Information Technology

Publicly listed Global Information Technology Company works with The Lion Partnership to review their insurance arrangements from both a coverage and costs perspective.

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Background

A renowned global Information Technology Company engaged the Lion Partnership with a significant online presence 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 ten years.

Approach

A full insurance tender process was carried out, which unearthed numerous inadequacies from a coverage perspective. Many had occurred due to the incumbent broker's inability to adequately modify the program in line with the client's growth and evolving risk profile. This is a common issue for many organisations that provide internet-based services, given the myriad of ever-changing risks associated with trading online.

Solution

We achieved various insurance policy enhancements and improvements in the cover and the competitive tension brought about by the tender process generated significant cost savings for the client of almost $350,000. This was an overall reduction of nearly 50%. They also benefited from several supplemental specialty services from their newly appointed broker at no additional cost.

Testimonial

“It had been some years since Spark did a full review of not only its insurance broker but captive manager and policies. We wanted to ensure we were working with the best and that our policies were best in class and fit for purpose given the transformation of our business over time towards more digital services.

(TLP offered us an) independent review conducted by specialists in the insurance field which is a very unique industry. (Their) independence and the fact we got a full summarised report, score cards and that TLP took care of the work (was a great benefit). It was also great having TLP participate in the presentations to facilitate them but also ask questions".

Chante Mueller
Head of Investor Relations & Assistant Treasurer
Spark NZ
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