National Retail Chain achieves premium savings in excess of 20% while securing increased levels of coverage.
Background: National Retail (building supplies) Chain.
Needs: Incumbent broker retained for over a decade and as a consequence they required a review of national property, motor and liability insurance coverage. There was significant gaps and unnecessary costs. They wanted to save money on premiums, Annual Premium spend $800,000.
Solutions: Significantly reduced risk and management expenditure, while delivering effective coverage enhancements across all of the major policies.
Savings: $200,000 - 23% savings on insurance premiums.
Part of a leading retail builders merchant´s corporate governance protocols was to review their key suppliers. The Lion Partnership was engaged to help examine its risk management strategies and costs. The Board and Management required assurance that their insurance (risk transfer) program was efficient from both a pricing and coverage perspective, thus ensuring that there were no gaps in coverage.
The Lion was able to generate significant premium savings, more than 20% of the current expenditures and deliver significant coverage enhancements across all of the major policies. The process demonstrated to the client the ineffectiveness of the existing risk management program with all of the weaknesses now being addressed within the significantly reduced risk management expenditure cost base.
- 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