There is a better way to review your business insurances…
one no one talks about,
and for good reason…
because it only works when you keep really really quiet about it
or Call 0844 967 0703
Businesses all over the UK are making the same mistake
Businesses large and small across the UK are making the same fundamental mistake when it comes to reviewing their insurances.
A mistake which is costing them both potential savings and better coverage.
And usually because they don’t fully understand how the market works.
“The traditional insurance review simply does not work as well as it should.
You have Insurers that won’t quote,
Brokers that all come back with the same price,
Endless blame-tales about how someone got there first and the market is now blocked;
It feels like minimal improvements for maximum effort.”Kevin Carrabine
Our mission is to help UK businesses get the best out of their insurance review, using a unique method that keeps your business off the insurers blacklist, your coverage superb, and your premiums low.
If you want to learn the truth behind the UK insurance market, and are ready to try something new. Try a real Confidential Review.
For real business results
The structure of the insurance market makes getting the best result for your business via an open-market tender very difficult.
Even when all the signs tell you that you have the best deal in the market, in reality, the tender process has likely prevented you from achieving what could be a substantial saving or improvement in cover.
Here are a quick few reasons why:
Insurers grade brokers.
The in-demand underwriters work with the more profitable brokers (they haven’t got the time not to), and brokers that have a poor sales history are bumped down the pecking order.
Using the traditional open market review process, it is very difficult for a broker to maintain excellent relationships, and more importantly – an excellent reputation, with more than say a half dozen underwriters.
A problem if your business risk would get a better result elsewhere.
Ironically, this is the main reason why businesses review their insurance with other brokers in the first place. And too often, it simply makes the problem worse.
Reasons for this include:
- There are too many insurers involved in the tender
- There are too many brokers involved in the tender
- They have no price to work towards
Plus they may have lots of alternative quotation requests which take priority because of 1, 2 and 3.
It cannot be stated as fact, but, it is our fundamental belief (and one critical to The Confidential Review process) that hundreds of opportunities are lost each month because underwriters ‘lose interest’ in providing a quotation.
The Confidential Review guarantees the underwriter’s interest in your business.
This can lead to all sorts of scenarios that are detrimental to your business interests.
For more, see this example of a typical tender process between the insured, broker, underwriter, and insurer.
When the prices obtained by competing brokers are all very similar, this can lead to a ‘Dutch auction’ style frenzy with each broker lowering their price, either by reducing their fee or in giving up commission.
And it is more common than you think for insurance brokers to work at a large loss simply to secure or retain business.
While this may seem like a good result for the business in the short term, the long term effects of the broker bun fight can have negative implications for your business.
This can all be avoided up front by securing a quotation below market rate with The Confidential Review.
“Our entire business model is built to support The Confidential Review, and this is why it is so difficult for our competitors to match our results.
To truly experience the benefits and at zero risk, I suggest that you simply give it a go.”Kevin Carrabine
Most businesses tender for insurance just as they would any other service.
However the structure of the insurance market makes getting the best result for your business this way very difficult.
The Confidential Review is a proven process that avoids all the pitfalls of a traditional insurance tender.
But because it is radically different to many standard models, it can seem a little odd at first.
We suggest you take a look at both the reasons why the traditional insurance review is bad news for your business, as well as the high-level overview of The Confidential Review process that we have included below.
Also, the results speak for themselves on our case studies page.
1. The Confidential Meeting
…where we fully explain the process and the reasons for the necessary confidentiality.
To protect our joint position in the market, we cannot proceed beyond this stage unless absolute confidentiality has been agreed to.
2. Agree an Objective Price Saving
Working with an expert you put forward an Objective Price Saving.
This is based on your business goals, and what we believe a suitable insurer may be willing to work towards.
3. Select ONE Insurer per Class of Insurance
And obtain the objective price saving or better
4. Wait for Terms from Current Broker
It is important that your current broker exits the market before we move to the next step.
5. Request Contract-Certain Quotation
Up until now, everything has been off the books.
This is where the underwriter holds up their end of the bargain and provides the agreed pricing and terms.
Your business enters the insurer’s system for the first time that year.
6. Appoint Confidential Solutions as Your Broker
Assuming that the Objective Price Saving has been obtained, and this remains an improvement on your current broker’s offering, we’d look to become your appointed broker.
All you have to do is give the go-ahead. We’ll handle the admin work with the insurers for you.
What Happens Next?
Renewal Terms Presented Well in Advance
Renew & Repeat
for as long as we represent the best value to your business
Get the Saving You Set
Future Proof Great Results
No Last-Minute Panic
Claims Get Paid*
The Confidential Review process will ensure that your cover is accurate.
And the underwriter is already on your side.
The RIGHT Insurer for YOUR Business
Yes, The Confidential Review gives you access to all the major global insurers, UK insurers, and the Lloyds Market.
But crucially, it won’t try to access these all at once.
Time to Relax
That’s if you’re not too busy doing other things.
Either way, you will rest assured that you have excellent cover. And no doubt the business will find somewhere to spend those savings!
Book the Confidential Insurance Review
Ready to do it differently this year?
FOR NEW BUSINESS AND RENEWAL INVITATIONS
The Insurance Act 2015 contains new measures which we need to bring to your attention as a Business Insured (i.e. an insured buying insurance wholly or mainly for purpose related to their business).
You have a duty to disclose every material circumstance you know or ought to know, after reasonable search. This applies before the cover is placed, when renewed and if altered at any time during duration of the Policy. A circumstance is material if it would influence an Insurer’s decision whether to accept the risk, including its terms and pricing.
If you are in any doubt whether a circumstance is material to the risk, it should be disclosed, as failure to disclose may entitle your Insurer to either void the Policy from inception or impose different terms. Any claims made would either not be paid or may be reduced in value.
Where there are Warranties, Conditions Precedent or any onerous conditions applicable to your insurance policy, failure to meet such conditions could invalidate the cover (and hence any claims would be paid), or suspend cover until such warranty etc., is remedied (and any claims during the suspension period may not be paid).