Human Resources

International Workforce Management Services Company discovers their appointed broker of 10+ years is collecting undisclosed commissions on a poorly structured insurance program.

Back
Background

The Lion Partnership completed a comprehensive audit and insurance/risk management review for an International Workforce Management Services Provider with revenue of over $250 million.

Approach

The first step in The Lion Partnership’s engagement was to oversee a comprehensive tender process to provide 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 broker's actual position, who it was later discovered was acting as an agent to several insurers and taking undeclared commissions.

Following on from the tender process, we carried out a technical review of the client's 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.

Solution

By the end of the process, the International Workforce Management Services Provider client enjoyed vastly improved policy conditions and coverage levels, secured significant premium savings over 30%, and maintained a more open and transparent relationship with a broker that was indeed their advocate.

More results

Construction
National Construction and Property Development Company with annual revenues in excess of $250m secures major coverage enhancements combined with a 23% premium saving without the need to change insurers.
Learn More
Education
One of Australia's largest tertiary education providers enjoys $485,000 in annual insurance savings while securing vastly improved levels of insurance protection and broker performance.
Learn More
Logistics
Integrated provider of import and export logistics services with more than $1.1 billion in asset values.
Learn More
1 2 3 4

Related News

The importance of a Statement of Capability tender management service
September 1, 2021
Risk is inherent in the modern working environment – an unavoidable consequence of running a business in the 21st century. All organisations are forced to deal with various challenges and risks that threaten their performance, many of which they face daily.
Read Article
Your important complete cyber liability market update
August 5, 2021
The Cyber insurance landscape has experienced a dramatic shift over the past 18 months following a sharp uptake in the severity of cyber losses sustained by Australasian businesses.
Read Article
Is your broker getting you the best insurance deal?
July 29, 2021
Going too low on insurance cover is risky for any business. But how can you be sure your insurance premiums are in line with market rates?
Read Article

Mastering the request for Proposal process

Only the right process and the right people will achieve the right results.

Subscribe for insurance market updates

Get regular updates plus all the latest Lion Partnership insights.

Get in touch today

Our industry-leading consultancy team can help your organisation make the most out of its insurance costs.

crossmenuchevron-down