The Lion Partnership 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 The Lion Partnership being engaged by the parent company - a large logistics services company with annual revenues exceeding $1.1 billion.
The first phase of The Lion Partnership’s engagement was to implement and manage a competitive broker tender process with a select panel of brokers with proven experience in the logistics sector.
This resulted in the client breaking a ten year relationship with their existing broker.
The newly appointed broker exceeded expectations by delivering more than 36% cost savings while addressing several 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). These helped refine the program to ensure it delivered a tailored, 'fit for purpose solution for the client.
We also carried out technical reviews on the logistics client’s top three major policy wordings, comparing them to alternative insurance 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.
Only the right process and the right people will achieve the right results.
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