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?