In our latest case study, several colleagues from the Specialist Risk Insurance Solutions (SRIS) team worked with our Head of Portfolio Management, James Roberts, to secure specialist cover for an international infrastructure provider, whose team was unhappy with the service and increased costs from their previous broker.
The client was an international infrastructure provider delivering excellence in service, innovation, and safety and had a previous relationship with Amy Green, Development Executive at SRIS.
At renewal, the client was faced with a 35% increase in premium and newly introduced stipulations from the broker in terms of additional product sales, as they had grown by 65% and the wage roll had increased by 27%. They felt this was a step too far as they noticed the service had been slipping over the past few years, so when Amy got in touch, the client agreed to meet with her.
Amy reassured the client that nothing was impossible and that there was still time to undertake a review. After conducting a review, Amy was able to identify a number of redundant covers, gaps in cover, and a significant element of additional broker earnings that the client felt were ‘hidden’ in addition to the agreed fee.
After highlighting SRIS’s approach to transparency and how the team could help, the client invited Amy, James, and Chris Lennon, SRIS Sales and Development Director to a board meeting to present and reassure the rest of the board how SRIS could support and execute on Amy’s strategy. James highlighted how we would engage with senior level underwriters at their headquarters and if appointed, how he would personally engage with the underwriters and meet with his counterparts that day – which he did! The client then provided SRIS with the Broker of Record (BOR) and the team sprang into action.
Amy led the broking team and great results were achieved in reducing and simplifying the placement of the Professional Indemnity (PI) with Mike Smith, Senior Financial Lines Broker, which delivered a significant premium reduction.
The Contractors’ All Risks (CAR) was replaced and renegotiated, and the Liability tower was also revised to simplify and achieve premium reductions. The client’s existing Cyber policy was also critiqued, with many gaps in cover identified and therefore, the policy was moved across to one of our insurer partners.
SRIS claims specialists, Jamie George, Justin Welham and Tom Deveson immediately reviewed the claims experience and by taking control and proactive engagement, 11 open claims were closed at nil loss or minimal settlement. They also challenged a large claim which was affecting the client’s renewal and were able to strip over £500K worth of claims from the claims experience, which hugely improved the risk picture and placement options. Overall, the SRIS team increased limits and cover, aligned placement and simplified the programme for the client. The client was very happy, and they feel confident that they have a great professional team advising them so much that they committed to a three-year broker appointment.
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