Has your current Insurance Service Provider (Insurance Broker) developed a Strategy for your Business?
Do they review it at least three (3) months prior to Renewal every Year?
A properly constructed Insurance Renewal Strategy will highlight critical issues about :
a. Current and short term future Market trends;
b. Market Conditions and future developments;
c. Management of Organisational Risk exposures;
d. Presentation methods to optimise Market penetration.
Risk Identification is the first critical step in developing a sound Strategy. It is important to gain a thorough understanding of the Organisations Financial, Legal, Operational and Human Risks.
Identifying potential hazards and risk exposures allows the Organisation to make informed decisions about their capacity to accept or transfer Risk.
Examining Market conditions is essential to achieve maximum reach, leverage and targeting to achieve desired economic outcomes.
Without question the Presentation of an Organisations ability to articulate and differentiate their own specific Insurance Risk as well as their Management of Risk, is paramount in Underwriters determination of whether they will risk their Capital, and if so, at what cost to the Organisation.
A positive and enthusiastic Insurance Underwriter is more likely to produce desired benefits for the Organisation upon demonstration and acceptance of the Organisations superior commitment to their Risk and result in more favourable Terms and Conditions.
Once a Strategy has been developed it is important to agree on its implementation and precise methods of targeting to maximise leverage.
If you’re current Insurance Service Provider is not this thorough each and every year then perhaps you need to consider change.
Ensuring the Organisation has an Insurance Broker with the qualifications, experience, resources and market penetration is essential to extract the best possible terms from the Market.
VeriSure are Specialists Risk Advisors.
Our commitment to providing the very best Policy Terms and Conditions at the most competitive Premium together with our professional Claims Advocacy is paramount.
Contact us for an extensive Risk Assessment today.
Knowledge then Security.