Review of Insurance and Risk Advisers

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Independent Review of Insurance and Risk Advisers

A strong and well-aligned relationship between an organisation and its insurance and risk advisers can deliver material financial, operational and governance benefits over the long term. Conversely, adviser relationships that are poorly structured, inadequately governed or no longer aligned with business objectives can undermine performance, increase risk exposure and erode value.

JPIC provides an independent Review of Insurance and Risk Advisers service, designed to help organisations objectively assess whether their current advisers remain fit for purpose, are delivering appropriate value, apply best practice principles and continue to support the organisation’s evolving commercial and risk financing objectives.

Outsourced Insurance Broker Support

Why Reviewing Insurance and Risk Advisers Is Critical

Insurance and risk adviser relationships often remain in place for many years. While continuity can be beneficial, it can also lead to arrangements becoming outdated or insufficiently challenged.

Common issues observed include:

  • Services drifting outside original scope without clarity or accountability
  • Remuneration no longer aligned to services delivered
  • Limited challenge to incumbent insurers or market strategy
  • Over-reliance on historic programme structures
  • Absence of innovation or thought leadership
  • Reduced transparency around advice, market engagement and outcomes

An independent adviser review provides clarity, challenge and assurance — without automatically disrupting existing relationships.  

When Organisations Typically Commission an Adviser Review

Clients commonly engage JPIC for an adviser review in the following circumstances:

  • Long-standing broker or adviser relationships that have not been formally reviewed
  • Concerns over value for money, service quality or responsiveness
  • Corporate change, such as acquisitions, disposals, restructuring or geographic expansion
  • Increased regulatory, governance or audit scrutiny
  • Changes in risk profile, claims experience or market conditions
  • Leadership changes within risk, finance or procurement functions

In each case, the objective is not change for its own sake, but evidence-based confirmation that advisers remain appropriate — or clear justification where change may be required.

Scope of the Review

JPIC reviews are tailored to the organisation’s structure and requirements. Depending on the brief, the review may cover one or more of the following:

  • Insurance brokers (including service delivery, market strategy and governance)
  • Insurers (where direct relationships exist)
  • Risk engineering and loss prevention advisers
  • Claims handlers and loss adjusters
  • Reinstatement cost surveyors and valuation advisers

Each adviser is assessed independently against defined criteria that are agreed in advance with the client, rather than subjective perception.

Our Review Methodology

JPIC’s methodology is structured, transparent and auditable. Typical components include:

1. Documentation and Contractual Review

We review:

  • Broker or adviser agreements
  • Service level agreements and scope documents
  • Fee and commission structures
  • Conflicts of interest disclosures
  • Delegated authorities or special arrangements
  • Key Performance Indicators

This establishes the baseline against which performance can be assessed.

2. Service Delivery Assessment

We assess:

  • Quality and frequency of advice
  • Renewal planning and execution
  • Market engagement strategy
  • Claims support and advocacy
  • Risk information management and presentation
  • Responsiveness and accessibility

Evidence is drawn from records, renewal documentation and client experience.

3. Governance and Transparency Review

We evaluate:

  • Decision-making processes
  • Reporting and documentation standards
  • Escalation and accountability arrangements
  • Alignment with internal governance frameworks

This is particularly important for organisations subject to internal audit or regulatory oversight.

4. Market and Peer Benchmarking

Where appropriate, we benchmark:

  • Adviser remuneration
  • Scope of services
  • Market engagement approach
  • Outcomes versus peer organisations

Benchmarking provides factual context to support conclusions.

Outputs and Deliverables

Clients receive a clear, structured report setting out:

  • Assessment of adviser performance against agreed criteria
  • Identification of strengths and weaknesses
  • Areas of misalignment or inefficiency
  • Governance or transparency gaps
  • Practical recommendations — ranging from service improvement to formal retendering only where justified

The output is suitable for board, audit committee or internal assurance purposes.

Benefits to Clients

An independent adviser review delivers:

  • Objective assurance without unnecessary disruption
  • Improved governance and audit readiness
  • Enhanced transparency around service and cost
  • Clear basis for constructive improvement discussions
  • Evidence to support retention or change decisions

If your organisation would benefit from an objective assessment of its insurance and risk advisers, JPIC can deliver a confidential, independent review tailored to your governance requirements.

Contact JPIC to discuss a Review of Insurance and Risk Advisers and ensure your adviser relationships continue to support long-term business performance.

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