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Case Study
RENEWAL ASSISTANCE

Client: Privately owned 100 yr old company

Industry: Integrated food manufacture and production with consumer high street brands.

Footprint: 3,000 Products available across Australia and overseas supplying 4,000 customers.

What was the Trigger?

Early in April 2019 the client was sold to a private overseas company, and due to the transaction no insurance renewal details were available until post-transaction. The client’s insurance program had a 31 May renewal date.

RAS were engaged to support the client with the imminent renewal, the broker having advised the client that there was a projected 40% increase on the total insurance premiums.

The Solution

Our consultant worked alongside the incumbent broker and the company’s senior management team. Engagement with the senior management and executive team was critical for a successful outcome. The client (as with many) had no dedicated in-house senior person whose role it was to manage the insurance program, and historically the program was viewed as an increasing yearly expense.

RAS’s consultant became the in-house insurance manager for the next two months, engaging with and re-educating the executive team to deliver an informative and transparent outcome.

With a tight timeline RAS re-engineered the program to include:

  • More suitable policy wordings
  • Assessment of local or London placement
  • Finding additional capacity for certain markets
  • Reviewing of limits set across the program
  • Reviewing client’s risk profile against the insurance program

By 31 May the program was finalised with a great result for the client including a total premium increase of just 9%.

The Legacy

RAS’s consultants work hard to achieve the right outcome for the client. In this case the lessons learnt were:

Broker – ensure all persons working on the account are fully engaged with the client for the interests of the client.

Client – Understanding complex insurance issues requires an educational and open dialogue with the insurance manager. Providing up to date and historical data about your company in a timely manner is really important.

RAS – A great experience to work with the Client and Broker to achieve such a great result. As commented by our consultant this was a case of ‘Same horse, different jockey’.

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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
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
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

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