BENEFITS OF A REVIEW
The majority of companies that meet with us decide to contract our services for a broker review. This is because they appreciate the real time savings and cost reductions that an idRisk review can help them to secure.
The benefits of a review using idRisk include :
Save on insurance
Over 90% of companies that use idRisk to help them with their broker tender save at least 20% of the overall existing broker and insurer costs on a like for like basis. Of course, these savings are not just one off as they follow through in subsequent years as well, making the review exercise even more cost effective for our clients.
We have saved our clients over £5m during the last five years. On a cumulative year on year basis the savings amount to a much higher figure. Whichever way you look at it, our clients always agree that it has been a great investment of their precious management time.
We do not take any payment from the insurers or brokers that we involve in your review. Our financial independence combined with our extensive broking experience mean that your review is run in a firm but fair manner in order to extract the maximum benefit for you from the exercise. All major brokers are used to working with idRisk and our involvement keeps them focussed on providing real world benefits to you.
Improve your services
We help to benchmark the services you receive from your broker (and what you pay for them) within a peer group of similar sized companies. It sounds simplistic, but it is true that “you know what you know, but we probably know what you don’t” when it comes to your broker services.
Improve your protection
We undertake a headline review of your insurance covers and provide a “fresh set of eyes” to help spot any cover anomalies which we feel would benefit from amendment to be better in tune with your requirements. We are most likely to have experience of your business sector and together with your chosen broker we can advise on whether your programme is what would be expected in your industry.
A bespoke contract
Broker Terms of Business Agreement TOBA’s or Service Level Agreements are typically drafted by the broker and as such have an inbuilt bias in favour of the broker. To an extent this is understandable, but it does mean that the services which are delivered under these agreements are not being done under a fair and balanced agreement.
In many cases we have seen a blend of a TOBA, which is produced by the brokers legal department, an SLA, which is produced by the service director of the broker and a renewal letter which is produced by the client executive. All three documents conflict with each other and ultimately do not help the client understand what they can expect from the broker and what they are getting.
Our SLA is designed from scratch to be fair and balanced. It’s one document with flexible schedules of services, KPI’s, fee schedules etc, so everyone knows what is included and what’s extra. The SLA puts the Client back in control of the relationship with this important supplier.