A substantial £40M turnover client based on the South coast approached us in 2013, following a recommendation from their accountant. We were asked to look at their entire insurance portfolio consisting of property, liability and motor fleet business. This was a multi location client with a Head Office and 9 branches in the UK.
Client was unhappy with their existing advisers – a large insurance broker with a number of offices. They had been unresponsive to queries and documentation had not been corrected despite errors having been pointed out to them some 11 months previously. They wanted to make savings on their annual spend of £45,000 but without reducing their cover.
What we did
A series of client meetings took place to conduct a meticulous investigation into the client’s business so as to fully understand not only how the business operated but also how the various locations interacted with each other. When reviewing the existing cover, Knightsure discovered that one of the main policies was totally inappropriate and was on the wrong type of policy. Cover duplications and importantly, cover omissions were identified. In particular, the historical motor fleet claims history was audited and updated, ascertaining that a full recovery of a fire claim 2 years previously had been made against the car manufacturer, thus halving their claims cost in that year. The existing broker had not identified this issue.
The outcome was a report being presented offering exclusive cover (available to Broker Network members only) that not only met the clients needs but also saved them in the region of £11,000!