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Past Clients
idRisk Advisory Limited is authorised and regulated by the Financial Conduct Authority, number 312495. Copyright 2011. All rights reserved
Case studies
International Oil Company
Client Issues
This review was related to the Broker Service but also touched on the existing programme that the client had in place. The client felt that it was spending a lot of money on its insurance and was not convinced that the programme was structured in the best way. In addition there were two separate brokers placing various parts of the programme which added to costs.
What We Did
idRisk was able to co-ordinate a risk review of the client’s main locations and then relate these back to the existing programme. This showed that the client’s suspicions were well founded and that in most loss scenarios the programme would not respond properly. In addition, there was a structural flaw in the programme which would have resulted in Average being imposed to a significant degree.
Benefits Delivered
The programme is now being restructured and the two brokers are being encouraged to work more closely together, both from a technical and market negotiating point of view.
Highlands and Islands Enterprise (HIE)
HIE (www.hie.co.uk) is the Enterprise Agency for the Highlands and Islands of Scotland, which covers more than half the area of Scotland.
The Project
As HIE approached the renewal of their long term service agreement with insurance brokers Marsh, they wished to take the opportunity to competitively test the market for broking services. Given the unique nature of HIE's activities and the need for independence and transparency, HIE wanted some external assistance with the review, working within their well developed procurement processes and alongside their procurement division throughout the process.
The Input
Our input was over two phases. The first phase involved reviewing the existing service arrangements and responsibilities and recommending a number of improvements and refinements. The second phase was a competitive review partly based on the outputs of the first phase and also reflecting any further enhancements that were required. Working with HIE's procurement team, and under the OJEU rules, we helped develop some of the industry specific Pre-Qualification Questions and significant sections of the ITT document. We also helped with a Broker Forum, where all the competing brokers had an opportunity to meet HIE and ask questions. Once the tender responses had been assessed we provided guidance on the individual broker presentations. Finally, using our unique fee calculator and service agreement, we helped the HIE insurance team with the final fee negotiations, service brief and KPIs for the service agreement going forward.
The Outcome
HIE were able to independently test the broker services that they purchase and now have a clearer service agreement at an industry benchmarked and fair fee level. The review did not materially impact on the day to day workload of the HIE's insurance team and all the stakeholders in the insurance process of HIE now have clearer and well defined roles.
The Client's View
"All the way throughout this exercise we felt comfortable that idRisk's team were by our side and that we would make the right decision with their help. As a result we have appointed brokers with a clear service agreement and a fair level of remuneration. I am happy to recommend idRisk's team to any organisation who are considering going through a similar process" Keith Bryers, Head of Property, Highland and Islands Enterprise, Inverness.
FTSE 100 Fund Manager
Client Issues
The client had radically changed its business model and risk profile. There was a desire to drive its own insurance needs and dictate terms to the market. The client required a broker who could demonstrate a comprehensive understanding of the ‘new’ business. The client was also concerned with quality of service and cost.
What We Did
Defined with client senior management team their needs and expectations. Designed, drafted, managed, resourced and successfully delivered a broker performance and procurement project. Drafted and issued the Request to Tender (RTT), then collated and analysed the respective responses. Interviewed brokers and their referees. Provided both quantitative and narrative reports to senior management to support the selection and appointment process.
Benefits Delivered
Appointment of broker that clearly demonstrated a comprehensive understanding of the client's business and risk profile. Greater control over the design of the insurance and risk financing programme. Greater influence on the insurance market. Independent and objective review of potential brokers – fully auditable. Quantitative and narrative report that supports the discharge of stewardship and governance responsibilities. Quality of service. Timely and efficient delivery of process. Adequate resourcing and project management to permit senior management to focus on their day to day responsibilities.
Cost savings of £750,000 over 3 years.
Sports Governing Body
Client Issues
It was over 6 years since the last broker review and the incumbent had been in situ for many years. There was a desire to review the market. A benchmark of the incumbent broker’s services against client’s expectations was needed. The client felt that their needs were changing and that they needed to see what was available in the market.
What We Did
Designed, resourced, managed and successfully delivered idRisk Broker Performance Assessment process. Drafted tender, agreed assessment criteria with client senior management and managed the process over a tight timescale on behalf of the client. Interviewed brokers and their referees. Provided both quantitative and narrative reports to senior management to support the selection and appointment process.
Benefits Delivered
Successfully appointed a new broker to meet specific service needs of client. The brokers are now acting in a consulting and strategic advisor capacity as well as putting in place an insurance programme. There is now a good broker relationship and an innovative programme has been designed and structured with streamlined co-ordination and administration of programme.
The following case studies represent a small sample of the types of work we have carried out in recent years.
Click here to see more previous clients.