It is very common situation in the corporate insurance field that a company changes its broker. Most of the cases the new broker wins with a cheaper price. Unfortunately many times lower cost is true only until a loss happens. To test the coverage in this situation is obviously important.
iRiskProfile testing method can provide a clear and easy to understand test to show the main and most important coverage differences between the former and the new program.
The limits, deductibles, insured amounts, exclusions comparison provided significant differences and we gave our client a list of points to discuss with the new broker to improve the risk financing situation.
test helped the corporate to evaluate the efficacy of their insurance program
and gave proposals for improvements to the insurance management. By that the
risk of no or less payment by the insurance company decreased even in case of
risks that were above the catastrophe level!