Our Offering - Insurable Risk Management

Our Offering - Insurable Risk Management

Landell's Insurable Risk Management service offering focusses on identifying an organisations risks that can be insured, ensuring its risk insurance requirements are clearly defined, and managing tenders to maximise the value of insurance, whilst minimising cost.

 

Landell's Insurable Risk Management service offering is innovative and provides a holistic assessment of an organisation’s risk management and insurance programs and strategies.  We focus on all key aspects of the organisation's core insurable risks and insurance programs, ranging from coverage and pricing, through to broker services, advocacy, and insurer security, all of which are critical to ensuring a sound, efficient and effective insurance program. We tailor the scope of our services to match each customers requirements and may include the following comprehensive risk and tender management services:

  • Insurance Broker Tender Management;
  • Insurable Risk Profiling, including Gap Analysis; and
  • Risk Appetite, Tolerance and Retention, including Loss Limit Validation.

 

Tender Management for Broking & Insurance Services

 The deliverable, quantifiable benefits can include:

  • Independent, expert management and advice, assuring compliance with legislative requirements, organisational policy and best value practices
  • Unbiased tender management, providing the optimum amount of competitive tension and avoidance of broker reserving practices
  • Insurance program benchmarking, resulting in improved structure
  • Improved and appropriate risk management services
  • Enhanced coverage opportunities
  • Reduced annual insurance and broker services’ costs
  • Provision of appropriate criteria for effective decision-making
  • No requirement to change broker/s and or insurer/s for organisations to benefit from this review process
  • Negotiation of Broker Service Level Agreement (Contract)
  • Oversight and provision of risk management, risk transfer of Factual Information for the period of the contract 
  • Assurance that an organisation’s broker is their agent/fiduciary and not the agent of any insurers to the organisation’s program
  • Oversight of Council’s broker and insurers risk transfer and management

 

Insurable Risk Profiling and Gap Analysis

The deliverable, quantifiable benefits can include:

  • Identification and assessment of core insurable risks
  • Identification of coverage deficiencies, including deficiencies in cover, gaps in cover and over or under-insurance
  • Closure of gaps and removal of deficiencies in cover
  • The alignment of the identified core insurable risks to the organisation's insurance and or risk transfer program
  • Provision of appropriate information for critical decision-making and compliance 
  • Assurance that an organisation'ss Risk Transfer Program is 'fit-for -purpose'
  • The oversighting of a review of risk appetite, tolerance and retention
  • Oversighting of a review of Business Interruption risks and coverage
  • Oversighting Cyber Risk profiling and security audit.

 

Risk Appetite, Tolerance and Retention, and Loss Limit Validation

If an organisation is over-insured, it is wasting risk capital. Conversely, if an organisation is under-insured it is exposed to events which may cause substantial unforeseen losses. This service therefore can include on or more of the following deliverables and benefits:

  • Assessment of the organisation’s financial strength to determine whether higher or lower insurance deductibles should be considered
  • Working with the organisation’s preferred broker to; review the organisation’s risk tolerance level and appetite to retain risk (i.e. self-insured retention levels) and investigate options, innovations and best-value pricing
  • Determining an organisation's acceptable loss limits to validate the levels of coverage it is purchasing, and to ensure that risk capital expenditure is optimised

 

Other value-added IRM services

Management of Insurable risks can require the application of a broad range of skills and specialisations, dependent on the client's needs, industry sector and risk tollerance. The Landell's IRM core offerings may include one or more of the following additional services:

  • Review of Risk Transfer strategies and Broker Service Level Agreement / Services
  • Benchmarking of Broker fees, commissions, bonuses, profit-sharing contingency agreements with Insurers
  • Review of preferred Broker’s agency and underwriting agency agreements with Insurers in relation to fiduciary duty and advocacy
  • Cyber Risk Profiling and Security Audit
  • Policy Wording Review and Coverage Benchmarking
  • Benchmarking Indemnity Levels, Deductibles & Costs
  • Strategic Risk Reviews
  • Development of Risk Frameworks and Processes
  • Enterprise-wide Risk Assessment facilitation, including grading to ISO3100:2018
  • Business Continuity & Crisis Management
  • Health, Safety and Environmental Risk Management Solutions
  • Workers' Compensation and People Risk Solutions