Background
Our client's new owners were keen to market test E-zec's legacy insurance arrangements, unchanged for nearly 20 years. With a new direction for the business, the exam question was whether this relationship was right for the business going forward.

Our role
Starwood Consulting was engaged to undertake a comprehensive review of E-zec's insurance brokerage arrangements across all its policies. The objective was bring the insurance broker relationship closer to the centre of the business, drive out avoidable costs through improved risk management and make actionable claims data key to E-zec's approach. Elements of Starwood's work included:

- Engaging a shortlist of brokers in a re-tender of our client's insurance requirements
- Clearly articulating the insurance requirements and objectives on behalf of E-zec
- Reviewing and addressing any cover risks
- Selection of a new broker for the business and presenting the business case for this change to the board
- Engaging directly with underwriters to ensure they understood the new risk management approach
- Co-ordinating the significant data gathering requirements of new policy proposals
- Structuring the content and format of monthly MI requirements
- Embedding and communicating the new brokerage structure within our client's business

Our impact
With our advice and attention to detailed requirements, our client completely over-hauled their insurance brokerage arrangements. The project concluded with a new broker for our client, improved IM, new and reviewed policies, reduced premiums and a significant risk management bursary from the underwriter. Equally important, our client's relationship with its broker has become central to its operation and approach to risk management.