“The Vantage Point”
Quite often when we speak to clients they are mindful of the need for a specialist review, or a confidential risk review, of their insurances. However it is quite common that they are reluctant to instruct such a review for fear of upsetting their relationship with their incumbent broker if the review failed to identify suitable result.
But is this a reason not to review?
We would say no, however at Vantage Insurance Services we appreciate the difficult positions that a review represents to some clients and as such we offer an alternative solution: The Vantage Point review. This review is conducted as a confidential risk review service which allows clients the opportunity to have an independent review of their insurances safe in the knowledge that this will not be disclosed to their current providers.
The review, which we recommend is undertaken well in advance of renewal or shortly after, will:
- Review the makeup of your business, the way you trade and the risks and exposures you have.
- Review you policies currently in place, their wordings, conditions, endorsements and exclusions.
- Provide a report outlining your risk as we see it, the insurances we would expect you to have in place and the basis of the cover required to meet the exposures you have.
- Within our report we will outline the differences (if there are any) between what we would be recommending and your current policies placed.
- Recommendations (if any) for changes and improvements to your cover.
- Benchmark the premium you are paying against the current market rates so you can confirm how competitive your current premium is.
All of which we will conduct under a confidentiality agreement with you. The benefits to you as a client in instructing such a review include:
- An independent review of the cover you currently purchase and whether this really meets your needs.
- A benchmark for the competitiveness of the premium you are paying.
- Identifies any potential gaps in cover or inadequate sums insured.
- Confirms if the placement strategy being followed is providing the optimum solution for your business and if not allows us the time to be innovative and create another.
- Maintains the current relationship with your incumbent broker.
- If no issues are found, confirms that you are placing your faith in the right broker.