….. 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.

“Ask John to perform his version of search and destroy on your premiums”

“Ask John to perform his version of search and destroy on your premiums”