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.
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%.
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’.