All too often an ‘off the shelf’ insurance product is purchased which does not recognise specific underlying risks and as such may not achieve an optimum risk transfer. Even if the product fits well initially, the challenge is to ensure that changes in the organisation’s risk profile feed into the product design and selection. To achieve this, a thorough process of risk analysis should be completed in order to determine key risks, understand their financial impact, and determine the limits required to be covered by insurance.
Insurable Risk Profiling and Gap Analysis follows a structured process which demonstrates good corporate governance and can easily be linked to your organisation’s broader risk management activities. As well as providing management with an audit trail and point of reference for future assessment the key benefits that insurable risk profiling will bring to your organisation include: