A robust step-by-step approach, whichever Healthcheck you choose…
Our reviews cover each of the following areas, according to your Healthcheck Scope
Included in Initial Heathcheck
Included in Full Heathcheck
|I. Your Past||Realistic Reserves|
|Core Risk Metrics|
|Legacy Policies: fit for purpose?|
|II. Your Future||Risk Appetite|
|Statutory Obligations & Exemptions|
|Expected Maximum Losses (EMLs)|
|EML cash-flow/term profile|
|EMLs: Risk Consistency|
|EMLs: Balance sheet volatility|
|Cost of capital|
|III. Your Custom Made Product||Optimal product design|
|Structuring and Layering|
|Premium decision range|
|Strength of LTA wording|
|Compensation Scheme Access?|
|Marketing: Solvency II friendly?|
|Specific broker experience|
|Specific insurer experience|
|IV.Your Best Provider||Gap analysis|
|Insurer profit margin|
|Solvency II capital coverage|
|Recoverability of sales taxes|
|Solvency monitoring/exit clauses|
|Evidence of “hard-ball” negotiation|
|V. Your Money||Money-Laundering|
|Contract certainty: risks & delays|
|VI. Your Review Process||Reviewing the risk transfer decision|
|Solvency II issues/premium impacts|
|Premium rates and trends|
- 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?