The Lion Partnership (TLP) were engaged by a renowned IT Company with a significant online presence who were eager to test the adequacy of their insurance arrangements from both a coverage and pricing perspective.
While the client was not displeased with the performance of their incumbent broker, they were eager to save money and had not explored alternative markets for more than 10 years.
A full tender process was carried out which unearthed numerous inadequacies from a coverage perspective, a majority of which had occurred due to the incumbent brokers inability to adequately modify the program in line with the clients growth and evolving risk profile - a common issue for many organisations that provide internet based services given the myriad of ever-changing risks associated with trading online.
In addition to the various policy enhancements and improvements in cover that were achieved, the competitive tension brought about by the tender process also generated significant cost savings for the client of almost $350,000, equating to an overall reduction of almost 50%. They also benefited from a number of supplemental specialty services from their newly appointed broker at no additional cost.