The Lion Partnership completed a comprehensive audit and insurance/risk management review for an International Workforce Management Services Provider with revenue of over $250 million.
The first step in The Lion Partnership’s engagement was to oversee a comprehensive tender process to provide insurance broking and risk management services involving a select group of suitably qualified brokers. The process uncovered numerous program deficiencies and concerns surrounding the incumbent broker's actual position, who it was later discovered was acting as an agent to several insurers and taking undeclared commissions.
Following on from the tender process, we carried out a technical review of the client's major classes of insurance which exposed numerous weaknesses and onerous policy conditions that would have given the insurers in question the right to deny a claim under various scenarios.
By the end of the process, the International Workforce Management Services Provider client enjoyed vastly improved policy conditions and coverage levels, secured significant premium savings over 30%, and maintained a more open and transparent relationship with a broker that was indeed their advocate.