Our InsuranceInspect Services product aims to reduce your insurance premiums Substantially, Safely and Strategically and we will tell you honestly if substantial premium reductions are not safe for you.
What do we mean by Substantially, Safely and Strategically?
Our tried and tested process has been refined over 20 years
I. Your Past
You may be over-reserved for existing risks, meaning reserves can be released to safely support buying less future insurance. We can help you assess excessive balance sheet reserving.
II. Your Future
You may be exempt from normally mandatory covers (e.g. employers’ liability). If so, then we can arm you with our extensive actuarial data, so you can confidently and safely decline this cover.
III. Your CustomMade Product
You can design your own insurance product to meet your strategic objectives and ask for bespoke product designs from new insurers. We can design insurer-friendly products, and accurately estimate the likely premiums.
IV: Your Best Providers
There are thousands of insurance brokers and insurers - not just the limited panel of insurers your brokers may use, or which your normal tenders may attract. We can help you design, manage and score tenders for brokers and insurers.
V: Your Money
Your Premiums are often paid neither to your named broker nor the insurer, but to a third party (wholesale) broker; did you carry out appropriate Anti-Money Laundering checks? Furthermore,what is the security for your claimants? Will they get paid if you become insolvent? We can improve your insurer credit-checking and improve the security for your claimants.
VI: Your Review Process
Most clients do not have appropriate management information (MI) reports to assess whether they made the correct risk transfer decision at the last renewal, then repeat the (incorrect) decision at the following renewal. We can create simple MI reports to demonstrate whether you made the right decision or not.
Who are We?
We are not insurance brokers or insurers; we are independent actuaries working solely for corporate Insurance Buyers to optimise your use of funds. No black boxes, no fancy software, just plain English. We are Authorised and Regulated by the Institute & Faculty of Actuaries in the conduct of Insurance Distribution Activities.
What makes us unique
We advise all firms, both large and small
Typically our full Insurance Tranformation process is for companies paying premiums of GBP£100,000 pa or more, usually starting with a Healthcheck, which can be ordered on our website.
For smaller or medium-sized firms we can usually use elements of the process to keep the advice cost-effective for your budget/current level of premium spend/potential (safe) premium saving, typical client projects being Insurance Premium/Risk Workshops, Risk Communication, improving your Board reporting on Risk/Insurance etc. etc.
Just drop us an email for a no cost/no obligation discussion of your situation/requirements or book a free, no obligation, 45m intro video call on our website.
The Garden Studios, 71-75 Shelton Street
WC2H 9JQ London