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Case Study

Dream discount: client gets $13m drop in cost of insurable risk


Our client is a large convenience retailer and fuel supplier with operations across Australia.

After significant changes to the senior executives group and the development of an operational efficiency project, Risk Advisory Services were appointed to undertake an Insurance Opportunity Assessment.

Process and findings

We conducted an extensive strategic review of the client’s existing general insurance and workers compensation programs.

We compiled a diagnostic report outlining the existing programs’ strengths and weaknesses. We also calculated the Total Cost of Insurable Risk (TCOIR) and provided recommendations for improvement.

The programs had a number of weaknesses:

  • Across the insurance function there was a lack of planning, strategy, accountability and performance measurement.
  • There was a disconnect between insurance and the way risk was managed. It was seen as an administrative function.
  • The client’s insurable risk, and resultant incidents and claims, were not being effectively managed.
  • Appointed insurance advisers had not provided an effective service.

We made recommendations aimed at improving the way both the programs and underlying risks were managed.

These recommendations were estimated to reduce the TCOIR of our client by in excess of $13m per annum.

Client outcome

We worked successfully with the client on the 12 projects contained in our implementation plan.

Some were handled using the client’s internal resources, while others were led by Risk Advisory Services or external service providers.

Now that the insurance function is closely linked to the risk management function, the client is benefitting from significant improvements in the design of its insurance program and much better value for money from the insurance industry.

For every dollar invested in this project, the client received more than $30 in return.


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We engaged Risk Advisory Services to develop consistent Risk Management processes and systems across our organisation following numerous acquisitions. We are now in a position where we can better measure and monitor risk.
Chris WilksFinance DirectorSonic Healthcare
Risk Advisory Services provide innovative thinking and an informed but lateral take on any given issue. They bring a wealth of industry knowledge and a refreshingly practical and pragmatic approach to problem solving, whether at an operational level such as premium related issues or from a more strategic perspective.
Derek HallGroup Workers Compensation ManagerWoolworths Limited
Risk Advisory Services provided CCA with the means through an independent Risk & Insurance review and series of recommendations to reduce our insurance costs and achieve an enhanced match between our risks and available insurance cover.
Michael BraudeGroup TreasurerCoca-Cola Amatil

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