….. Client examples: all in last 5 years, a select and secretive group of sophisticated Insurance Buyers
- Large client (Annual Revenue: >£250m, net assets > £50m)
- Was paying premiums of c£1m pa (+IPT), now reduced to <£0.2m pa (+IPT)
- c£5m premium savings in last 5 years, with new insurers
- Huge reduction in resources needed for renewals, now below OJEU (public sector) limits
- Previous broker’s advice suggested premiums should increase
- Post strategy review 5 years later confirmed net savings of £3m+ [£5m premium saving, less £2m more optimal risk financing costs]
- Large client (Annual Revenue: >£250m, net assets > £250m)
- Was paying premiums of c£1m pa (+IPT), now reduced to <£0.2m pa (+IPT)
- Actuarially designed and implemented fully-optimised bespoke programme
- Client publicly reported £500k pa of ongoing savings from “Insurance Redesign”, net of fees etc.
- Large client (Annual Revenue: >£250m, net assets > £50m)
- Exempt from EL cover
- Current, off the shelf policy: same EL/PL limits bought for 20+ years
- Designed, priced and negotiated a bespoke (cheaper) policy
- Split EL/PL limits in best interest of client: EL exposure much more quantifiable, substantial premium savings
- Large client (Annual Revenue: >£250m, net assets > £50m)
- Client exempt from ELCI/RTA
- Spent last 20+ years buying separate liability, motor, property policies
- Designed & priced single whole account cross-class alternative, premiums reduced £2m to £0.2m.
- Large taxi firm:
- Annoyed at increasing premiums, despite improving claims experience
- Used to buying low excess RTA compliant motor policies (expensive)
- Unaware of RTA S144 exemption (now removed from Aug 2019) to enable self-insurance and/or with high-level CAT [catastrophe] cover (cheap)
- Large client (Annual Revenue: >£250m, net assets > £50m)
- Review of historic broker advice over many years
- At least £10m loss/excessive premium spend from poor advice/poor premium negotiation.
- Broker removed, new, more stringent broker tender designed & executed.
- Large client (Annual Revenue: >£250m, net assets > £50m)
- Designed bespoke property programme, with corresponding broker tender
- Existing broker responded to tender, but scored very poorly, thus replaced.