INSURANCE CONSULTING
Insurance Consulting
With consultants experienced and expert in a wide range of insurance and risk management issues, we offer specialist advice tailored to your exact requirements. From devising effective risk management and insurance programmes, to taking care of complex claim negotiations and advising on major finance deals, we have the insight, focus and vision you need to achieve your objectives.
INDECS offers a range of services, including:
Outsourced / Co-sourced Insurance Risk Management
The core service of the INDECS consulting team. Our clients engage us to take care of all aspects of their insurance risk management requirements. We take pride in our ability to seamlessly integrate our service offering and team members into our client’s organisations and help them get the best possible outcomes when managing insurable risk. Using our position as independent experts, we work with our clients and other stakeholders to realise value and ensure that risks are understood and managed as required.
Management of Requests for Proposal (RfP)
The fundamental requirement of any properly functioning market is open competition, so the conduct of regular RFPs is key for an insurance buyer to ensure they are getting the best possible products from their providers. Competition should also encourage the providers to innovate and provide products that differentiate them from their peers. INDECS has a process for administering RfPs that ensures fair competition between bidders and can be tailored to fit a client’s needs.
Insurance Programme Portfolio Review
Whilst numerous insurance service providers perform insurance programme reviews they tend to be generic in nature and are effectively comparisons of policy wordings, they do not take in to account the risk profile of the insurance buyer and whether the insurances purchased provide appropriate protection for the risks faced. At INDECS we leverage our expertise and knowledge of insurance buyer’s operations to provide a more holistic approach to insurance programme reviews. Such a review is the first step in optimizing insurance arrangements and ensuring that premiums are spent as effectively as possible. Alternatively, our programme reviews can be used as part of the due diligence process for Mergers and Acquisitions.
Insurance Strategy Reviews
Our clients are provided with a full review and recommendation as to how they should treat their insurable risks and ensure that such treatment aligns with wider business strategies. This would consist of:
Asset and Liability Value Review
- Recently the INDECS consulting team has provided value to clients by working with them to review the valuation approach taken for assets and liabilities they are seeking to insure. This service is not a revaluation service as would be provided by the traditional insurance valuation companies, instead it relies more on the data that a client would have access to combined with the ability to communicate the basis of valuation to insurers effectively.
Risk Allocation Review
- Complex contracting arrangements with more complex risk allocation models result in a need for more due diligence and thought to be put in to work to achieve clarity as to what risks are being assumed and how best such risks should be managed.
Risk Retention Analysis
- The ability to support clients in establishing how much risk they should retain and what limits of coverage are appropriate for their risk appetite is a key component of the suite of services that INDECS can offer clients.
Captive Interface Services / Captive Management Support
For larger clients who own and use captive insurance companies as part of their insurance risk management processes INDECS can provide valuable, independent support services that enable the captive to focus on high value decision making and manage operational risk.
Insurance Process Optimisation
There is wide acknowledgement amongst insurance buyers that the process of transacting and executing insurance contracts is inefficient and expensive. This is particularly the case in the ‘specialty’ insurance sector where administration and acquisition costs can regularly reach 40% of a premium charge. In certain instances INDECS can provide services that improve efficiency around insurance buying and reduce costs for our clients.