80+ Locations
in East Africa
2000+
Staff Members
KES 5 Billion +
Annual Turnover
Client Background
A large poultry and feed manufacturer recently engaged us to review their insurance portfolio as it had not been reviewed for a significant period and the business is in expansion mode. They were also keen on reviewing their risk exposure which would form the basis of their insurance portfolio.
Approach
The starting point for the project was to complete a high-level analysis of their current structure, the limits provided, and the current cost to the company.
The company regularly engaged their insurance provider annually to discuss their insurance requirements but the conversations remained high level.
We completed a full risk management review of their operations and created a Risk Register and Board Risk Report.
Insurers were then re-approached with revised cover limits discussed with the Client as it was revealed that there was under insurance in the portfolio.
Impact
Even though the sums insured went up significantly (in some places almost 2x), an overall saving was achieved. We revised the premium calculations done by the insurance provider which removed some inaccuracies and further assisted in achieving premium savings.
The client saved over 10% in premium savings and due to coverage revisions, the client is now better protected. Moreover, the Client team’s awareness around insurance and risk management was significantly enhanced after project completion.
Raised awareness on the importance of the fine print within policy documents, enabling them to ask the right questions to their insurance providers in the future.