A robust step-by-step approach, whichever Healthcheck you choose…

 

How does it work?

You decide whether you want the scope of the Healthcheck to be an Initial Healthcheck or a Full Healthcheck:

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 CustomMade 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 Data Request for you to supply evidence to support your current state
  • 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

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 Intro 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.

“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”