Insurance analysis
An insurance analysis reveals the pros and cons of your business insurance. We analyse your insurance in depth and make sure that your organization and business are adequately and sufficiently comprehensively protected. With the help of insurance analysis, you can also compare the quality, coverage and price level of your insurance policies with what the market has to offer.
The insurance analysis provides information about your insurances
Insurance analysis is the most integral tool in evaluating the current state of a business’s insurance solutions and in assessing how comprehensive your insurance cover is in terms of risks associated with your business’s operations. When it comes to insurance analysis, investment in quality pays off. An insurance broker details the pros and cons of the insurances being examined during insurance analysis.
Analysis is conducted to ensure the good coverage of your company’s insurances and to assess the insurances’ cost level in relation to their contents and the organisation’s claims statistics. The high quality insurance analysis also looks into whether any insurances may be offered for risks that are currently not insured.
The results of the analysis can be utilised for defining the organisation’s insurance policies, i.e. its underwriting policy, as well as for tendering insurances. Insurance analysis is also a good tool for reporting risk financing organised through insurances to the upper management and in evaluating insurance-related matters as a part of a due diligence
process.
We acquire background information
We analyse risks, insurances and damages
Draft report
Joint workshop
Final report
Insurance analysis on a specific part of insurance cover
In general, it is recommended to analyse the entirety of a company’s insurance cover during the same process. However, with large insurance structures it may be in order to concentrate on an individual part of insurance cover, e.g. personal insurances or international insurance programmes.
Söderberg & Partners employs a large number of insurance brokers and people specialised in different types of insurances with expertise in insurances, risk management and claims management—our specialists cover your needs for analysis and development of every insurance line.
Cases
“Our client had reviewed their insurance policies annually with their insurance company’s contact person and was under the assumption that insurance analysis would mainly help them in comparing cost level with the market level. The results of the analysis revealed a surprising number of shortcomings and weaknesses to the client in the contents of their insurance policies. The client was also astonished that derogation from basic terms and conditions was possible with certain insurance types. Insurance analysis was used to clarify the client’s underwriting policy, improve their insurance cover, eliminate overlaps and to improve the client’s own agreement texts, for which the client later received good feedback. Price comparison led to a tendering process, at the end of which the client retained their current insurance company, but the total price for their insurances dropped by several dozen percentages.”
“We were approached by a well-performing and fantastically growing client company. However, their insurances were lagging behind. Their insurance cover had remained the same for five years despite their vastly grown revenue, doubled number of employees and the company having expanded to a new industry. Their insurance cover was both expensive and inefficient. Small damages had been covered by insurances correctly in recent years. However, key risks were not covered by an insurance or the amount of insurance was far too small. Insurance analysis resulted in a tendering process, at the end of which the client changed insurance companies and decided to remain as our management client.”
“We conducted an insurance analysis as a part of a due diligence process for our client who was in the process of acquiring a part in another company’s business. We assessed that their insurance cover was insufficient. During our conversations with the buyer, they also found out that insurance-related recommendations and safety regulations had been ignored despite the high-risk industry in question. The results of the analysis were also relayed to the seller, who understood the importance of these findings for the acquisition. Both the seller and the buyer of the acquisition have used our services again.”
“We were approached by a large client organisation that did not have the time to manage their insurances. We assessed their entire insurance structure and found that the insurances had been compiled very differently from one another all across the organisation. As a result of the analysis, the client’s insurance covers were harmonised, and the insurances’ employee benefits are now available to all the employees in the organisation.”
“We assessed our client’s insurance cover due to a generational change. During the analysis process, the client company’s new CEO got to familiarise themselves with the company’s insurances. Their insurance cover was in order, their costs were at a good level and compensations for damages in their claims statistics also appeared to be adequate. We recommended a few specifications for their insurances’ specific conditions, but overall the changes were minute. After the analysis concluded, we wished the client well and commended the co-operation between their previous management and their insurance company’s contact person. Sometimes we get these kinds of results!”