Background: Large national retailer with asset values in excess of $2.5 billion and annual revenue figures of almost $2.7 billion.
1. Looking to test the long standing relationship with their incumbent broker spanning more than 8 years.
2. Review the effectiveness of their existing insurance and risk management programs.
3. Prevent wasted risk capital and reduce costs.
1. Complete program review and risk audit.
2. Technical policy wording review on their major classes of insurance.
3. Implementation of a competitive RFP tender process for the provision of insurance broking and risk management services involving a diverse panel of brokers.
Savings: $920,000 - 30% Savings on insurance premiums.
While not dissatisfied with their incumbent insurance broker and risk carriers / insurers, the client felt it would be a good corporate governance exercise to engage an independent expert to test the efficiency and cost effectiveness of their existing arrangements.
The Lion Partnership (TLP) subsequently managed a comprehensive RFP tender process on behalf of the client, involving five of Australia’s largest brokers; all of whom submitted comprehensive proposals of an extremely high standard.
Following on from the RFP process, TLP worked alongside the newly appointed broker to ensure a complete remarketing exercise was undertaken involving both local and international markets. TLP also sought to ensure that the various deficiencies and percieved program weaknesses discovered throughout the review process were adequately addressed.
Overall, TLP was able to help the client obtain a series or major program enhancements and improvements in cover, secure notable financial savings over $900,000 or 30%, and put in place a bespoke service level agreement with clearly defined service deliverables and performance measures.
Contact us today to find our how The Lion Partnership has helped businesses to save significantly on their insurance costs.
- World’s best practice knowledge and local experience
- Best in class corporate governance protocols
- Independent and impartial advice and coverage review
- In-depth gap analysis and policy wording review to identify risks
- Global benchmarking to ensure optimum coverage at best price
- No requirement to change insurance providers
- Alternate Fee Structures including our ‘no savings, no fee’ model