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GAP – Gap Analysis Process |
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Risk Profiling |
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Prudent begins
the Policy Placement
Process with a
thorough GAP -
Gap Analysis Process.
We conduct a thorough
risk profiling,
which entails
cataloguing and
mapping your company's
business processes
and identifying
areas of loss
exposure. We then
map these exposures
against your existing
insurance coverage
to identify gaps
where your existing
coverage may not
adequately protect
all your risks. |
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Policy Analysis |
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As we analyse
individual policies,
we determine whether
necessary clauses
and the appropriate
valuation methods
that protect your
interests fully
have been correctly
applied. |
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Portfolio Rationalization |
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Prudent demonstrates
its technical
expertise by rationalizing
your insurance
portfolio so that
you can be adequately
covered for all
areas of risks.
Our Market
Intelligence expertise enables
us to identify
the most suitable
insurance products
and the most capable
underwriter to
protect your interests. |
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If your business and risks are unique and present never-before underwritten risk, we have the technical competence to create a custom product for your requirements and get it rated by an underwriter.
We head towards the next stage of Policy Placement - RFQ & Negotiation - armed with a comprehensive proposal on your company's transferable risk and an estimate of the rates you should pay.
Prudent excels in portfolio rationalization, value-enhancement, and innovation of coverage for your insurable risks. |
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RFQ & Negotiation |
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When we request for quotation from insurers, we do so because we have current market intelligence about each insurer's strengths in coverage and service. Thus, we solicit quotations only from the strongest insurance underwriters who will be able to deliver on their commitment to our clients.
Prudent negotiates aggressively on behalf of its clients for comprehensive coverage and value-based rates. We have been able to negotiate innovative coverage for our clients using our technical skills, creativity, and negotiating power with insurance underwriters. |
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Quotation Evaluation & Recommendation |
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Prudent returns to the client equipped with several quotations and written evaluations and recommendations about which quotation makes sense for the client. The client can then consider the recommendation and make a final decision, always having the option of asking for another round of negotiation on terms and rates.
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Policy Placement |
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When
the decision is finally
made to place the policy
with an insurer, Prudent
submits all relevant documents
and the premium cheque
on your behalf and follows
up to ensure you receive
the cover note and/or
policy within a reasonable
period of time. |
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Policy Scrutiny |
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Policy scrutiny is necessary to ensure that the policy issued to you adheres to the proposal form sent to the underwriter. Careless and unnoticed omissions- which can easily occur in a lengthy document- could jeopardize your right to claim indemnity. All our clients' policies are scrutinized against a comprehensive checklist to ensure that every detail is correct and every clause is included. Only then do we forward the policy to you.
At Prudent, policy scrutiny is part of a rigorous system carefully designed to deliver exceptional and error-free service to our clients. |
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