The Challenge/Opportunity

Omnisure is an award winning insurance company based in NSW whose professionalism and strong client-focused values have stood out in the Australian Insurance sector for over 20 years.

Recently, the Omnisure team was engaged by the CFO of a manufacturing company that specialises in complex building materials. Their current insurance broker lacked the specific expertise and servicing capabilities that were required. This resulted in a “standard” insurance program which was overly expensive whilst neglecting key covers. Additionally, the business’ leaders felt that they were not being provided with an accurate understanding of their risks and how these could best be managed.

They engaged Omnisure to undertake a comprehensive risk review, ensuring that they had the right insurance coverages at the most competitive possible premiums.

Approach

Omnisure worked with the client using a proven system that included three main phases.

1. Business Analysis. Omnisure took the time to conduct an in-depth analysis of the business. This allowed them to understand the products sold, services provided, client-base and key concerns of the company and its directors.

2. Risk Profile and Management. The thorough business analysis enabled the Omnisure team to develop an accurate understanding of the company’s key risk exposures. Subsequently, the team was able to work collaboratively with the client to improve their risk management practices and procedures, which in turn reduced their risk profile, improving their insurability.

3. Insurance Program Creation. Once there was a clear risk profile, Omnisure was able to identify the insurable risks, and approached the market with detailed insurance submissions on the client’s behalf. Through their strong understanding of the client’s business and detailed knowledge of the insurance market, Omnisure was able to extensively negotiate with insurers. The team approached 60+ markets across eight different classes of insurance to secure the best outcome.

Outcome

Omnisure’s approach enabled them to secure a risk program which:

a. drastically improved the suitability of previously held insurances,

b. provided coverage for previously uninsured risks, and,

c. reduced the overall insurance costs.

A detailed report, outlining all quotes and providing clear recommendations on the most suitable insurances was provided to the client. The report ensured that our client had a detailed understanding of insurers’ appetites towards their risks, giving them confidence in the proposed program and a strong understanding of how this program was intended to function in the event of a claim.