RIMR is our proprietary consultative process that can be tailored to suit the size and complexity of your organisation. It’s compatible with Australian Standards AS/NZS ISO 31000:2009 Risk Management. The outcome is a risk profile of your business and a clear understanding of your insurance needs.
A formal process is developed that identifies and documents your business risks and can include the preparation of a formal risk register if required.
Greater awareness of your risk profile enables you to make advantageous adjustments to your business processes and practices.
Stakeholders including investors, employees
(current and prospective), insurers, financiers, customers and shareholders gain greater
confidence in the operation and longer term
viability of your organisation.
The process provides us with the information we require to validate the adequacy or otherwise of your current insurance program.
Positive risk attributes are identified, which can be shared with insurers to facilitate greater premium reductions.
The accurate risk profile provides insurers with greater understanding of your business and enhances their ability to provide the broadest cover.
Our approach differs from conventional insurance brokers where the usual process is highly transactional, involving filling in forms and answering standard questions.
This can restrict the risk analysis and usually fails to uncover the unique risk intricacies of your business.
The depth of discovery and understanding drilled by our process will be guided by the availability of your resources and the complexity of your business.
To this extent, we can provide differing levels of RIMR analysis to cater to the particular needs of your business.
Our experience enables us to efficiently gather the information we need to derive the best results from the insurance market. We will explain why we need the information and won’t waste your time gathering unnecessary data.
From our RIMR analysis we combine your risk profile and our experience across a myriad of industries to design a risk transfer solution that will meet your needs.
We understand that every business has differing degrees of risk tolerance, risk quality, claims experience and business objectives, and also that your insurance program must be able to respond to the continually changing business environment in which you trade.
When designing your program we take into account a variety of factors such as:
We consolidate our findings and present a selection of insurance programs for your consideration.
Policy wordings can be complex and difficult to understand. We will ensure you fully understand both the cover and exclusions contained in the policies presented.
An insurer’s premium is directly proportional to the quality of risk information it receives. We ensure they receive detailed, factual and professionally presented information that gives them the confidence to provide their most competitive terms.
The rigour undertaken by insurers when rating risk premiums has increased due to the recent natural disasters in Australia, COVID-19 and more onerous insurer internal operating guidelines and audit procedures.
Understanding the ramifications of this change in market conditions, we identify positive risk attributes that strengthen our negotiating position on your behalf.