Risk Solutions:
Empowering Chemical Manufacturing Clients with Innovative Risk Solutions
Challenge:
Our chemical manufacturing client engaged us to develop a robust risk management framework following their divestment. Without an internal risk management department, they turned to our innovative risk solutions to identify potential risks, optimize insurance coverage, and integrate recent acquisitions into their global risk management strategy. Implementing a comprehensive plan was imperative for ensuring operational stability and securing financial sustainability as a combined entity.
Solution:
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- We meticulously analyzed their insurance program structure, cost, and broker services to identify areas of improvement.
- A strategic and transparent broker selection process was precisely organized and executed.
- Our expert oversight ensured a seamless renewal placement process, minimizing disruptions and maintaining coverage.
Results:
- New Broker Selection: We facilitated the selection of a new, trusted broker, ensuring a better alignment with the client’s risk management objectives.
- Cost Optimization: By renegotiating terms and conditions, we achieved a remarkable 47.2% reduction in broker fees and commissions, significantly reducing costs.
- Acquisition Integration: We seamlessly integrated two previous acquisitions into the master insurance program, streamlining operations and ensuring a consistent risk management approach.
- Property Loss Recovery: Following a facility explosion, we successfully recovered $1 million in property loss claims, demonstrating our commitment to safeguarding our client’s financial well-being.
Our dedicated efforts in providing innovative risk solutions secured their assets and delivered savings of $1.25 million. This client success story showcases our commitment to providing tailored, value-driven solutions to our clients. It’s a testament to our expertise, dedication, and innovative thinking.
If you’re looking for risk solutions beyond the ordinary, complete the form below and let us show you how we can make a difference for your business.
