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