In the dynamic and ever evolving world we live in the unique relationship between an organisation and insurers is a cornerstone to successfully managing risk. A key component of this relationship is the 'insurer day'. This is a dedicated period where insurers visit potential clients to understand their operations, assess risks, and build a stronger partnership.
A well-executed insurer day can foster a collaborative relationship where both parties work together to proactively manage and mitigate risks. At its core an insurer day is an opportunity for mutual learning. The insurer gains a deeper understanding of the client's risk landscape, which can lead to more tailored insurance solutions and potentially more competitive terms.
On an insurer day an organisation has a chance to showcase risk management practices, build a personal rapport with the insurer, and gain insights from the insurer's broader experience.
Preparation
Make sure your next insurer day is a resounding success with preparation. The first step is to establish a clear agenda. This agenda should be a collaborative effort between you and your insurer, ensuring that both parties' objectives are met. It also helps you and your insurer agree on where value can be harnessed.
Key elements to include in the agenda are:
- A tour of the premises: If you have an interesting or innovative process, you may want to hold the insurer day at this location and provide a tour to the insurers.
- Presentations on key risk areas: This is your opportunity to showcase your risk management processes and highlight recent improvements or initiatives.
- Presentation from your insurers: This is more common when individual slots are provided to each insurer for insurer days. Allowing insurers to present to you gives you a better understanding of the evolving insurance market. You may be surprised at what different insurers can offer.
- Meetings with key personnel: Introduce the insurer to those responsible for managing risk on a day-to-day basis. This builds confidence and demonstrates a strong risk culture.
- A review of claims data: This can help identify trends and areas for improvement.
To add real substance to your presentations, focus on providing tangible evidence of your risk management maturity.
Here are some examples of what to showcase:
Property
- What to showcase: key unique risks, including waste sites, summary of lots, valuation programme, future plans and developments.
- Why it matters: helps optimise coverage and provides bespoke risk management support.
Liability
- What to showcase: services provided, responsibilities, number of employees, manual staff percentage share.
- Why it matters: builds confidence with insurers, supporting you finding competitive insurance.
Motor
- What to showcase: types of vehicles, number of vehicles, risk management, driver training.
- Why it matters: provides insurers with the best quality data, resulting in the best insurance solutions.
Do not forget the role an insurance broker plays in orchestrating the best insurer days. A broker is an insurance professional directly available to an authority and should be the main point of contact supporting preparation for insurer days. Brokers can also provide a location for the insurer day and chair the meeting on the day.
Following the insurer day, it's crucial to follow up on any action points or recommendations. This demonstrates your commitment to continuous improvement and strengthens the relationship with your insurer. A summary of the day's discussions and agreed actions should be circulated to all relevant parties to ensure everyone is on the same page.
Insurer day checklist
Take a strategic and proactive approach to transform insurer days from a tick-box exercise into a powerful tool for risk management. A well-planned insurer day is a two-way street; it's a chance to understand what insurers can offer, and an opportunity to showcase your operations and strengths.
An insurer day is the perfect way to bring your invitation to tender (ITT) to life. You can move beyond a static document to give insurers a better understanding of the risk, which in turn reduces uncertainty. Achieve this by telling insurers success stories that offer proof of your commitment to managing risk effectively.
This opportunity for direct engagement helps build unique relationships, foster a stronger, collaborative partnership, and ultimately better insurance solutions, improved risk management, and a more resilient organisation.
