Insurance Analysis involves reviewing the Insurance options and the companies involved. After completing a ‘Risk Analysis’, matching the appropriate Insurance product is the next key step.
There are many reasons why you may need an independent expert assessment of your insurances:
- Your business is changing – because of new products, new markets and geographies, new legislation or M&A activity.
- You have experienced an unwanted surprise with an insurance claim.
- You are a new executive and want a level of confidence in what you are inheriting.
- Your corporate governance regime demands it.
An independent review tests conventional thinking and provides a fresh perspective.
At WSIB we work towards 6 Steps to Insurance Confidence:
- Align insurance retentions with risk appetite and capacity.
- Link risk identification process to insurance purchasing.
- Assess the efficacy of the insurance against key loss scenarios.
- Assess and benchmark price competitiveness.
- Establish the suitability of chosen risk partners.
- Review uninsured risk position to identify future insurance purchasing options.
By using established processes backed by extensive experience, we ensure your insurances are fit for purpose and cost effective, without disturbing existing provider relationships.