Risk Profile Assessment & Advice

Risk Profile Assessment & Advice

The starting point to ensure you have the right cover at the best price is your risk profile - this essentially means gaining an understanding of your business, your loss history, the risks you face and how you deal with them.

Presenting the risk profile in a positive light to give Insurers confidence in your operations can make a significant difference to the premium charged and terms of cover they offer.

We can help put your risk profile together to ensure it maximises your chances of attracting competitive terms from the insurance market. This can be done by working in co-operation with your existing service provider to ensure we are all working towards the same goal.

A thorough risk engineering analysis, with a clear action plan to carry out improvements can be the base around which negotiation with Insurers can take place - it can help you determine what level of cover is required, what risk you may chose to self insure and highlight areas for further monitoring internally.

Organising Tenders

We can guide you through a tender process using the ARX platform if you already have a panel of preferred Insurers / Brokers but just need a way to bring efficiency and transparency to the exercise.

Tendering of procurement is common across a wide range of services and it should be no different when buying insurance - many business are choosing to tender their insurance programme on a periodic basis to ensure competition exists from service providers.

However, organising the tender exercise can be difficult, time consuming and often not lead to the desired outcome of creating competition. This is down to a number of reasons, most notably the need to gather a lot of information about your risk profile and needs that often will not exist in one place. Having to deal with multiple bidders in terms of answering queries and evaluating responses can be very time consuming and if not done properly & thoroughly then you may not be getting a beneficial outcome.

The ARX platform can be used to hold your risk profile, claims information and tender requirements in an efficient and transparent manner. You can open up access to you preferred bidders to view the information from the same central database and then have them submit their quotations in a pre-agreed template to allow for easy comparison.