Risk Solutions:
Empowering Chemical Manufacturing Clients with Innovative Risk Solutions
Challenge
Our chemical manufacturing client sought our expertise to establish a robust risk management framework following their divestment, as they lacked an internal risk management department. They needed our expertise in identifying potential risks, optimizing insurance coverage, and integrating recent acquisitions into their global risk management strategy to ensure operational stability and 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.
