A renowned global Information Technology Company engaged the Lion Partnership with a significant online presence eager to test the adequacy of their insurance arrangements from both a coverage and pricing perspective.
While the client was not displeased with the performance of their incumbent broker, they were eager to save money and had not explored alternative markets for more than ten years.
A full insurance tender process was carried out, which unearthed numerous inadequacies from a coverage perspective. Many had occurred due to the incumbent broker's inability to adequately modify the program in line with the client's growth and evolving risk profile. This is a common issue for many organisations that provide internet-based services, given the myriad of ever-changing risks associated with trading online.
We achieved various insurance policy enhancements and improvements in the cover and the competitive tension brought about by the tender process generated significant cost savings for the client of almost $350,000. This was an overall reduction of nearly 50%. They also benefited from several supplemental specialty services from their newly appointed broker at no additional cost.