The insurance market is dynamic and constantly evolving. While an organisation’s overall insurance program may have been adequate one year, this does not necessarily mean the program has maintained currency or relevancy over the ensuing year(s).

 

This is because the organisation may have significantly evolved its products, services, activities, processes, relationship with customers and providers and grown, merged and/or materially changed its risk management strategy and profile. This in turn may have resulted in the organisation significantly altering its insurance needs.

 

Obtaining professional advice and having an insurance broker and consultant undertake a review of your organisation’s insurance needs is an important first step in risk management.

 

Whether the advice extends to:

• Providing a high level health check of the current insurance arrangements in place

• Benchmarking a client’s insurance arrangements against its key competitors

• Reviewing the nature of risks covered under a policy against a list of uninsured risks

• Establishing the adequacy and scope of the client’s policy wordings, limits, deductibles etc

• Undertaking product development

• Establishing the financial performance of the insurance arrangements over time

• Advising the client in relation to Mergers & Acquisition activity

• Conducting a risk profiling exercise

• Reviewing  underlying claims experience and other key performance indicators

• Strengthening or implementing controls for better insurance data management

 

These steps can form part of a specific or comprehensive due diligence review that can determine whether or not an organisation’s insurance program is keeping up with best practice standards and continues to meet the needs of the organisation.

 

IFS Insurance Solutions’ team of experienced brokers and consultants are able to work with your organisation and provide an independent diagnostic and analysis of your insurance arrangements.

 

Our client advocacy focus, coupled with the capability and expertise of our staff, means we are well positioned to advise organisations on a range of critical insurance matters for resolution and improvement.

 

For more information on our advisory and consulting services please contact us.