INSURANCE PROGRAM OPTIMISATION
Insurance buyers are experiencing the challenging reality of a hard market, many for the first time.
Selling your company’s risk, not simply buying insurance has a massive effect on your risk and insurance program. With well aligned brokers and underwriters the results are significant.
ABM Risk Partnership has extensive experience in the alignment of risk & insurance, optimising broking arrangements and managing insurance broker tenders. As ex-corporate professionals, not brokers or underwriters, we know what it required to create and purchase corporate programs.
Alignment of Risk & Insurance
Embedded Risk Management enables organisations to align Risk Management behaviour to the underwriting philosophy of Insurers – “sell risk” rather than “buy insurance”.
ABM Risk Partnership will:
Change your insurance buying strategy to be risk based – “Demonstrate to your insurers that your risks are fully understood and effectively controlled
Maximise the value of your insurance broker through well-developed strategically targeted delivery of services
Ensure you are aligned with the right underwriters and maximise those relationships over the long term
Understanding and having confidence in the adequacy of controls to prevent and mitigate the consequences of major losses is a key element of selling risk to insurers. An embedded effective Risk Management framework and function will help your organisation minimise the impact of adverse insurance market cycles
Optimising broking arrangements
The relationship with your insurance broker is a key factor in the effectiveness of your insurance program. Understanding your objectives enables the selection of the right broker for your business.
ABM has real expertise in broker tenders gained from our involvement on all sides of the broker engagement, as brokers, and as buyers of broker services. We have managed broker tenders for some of Australia’s biggest companies and achieved exceptional results in the process.
We understand your needs and what drives your broker requirements. We know how to optimise the delivery of the broker engagement.
ABM Risk Partnership’s Insurance Broker Tender Services provides you with:
Assessment of your current broking arrangements, including broker performance in meeting existing KPIs
Development of your risk financing objectives and relevant measurable metrics to be achieved by brokers
Ensuring your insurance program aligns to your risk management strategy
Consideration of the available tender strategies and production of the Request for Proposal (RFP)
Evaluation of Proposals and recommendations for broker appointments
Supporting your decision through appointment and engagement
ABM Risk Partnership has the knowledge of broker capabilities that will deliver optimal value from your insurance broker tender.
ABM Risk Partnership – our experience is your advantage.
For additional insight read our blog post – Don’t buy insurance, sell risk