The client’s primary objective was to determine whether the current approach to insuring its assets and liabilities represented the most cost effective and efficient risk financing strategy available.
JPIC was also tasked with identifying where improvements could be made in the way the insurance programme was managed and administered, both internally and with external advisers and stakeholders, including the Company’s appointed broker, its lead insurer and the claims management provider.
At the conclusion of the review, the Company had an in-depth understanding of the strengths of its current approach and where improvements could be made to its risk financing strategy, so that it aligned better with the Company’s attitude to risk and its risk tolerance.
Specific outcomes at the conclusion of the project included:
A strong and healthy long-term relationship between a client and its professional advisers will deliver significant financial and business performance benefits.
Read MoreBusiness goals and corporate risk profiles evolve over time and it is important that an organisation’s approach to the financing of risk and risk management is reflective of these changes.
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