Global risk and insurance advisory
Transferring risk to insurance markets is an integral component of a risk management plan, however the myriad of due diligence required often places significant pressure on an organisations time and resources. Accordingly, the insurance procurement process is often outsourced to insurance intermediaries who are charged with implementing the most appropriate solutions. This approach is sound, in that the intermediary driven market often produces results which are unobtainable directly from insurers, however how confident are you that it is the best solution available?
Independent, unbiased and impartial?
When considering insurance intermediary:
- efficiency is dictating an increasing popularity in facility arrangements where intermediaries act for insurers and not insured.
- revenue is often linked directly to insurance premium spend at variable levels depending on their specific agreement with individual insurers.
- insurer market relationships are predicated on portfolio size, balance and performance.
- access to global insurance markets.
- focus on access to in-house risk advisory resources versus an unbundled approach based on expertise and suitability.
It is understandable that ASIC monitors closely the marketing activities of licensed intermediaries and prohibits them stating that they are independent, unbiased and impartial.
What makes us different?
Podium Risk is a specialist provider of strategic consulting and risk advisory services to clients and even though the provision of risk advisory services necessarily involves the consideration of transfer to insurance options, our role is limited to providing clients with the verifiable facts and information to assist them to make informed decisions about the insurance products available to them. Additionally, Podium does not act as an intermediary between its clients and insurers and does not issue, vary, sell, acquire or apply for insurance products to, or on behalf of, its clients. Accordingly, we are not required to hold a financial services license, meaning that we can act in an independent, unbiased and impartial capacity.
Obtaining the best solutions confidently
Podium Risk, through our insurance procurement process can assist organisations in securing the best solution confidently through:
- Undertaking service provider reviews
- Performing risk and cost analysis
- Analysing policy wordings
- Reviewing adequacy of limits of liability and declared values
- Monitoring supply chain dependencies
- Analysing Impacts of contractual liabilities
- Undertaking risk profile and GAP analysis reviews
- Ongoing monitoring of business risk dynamics
- Advice on structural efficiencies and total cost of risk implications
- Establishing service level agreements and KPI’s
- Consolidation and alternative risk financing techniques
Managing the process
When conducted professionally, the insurance procurement process can enhance an organisations market risk profile, minimise cost of risk, facilitate counter party alignment and provide a real evaluation of all alternatives available and/or affirm the strengths and benefits of the current relationship.
As project managers, Podium Risk will address all issues in the procurement process including:
- timing and frequency
- market participants and appetite
- Understanding requirements
- Formulating objectives
- Development of tender documentation
- Evaluation methodology
- Dealing with questions
- Intermediary appointment
- Service level agreements and KPI’s
- Post tender monitoring
Benefits of our services
Whether its our ability to deliver results, our reputation, our risk and insurance knowledge or our differentiation, we help clients to stand out in a crowded and increasingly complex market.
When engaging Podium Risk you will benefit from:
- independent, unbiased and impartial strategic advice.
- over 40 years of risk and insurance experience.
- advice that is pertinent to your needs, resulting in non-conflicted solutions.
- straight forward communication simplifying the complexity of the risk and insurance spectrum.
- Transparent fee for service model.
- Confidentiality.
- Sustainable competitive advantage generating outstanding technical and financial results.