For many organisations, insurance plays a large part in their risk management protocols. While many risks faced by companies in today’s environment are considered uninsurable, it is often more practical for companies to purchase insurance for those risks which are insurable.

As a result, organisations frequently become far too reliant on the advice of an insurance intermediary or broker to arrange their insurance programs, which, if not done properly, can be a dangerous and uneconomical approach.

While your insurance program and broker relationship may appear reasonable on the surface, there are many considerations which are often overlooked that are critical to ensure you are getting the best out of your insurance arrangements.

It is important for organisations to test their program in the market every three to four years to not only make sure it has kept pace with developments in the global insurance environment, but also to ensure you maintain the best solutions in terms of cover, pricing and broker performance.

This requires careful consideration and planning, as a poorly managed review or tender process can be a waste of valuable time and resources and, more worryingly, damage your organisation’s reputation in the insurance market.

The Lion Partnership has developed a unique, in-depth tender process that captures a wide range of critical data that enables clients to make a fully informed and educated decision on how best to manage their insurance program – from start to finish. The process is 100 per cent flexible, meaning it can be tailored to meet your individual needs. 

Questions which need to be raised include:

·       Is my current broker my advocate or the agent to an insurer?

·       Whose interests is my broker representing in the event of a loss?

·       Are our current insurance policies appropriate for our specific needs? Do they provide adequate protection?

·       What measures are being taken to ensure my insurers are solvent and are best suited for my business?

·       Are we receiving value for money?

·       Are our premiums competitive and in line with market rates?

·       Are we meeting our legislative and contractual arrangements?

Since 2010, The Lion Partnership has worked with more than 200 organisations from a wide range of industry sectors and backgrounds to address the above questions, among many others.

Please contact us to learn how your business could benefit from our services. Alternatively, read our case studies and testimonials to see how we have helped businesses across various industries improve their insurance policies and risk management capabilities.