The Lion Partnership (TLP) partnered with a large automotive logistics company and helped them realise significant premium savings of almost 40% with improved levels of insurance cover. This ultimately led to TLP being engaged by the parent company - a large logistics services company with annual revenues exceeding $1.1 billion.
The first phase of TLP’s engagement was to implement and manage a competitive broker tender process with a select panel of brokers that had proven experience in the Logistics sector. This resulted in the client breaking a 10 year relationship with their existing broker.
The newly appointed broker exceeded expectations by delivering cost savings of more than 36% while addressing a number of significantly uninsured exposures. They also provided the client with several technical evaluation and risk advisory related services in the lead up to renewal, including historical claims analysis and insurable risk profiling and gap analysis studies (among others), all of which helped to refine the program to ensure it delivered a tailored, 'fit for purpose' solution for the client.
TLP also carried out technical reviews on the client’s top three major policy wordings, comparing them to alternative products available in the market and providing feedback on areas where improvements could be made. This enabled the newly appointed broker to negotiate further improvements with the client's incumbent insurers by demonstrating that other carriers in the market were willing to insure certain risks that the incumbents were not.