Item What's covered Included in Initial Healthcheck Included in Full Healthcheck
Your Past Adequate reserves for historic risks, Internal and external data for asessing risk, core risk metrics/trends for each class, historic insurers’ solvency II capital coverage/policies still “fit for purpose”?
Your Future Your Risk appetite, Risk Financing timeframe and Risk exit strategy, statutory obligations/exemptions, Your EMLs (expected maximum losses), their cash-flow/term profile, Insurability, existing hedging, corporate context, non-insurance alternatives.
Your Future Made Product Optimal XS/AGGS/cover limits; premium range before broking, robust LTA wordings, compensation scheme access, Solvency-II friendly risk marketing, sales taxes.
Your Best Provider Insurer profit margin analysis, solvency II capital coverage, freebies, negotiation evidence.
Your Money AML checks, contract certainty, claimant security.
Your Review Process Decision review, emerging solvency II strains, new products, premium rates and trends.
  • I send a questionairre to gain an overview of your current process; no claims data or policy documents are required and I do not need to contact any of your existing insurers or brokers
  • I then review and report back with recommendations and costs, within 14 days
  • If substantial premium savings can be achieved safely and strategically (fitting in with your corporate strategy), I will recommend an Implementation Plan
  • If substantial premium savings cannot be achieved safely and strategically, I may recommend smaller changes with a rolling Monthly Retainer or Fixed Fee Improvement Plans
  • There is no obligation on your part to implement any of the recommendations

Common Questions common questions icon

Why are XS/AGGS not covered in an Initial Healthcheck? Surely this should be the first thing you look at?

  • XS/AGGs are features of insurance solutions
  • The InsuranceInspect Initial Healthcheck considers your overall balance sheet first, before concluding if insurance is the best solution

I don’t want all the topics covered…I don’t see them as relevant

  • InsuranceInspect is a complete, holistic balance sheet approach to find the best way to finance your risk
  • All topics are relevant, but rarely considered as part of a comprehensive risk financing review

Isn’t this just about increasing XS/AGGS?

  • No, InsuranceInspect is a complete, holistic balance sheet approach to find the best way to finance your risk
  • Increasing Your XS/AGGS is only recommended if insurance is the best solution, your existing XS/AGGS are sub-optimal and claimant security would not be compromised.
  • In many cases it is the cover limits (and their definition) which is the problem.

In Summary

  1. What can you learn from your past? How much profit have insurers made from you?
  2. What can happen in your future? How likely are large claims really? What’s the best way to pay for them?
  3. Is an off-the-shelf policy right for you? What are the alternatives? Why insure in the first place?
  4. Is the brokers’ panel comprehensive enough? How much are they being paid? What if you need a bespoke solution?
  5. Is there security for your claimants?”
  6. Did you make the right decision at your last renewal?

“Ask John to perform his version of search and destroy on your premiums”

“Ask John to perform his version of search and destroy on your premiums”