In recent years, companies all over the world have been confronted with the COVID-19 pandemic, the Russia – Ukraine conflict, which has had a significant impact on energy and commodity pricing and caused challenges to both global and regional supply chains. Though it has been a tough time, there is room for optimism as we build on the lessons learned. For some, these challenges were a hurdle too far, but many have survived the storm; now it is time to find ways to capitalise on opportunities.
While many find managing their insurance spending and understanding their risks a taxing process, with the right guidance you can optimise your spending, protect your business and unlock growth opportunities. To keep your business protected and not just surviving, you need to be aware of your unique risk landscape and the best practices in your industry.
Companies should lean on their advisers as they learn to survive and build sustainable growth in their new normal. A good insurance adviser should help you protect your business in a number of ways, some of which are listed below.
With better understanding of the insurance process and the available coverages, along with a better understanding of the amount of insurance cover they actually need, companies can better optimise their risk transfer.
When you are aware of the specific challenges and opportunities in your industry or sector, you are in a better position to take a specialised view of your risk transfer. This is essential in ensuring you have the cover you need. Make sure your adviser has deep understanding and experience in your industry.
Having advisers with localised understanding is paramount. With this knowledge, they can tailor your risk management needs with your clients and workforce in mind. With growing legislation in various industries, national commitments to global movements like climate action, logistic and supply chain challenges brought about by regional change, and the need to respect cultural norms, having advisers on the ground could be pivotal to accessing opportunities.
Your insurance and claims adviser should be there when it matters most. They can bring claims expertise and insight to you, delivered with their knowledge of your local market opportunities and challenges. A trusted adviser should know what’s important to you – getting on with business, making the claims process as simple, solution focused and as swift as possible.
Ultimately, risk transfer is a key component in a company’s ability to build sustainable growth. As such, it is essential to have insurance advisers that can amalgamate insights from the areas outlined above to ensure that your company is on the right path ahead of renewals and is protected for sustainable growth.