Insurance
Solutions.
We take a practical, risk-based approach to insurance solutions management, ensuring that your insurance programme is delivering maximum value and is properly aligned with your risk profile.
Insurance
Solutions.
We take a practical, risk-based approach to insurance solutions management, ensuring that your insurance programme is delivering maximum value and is properly aligned with your risk profile.
When we look at your insurance
the last thing we look at is your insurance.
First we thoroughly review everything. Your processes, practices, history and do a deep dive into the industry to which your oganisation belongs. We build a risk profile, based on your history and preferences. Then, after discussing and agreeing a strategy with you, it is time to start reviewing your insurance programme.
The good news is 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
- 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
Insurable Risk Reviews
Corporate Insurance Reviews
Outsourced Insurance Management
Insurance Broking Tenders
Complex Insurance Claims
Aligning your insurance programme to your business risks
The insurable risk profile of every one of our clients is unique. This means the way we help them to receive the best value for money from the insurance industry is also unique.
We work with our clients to reduce their total cost of insurable risk. An insurable risk profile will give you total confidence that you are buying the best insurance solutions your business needs – no more, no less.
Assessing opportunities for improvement
Our clients want to receive the best value for money from the insurance industry, and we help them do that. We review existing insurance arrangements and make an assessment of the opportunities for improvement.
We have completed more than 250 independent insurance reviews during the last 6 years.
We estimate that the total value of improvements to the insurance programmes we have reviewed exceeds $100 million.
Expert insurance support for your team
Many companies delegate insurance responsibility to a busy CFO or financial controller with no specialist insurance experience, or recruit an Insurance Manager to oversee the company’s insurance programme full-time.
RAS offers a third, better option: we will embed ourselves in your business as your Insurance Manager. RAS employees oversee the insurances of not just one, but dozens of major companies, giving us unrivaled experience and leverage with the market. Brokers know us and always use their “A-team” for RAS clients. And our services are based on hourly rates, so you won’t be paying for an under-utilised resource.
Finding the best broker for your business
The selection of an insurance broker should be managed by insurance experts. RAS knows the insurance market better than anyone and can cut through the jargon and unrealistic claims to identify true value. We manage the tender process from start to finish, from the selection of participants through to final recommendation using our unique 100-point qualitative assessment matrix.
There are numerous reasons an insurance broker tender may be required. Perhaps your current broker is not performing, your risk profile may have changed due to a merger or acquisition, or it might be a matter of good governance. RAS has facilitated over 100 tenders in the past 12 years, and they have almost always resulted in substantial savings.
Claims Advocacy and Management
Large and complex claims can take months to resolve and take up the valuable time of internal staff. RAS consultants are experienced in managing the needs of insurers, adjusters, brokers, and other parties in a claims situation and have successfully navigated dozens of large claims through to settlement.
A Recent Case Study
Insurance Review
Recently, a major Australian ASX 200-listed company (for client confidentiality reasons, we cannot mention their name) contacted Risk Advisory Services (RAS) seeking independent advice on its property insurance arrangements.