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 | ||
Data Inventory | |||
Core Risk Metrics | |||
Legacy Policies: fit for purpose? | |||
II. Your Future | Risk Appetite | ||
Statutory Obligations & Exemptions | |||
Data Inventory | |||
Expected Maximum Losses (EMLs) | |||
EML cash-flow/term profile | |||
EMLs: Insurability | |||
EMLs: Risk Consistency | |||
EMLs: Balance sheet volatility | |||
Cost of capital | |||
Indirect hedging | |||
Non-insurance alternatives | |||
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 guarantees? | |||
Solvency II capital coverage | |||
Recoverability of sales taxes | |||
Policy add-ons/”freebies” | |||
Broker remuneration | |||
Solvency monitoring/exit clauses | |||
Evidence of “hard-ball” negotiation | |||
V. Your Money | Money-Laundering | ||
Contract certainty: risks & delays | |||
Claimant security | |||
VI. Your Review Process | Reviewing the risk transfer decision | ||
Solvency II issues/premium impacts | |||
New/replacement products | |||
Premium rates and trends |
In summary
- 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?