Medium-Sized Risks

Medium-Sized Risks

International Broker attempting to win a manufacturing client from one of the Top 3 Brokers

Medium-Sized Risks
  • First time ever

    Surveys conducted for all 13 locations within the same policy year

  • Business continuity

    Through increased collaboration with the insured, the survey was repositioned away from an “audit” to a risk management and a business continuity tool

  • 13x cost effective

    Survey of 13 locations at the normal cost of one location

  • Rapid turnaround time

    Reports shared with the broker’s Global Head of Risk Engineering on the same day as the survey

A broker approached us at Virtual i with a problem. A multi-site textile manufacturer in their territory, was a long-standing client of one of the Top 3 global brokers, with one of the stated reasons for their resistance to work with another broker being the global broker’s ability to conduct risk engineering surveys of their factories to international reinsurance standards.

Upon further discussions with the manufacturer, it actually transpired that the global broker was only surveying one of the 13 factories every year, despite their claims of world-class proficiency and capability, which meant that out-of-date information was being provided to insurers for most of the insured locations.

Virtual i helped the broker prepare a proposal that would see all 13 factories surveyed to international reinsurance standards - either remotely or in-person - within just 3 months of a successful appointment. The broker won the contract based on this element, and Virtual i conducted all 13 surveys using the power of Virtual Risk Space to allow a subject matter expert to run the surveys remotely.

The quality-controlled report and scientific risk scoring output for each survey was shared with the broker’s Global Head of Risk Engineering on the very same day that each survey was conducted, utilizing the Factory occupancy survey system within Virtual Risk Space. The accuracy of the results, the highly-structured risk data provided, and the user experience that Virtual Risk Space delivered was a key factor in demonstrating to the broker that Virtual i can deliver the required quality in a fraction of the normal time.

Furthermore, the manufacturer being surveyed feedback that they no longer saw these surveys “as an audit” but rather as a risk management and business continuity tool. Add to this the fact that the cost for surveying all 13 locations was equivalent to what the previous broker was charging to insurers for only one survey, and it's easy to understand why all stakeholders - the insured, the insurers and the broker - saw enormous value in what Virtual i can deliver using the power of Virtual Risk Space.

VIRTUAL YET VISIBLE TOUCH

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