While not dissatisfied with their incumbent insurance broker and risk carriers/insurers, the retail client felt it would be a good corporate governance exercise to engage an independent expert to test their existing insurance arrangements' efficiency and cost effectiveness.
The Lion Partnership subsequently managed a comprehensive broker tender process on behalf of the client, involving five of Australia's largest brokers. All of them submitted comprehensive proposals of an extremely high standard.
Following on from the tender process, The Lion Partnership worked alongside the newly appointed broker to ensure a complete remarketing exercise involving local and international markets. The Lion Partnership also sought to ensure that the various deficiencies and perceived program weaknesses discovered throughout the tender process were adequately addressed.
The outcome was a vastly improved insurance program that provided the retail client with a far broader scope of cover than what was previously in place. The client also benefited greatly from a financial standpoint, securing considerable premium savings of more than $900,000 or 30%.
The Lion Partnership also worked in conjunction with both the client and their nominated broker to place a bespoke insurance service level agreement comprising clearly defined service deliverables linked to the brokers remuneration. This allowed the client to easily monitor their brokers performance while also creating a scenario whereby they would be entitled to a rebate if the broker failed to meet their targets.
Only the right process and the right people will achieve the right results.
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