idRisk Advisory Limited is authorised and regulated by the Financial Conduct Authority, number 312495. Copyright 2011. All rights reserved
Discreet Insurance Broker Review
The relationship with your broker can be reviewed at a high level to provide a “sense check” on the service
and value being delivered. The information requirement and time taken for this review is minimal. The benefit
of this form of review is it that it is completely discreet, in that it is only the client and idRisk involved and it
provides you with an independent view on the service delivered. Clearly, given the nature of this type of
review it is suitable for clients who wish to gain a high level view only.
Insurance Broker Benchmarking
Your insurance broker is an outsourced provider of services and it is best practice to review outsourced
services periodically. Insurance Broker Benchmarking involves a thorough, independent and audit quality
review of your broker’s performance, benchmarked against your specific service needs and industry best
practice. We review the scope, quality and effectiveness of the services provided and an analysis of
whether you are getting value for money for the fee you pay. This means that you can carry out an audit
quality review without a tender exercise.
Insurance Broker Tender Management
Even with the best relationships it is appropriate to conduct an external competitive review periodically. Our
Insurance Broker Tender Management exercise captures all the services you require from your Insurance
Broker in a high quality “Invitation to Tender” (ITT) or “Request for Proposal” (RFP). Our process includes
managing contact with prospective brokers, arranging broker information meetings, reviewing tender
response assignments, checking references and organising formal presentations, with full support for every
part of the process. We assess each broker's performance and assist you in making your final decision,
providing you with an audit quality report at the end of the process. In this way you can feel confident that
you have made your choice in a fully informed manner.
Insurance Broker Service Level Agreement Review
It is very important to ensure that the services you require of your broker are captured in a fair and balanced
Service Level Agreement. We use both legal and insurance market knowledge and expertise to create
bespoke insurance broker service agreements which comprehensively capture the services to be provided,
the required service levels, the fee structure, payment arrangements and the key performance indicators by
which you can monitor and measure your broker's performance throughout the contract period.
We also ensure that we have the other key legal aspects of the contract properly and fairly captured. We
work closely with a specialist insurance law firm on the delivery of this service.
Captive Manager Review
Like any service provider, Captive Managers should be reviewed periodically. With our extensive experience
in the Captive arena we are ideally placed to independently review both the services and value provided by
your Captive Manager. Our process is similar to the Broker Review, but tailored to the specific issues that
surround Captive Managers.
Captive Feasibility and Performance Review
We can also provide advice and assistance in the ongoing feasibility and performance of your captive itself.
This can include programme and retention analysis, domicile appropriateness and performance
measurement, as well as consolidation and exit strategies.
Self-Insurance Retention Reviews
Offered as an optional output from a self-insurance fund review or as a stand-alone exercise, we look at
statistically optimum retained risk levels and volatility evident from the client’s claims data and then provide
commentary on risk tolerance and provide analysis of the suggested appropriate risk bearing capacity for
the client, to inform discussion on risk appetite and insurance programme design with Insurance Managers
and Finance Directors.
Insurance Contract Reviews
With our broad range of experience of our consultants, we can provide an independent review for a wide
range of Insurance Contracts, ranging from Business Interruption to Marine and Aviation. If required we can
provide a legal review of policy wordings (in conjunction with a bespoke insurance law firm), such as
Directors and Officers Liability and Trustees Liability.
Insurance Due Diligence
Independent support during the high pressure environment of Acquisitions and Disposals can be invaluable.
We understand the pressures that can exist within this environment and the need for high quality results
within short timeframes.
Self-Insurance Fund Reviews
An exercise to forecast ultimate claim levels within a client’s self-insurance deductibles, and to recommend
future injections to the fund to support new policy years. Spin-offs from these fund reviews can include a)
programme design commentary to look at the statistically optimum retention levels to then be tested in the
insurance market, b) internal claims-weighted cost allocation models and c) discussions on
commutations/loss portfolio transfers of residual risk to insurers to crystallise cost certainty for the client
on the remaining claims development “tail”. These reviews are carried out by a self-insurance fund analyst
rather than an actuary but use actuarial techniques. We have a relationship with a firm of non-life actuaries
and can offer a peer review and sign-off by these actuaries as an option.
Insurance Program Reviews
We can review the appropriateness of an existing Insurance program and how it fits with the Risk
Management strategy of the enterprise. Often, the Strategy can change but the Insurance program does
Outsourced Insurance & Risk Manager
The unexpected can occur and may result in a shortage of resources to complete the Risk Management or
Insurance function. We can provide short or medium term support to help with high workload periods.
What we do