As an industry that understands how to prepare for major losses, the insurance sector hasn’t been completely blindsided by the effects of the COVID-19 pandemic. However, it’s clear that fundamental changes are happening to both Insurers and their customers.
Many organisations are drastically restructuring their businesses for the “new normal”, requiring a fundamental re-think of whether some insurances are worthwhile at all. As cash flows dwindle, the business case for purchasing large amounts of insurance with large upfront premiums becomes more difficult.
Moreover, the Insurance Premium Tax (IPT) – payable on top of premiums – while still stable at 12%, is a prime target for the government to increase, to pay for the various Coronavirus business support schemes.
Now, more than ever, it’s necessary for corporates to rethink insurance, starting from elementary principles and looking into future strategic approaches. What their insurance buyers need is an impartial, holistic, technically robust approach to finding an new insurance strategy that works for them in the “new normal”
In response, InsuranceInspect Services is a new product that leverages over two decades of industry experience to help clients in the current environment. With a proven, step-by-step approach, InsuranceInspect Services looks into all the client’s relevant balance sheet drivers that don’t usually enter the insurance-buying equation, but when they are included, the results are transformative.
By examining your past, your future and your core risk metrics, InsuranceInspect creates custom-made insurance strategy solutions that fit your organisation’s balance sheet to enhance your bottom line.
For over 20 years, the InsuranceInspect principles have been serving a select group of corporate clients. In light of recent events, the need for transformational change insurance solutions presents the perfect opportunity to give a broader audience visibility of – and access to – the highly-specialised actuarial services used to design these solutions.
Whereas insurance actuaries usually work for insurance companies to establish premiums, InsuranceInspect gives corporations previously inaccessible actuarial knowledge. By having an experienced, senior insurance actuary on your side, you can get an impartial analysis of your financial risk situation so you can make an educated decision rather than possibly rush through another renewal.
“By starting with the CFO at the balance sheet, rather than ‘What insurance we bought last year’, our last few clients saved 80% of their premiums [40% after new risk financing and fees], safely and strategically, attracting new insurers and new brokers in the process. Our fees were covered by the savings in IPT alone!” – John Birkenhead, Founder and Actuary, InsuranceInspect Services
By only working with a limited number of clients, InsuranceInspect is able to offer a highly personal service for those who are really open to high-end, transformational change thinking for their insurance-buying strategy, to improve their bottom line.
Be the first to comment