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Cost reduction with greater protection — can it be done?

14th June 2018 | Tags: Costs, Liability, Rebates

The answer to this question is – yes – but the timescales involved to achieve this require input from both UK & Global and our client. We would go as far as saying that it requires commitment from our client to enable the desired cost reduction / greater protection outcome to be achieved. We ask clients to ‘open their doors and allow UK & Global in’.

The reasons for this are as follows:

  • We seek to gain an insider’s view of the client’s operations and risk management procedures
  • We look to build personal relationships with the decision makers and senior managers
  • We wish to understand the culture of our client’s organisation

When we are invited in we consistently find that we are able to put forward very bespoke, and the most effective, solutions for our clients.

We seek to agree timescales for implementation of any agreed recommendations with the client to ensure change is undertaken effectively and in a timely manner.

At all times we will illustrate to our client the benefits of any recommendations to achieve the following:

1. Cost reduction

UK & Global has a strong market reputation for delivering to insurers high quality risk presentations. These presentations provide competing insurers with a greater understanding of our client’s risks and risk management capabilities. Using these risk presentations we are able to negotiate for our clients:

  • More competitive premiums
  • Wider policy cover
  • Agreement to insurers providing financial contributions to specific risk management initiatives
  • Low claims premium rebates
  • Long term agreements
  • Where possible, guaranteed premium rates fixed for terms of two or three periods of insurance
  • Interest-free premium payment facility

We consistently find that, over a period of time, the cost of our client’s Insurance programmes are reduced in this way.

2. Greater protection

This is achieved as follows:

  • We stylise the policy cover and extensions to deliver the most benefit for our clients through the cultivation of a detailed understanding of their operations and risk exposures
  • Higher levels of indemnity, for liability covers, and more comprehensive policy wordings are more easily agreed where Insurers consider that they fully understand a client’s operations and risk management programmes
  • In addition the output and recommendations from the health and safety management and business continuity audits also help our clients to develop more robust protection of their operational risks including their assets, people and liabilities