The Lion Partnership (TLP) completed a comprehensive audit and insurance/risk management review for an International Workforce Management Services Provider with revenues in excess of $250 million.
The first step in TLP’s engagement was to oversee a comprehensive tender process for the provision of 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 brokers true position, who it was later discovered was acting as an agent to several insurers and taking undeclared commissions.
Following on from the tender process, TLP carried out a technical review of the clients 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 client enjoyed vastly improved policy conditions and coverage levels, secured significant premium savings in excess of 30%, and maintained a more open and transparent relationship with a broker that was truly their advocate.