Comprehensive Corporate Insurance Review Services.

In commission-based broking models, broker remuneration is often linked to premium size. Risk Advisory Services does not sell insurance policies or receive commissions from insurers. Its role is to act for the client, bringing objective review to the way insurance and risk are structured, reviewed and managed. An outsourced insurance manager is an extension of your team, focused solely the right program, the right price and looking at the insurable risks through your business’s eyes.

It gives the business a clearer view of whether the program is properly aligned to its risk profile, whether the broker relationship is delivering the right level of scrutiny, and whether the insurance arrangements are likely to respond as intended. Your business is evolving and changing all the time, your insurance program needs to reflect those changes.

How does insurance services outsourcing compare to hiring an in-house risk manager or part timer within the finance team (not the finance persons core job)?

In-house expertise can provide continuity, organisational knowledge and day-to-day presence. Outsourced expertise can provide breadth, flexibility, senior experience and independent challenge. For businesses that need flexibility, breadth of expertise and practical support, outsourced risk advisory can provide a valuable alternative to building every capability internally.

Throwing the entire renewal over the fence to your incumbent broker is the easiest option, but it is rarely the most commercial one. It leads to unchecked costs and ‘copy-paste’ renewals. Engaging an independent advisor takes the heavy lifting off your finance team while keeping the broker honest. We manage the technical work:

• Conducting forensic wording audits – reading the 200-page policy schedules so your team doesn’t have to and identifying hidden exclusions.
• Holding your broker accountable by auditing their service agreement and unbundling hidden commissions.
• Delivering independent market intelligence on pricing and deductibles, without forcing your business through a drawn-out tender.

You need independent benchmarking data. Relying on the broker who placed the policy to tell you it is priced well can be a flawed strategy. We run a formal insurance cost review to compare your programme directly against similar organisations in your sector. Our benchmarking exercise evaluates:

• Whether you are paying above-market premium rates for standard corporate risks.
• How your deductible structures compare, and how much risk your peers are retaining versus transferring.
• If your broker’s remuneration actually aligns with current market averages.
• The commercial adequacy of your sub-limits for high-severity exposures, like cyber or natural catastrophes.

CFOs need hard numbers, and an independent review typically pays for itself many times over. We measure commercial returns across four key areas:

• How long since your program has been tested in an open market and are there alternative insurers with an appetite to write your risk
• We strip out undisclosed broker commissions, negotiate lower rates using peer benchmarking, and fix uncommercial deductibles.
• We remove restrictive sub-limits and update outdated policy wordings to match your current operations.
• The ultimate ROI is catching a hidden policy exclusion before a major claim hits, preventing a multi-million-dollar uninsured loss.

Committees need objective facts, not broker marketing brochures. Standard renewal reports often obscure the true cost of risk transfer. We arm you with a comprehensive, board-ready audit report that completely separates the insurer’s premium from the intermediary’s remuneration. To meet corporate governance mandates, your presentation should include:

• Premium and peer comparisons: Hard data showing how your premiums stack up against industry averages and alternative market options.
• Total remuneration breakdown: A clear split showing exactly what the broker earns, including hidden contingent commissions.
• Coverage gap analysis: A prioritised list of uninsured risks and outdated policy wordings.
• Remediation roadmap: Clear, actionable steps to fix identified gaps and hold the incumbent broker accountable.

A competitive premium can sometimes create a false sense of security. If your broker is not actively examining how your business has changed your insurance programme may drift out of alignment.

An independent business insurance review focuses on cover, policy conditions and risk alignment to ensure you are fully protected when a claim occurs. It provides an objective assessment of your coverage highlighting critical gaps your incumbent broker may have missed.

Insurance benchmarking involves comparing your current insurance programme against market data and peer organisations with similar risk profiles. This process helps our independent consultants determine if your premiums, deductibles and policy limits are commercially appropriate and structurally sound.

We recommend an insurance broker review if your business has experienced significant operational changes, if you are unsure whether the market has been adequately tested or as part of a regular governance cycle. This structured process ensures the service model of your broker continues to match the complexity of your risk profile.