Arranging a Confidential Insurance Audit allows you to benchmark your current insurance arrangements without the arduous tender process. This is a useful process for businesses that prefer to take a less overt approach to measuring the scope, effectiveness and value of their insurance programme.

About the audit

The audit is best carried out mid-term when there is no pressure to make a decision. This allows you more time to consider all options.

Information about each stage can be found below:

Scope

Thomas Carroll’s independent audit of your risks and insurance programme will provide:

– An analysis of your current and potential insurable risk exposures

– A GAP analysis showing how your risk exposures match against your current programme

– Benchmark pricing for our recommended insurance programme

– Details of an example service plan, including areas of additional assistance such as health & safety and risk management

Benefits

Changing the focus from merely looking at cost, Thomas Carroll’s confidential insurance audit concentrates on analysing:

– How your risk exposures match against your current insurance arrangements and pricing

– Tailoring your programme to your needs will enable you to get best value, especially in an insurance market that remains competitive with premium savings readily available

– The exercise enables you to exploit these favourable conditions without undue market exposure

– No contact is made with the insurance market. This enables you to investigate your options without upsetting a long-term relationship with your existing broker or insurer

– Ensures that your organisation is not over represented in the market with a number of brokers approaching the same insurers, with different presentations and pricing messages. When this happens, insurers are not motivated to provide their best pricing and are less competitive

Commitment

This is a complimentary service and all work is carried out in house, ensuring that your current broker or insurance company remain unaware

Without obligation, we hope the Thomas Carroll approach will demonstrate our credentials as an alternative adviser in the provision of insurance and risk management

We understand such audits can be sensitive and if preferred, we are happy to work within a confidentiality framework through the operation of a non-disclosure agreement

Timescales and Process

The following timescales can be expected throughout the Confidential Insurance Audit process:

– An initial meeting to introduce you to Thomas Carroll and facilitate a discussion around your business risk profile. The provision of cover details, premiums and claims history will be useful at this point

– A follow up meeting attended by a technical expert who may request additional information (and a brief tour of your premises if possible) to enable us to finalise our report

– We will then prepare a written review and provide this to you within 14 days

– A meeting to present our report and findings

Required Information

In order to achieve the best results from this exercise the following business insurance information would be helpful you are able to provide the following for Thomas Carroll to review:

– Summary of current covers or risk register

– Current policy schedules and wordings

– Details of claims both settled and outstanding

A review of these documents and output from our discussions will form the basis of our final report and recommendations.