with your broker preventing them from earning commission on your policies
- Making sure the fees charged by your broker are reasonable
- Encouraging brokers and insurers to compete for your business through a tender process
- Identifying areas where you are over-insured compared to your risk profile, for example deductibles that are too low or limits that are too high
- Helping you to effectively self-insure those risks that are within your company’s risk appetite
How experienced is your team?
The average industry experience of our team members is 22.5 years.
Our team members hold qualifications in insurance, law, accounting, finance, risk management, psychology, and business administration. Many of us have worked in the insurance industry as well as public and private sector roles in risk, insurance and finance.