Business Insurance
This streamlined and highly confidential business insurance service achieves significant savings for clients.
Confidential Insurance Audit
The confidential insurance audit service, provided by our insurance partner experts, is an excellent alternative to carrying out a full, formal review. Our partners are part of a large financial institution, with some 3,000 employees, who seek to offer a streamlined yet personalised service.
What is it?
The independent audit provides user companies with a full report, identifying any deficiencies in the existing insurance portfolio. For user companies to date, the reports have identified significant areas of under-insurance as well as over-insurance (e.g. double insurance), not detected by insurance brokers.
The report also sets out the guaranteed premium pricing for the entire insurance programme.
The Process
The traditional renewal requires a huge investment of company time and effort. By contrast, the confidential audit service streamlines the review procedure, by focusing on key areas of importance to each company.
As you would expect, there is an initial meeting prior to the survey itself, followed by a presentation of findings.
What are the benefits over a formal review?
No contact is made with insurance market. This has significant impact on the eventual premiums to be paid as well as avoiding upsetting any broker relationships.
This also prevents over-representation in the market, which can result in mixed messages, adversely affecting comparability of quotes.
In addition, the audit can be conducted at any time, without the pressure to make decisions quickly.
Savings
At the present time in the insurance market, brokers are unable to offer significant savings. By contrast, our customers can expect to enjoy a better service as well as savings of around 20%.
