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:
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
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.