We are always guided by our mission of offering creative, innovative financial products and services in such a manner that our clients will have maximum protection and financial security. As a broker, our scope of work are as follows:
Risk Analysis and
Insurance Programme Design
- Risk identification, analysis and profiling to develop a profile of risks
- Quantification of risk to identify the frequency and severity of risks to determine those which are critical.
- Recommend those risks to be transferred (whether by way of insurance or by contractual means) vs. those to be retained and controlled, at all times giving due consideration to the client’s risk management philosophy.
- Review of insurance availability and cost against risk profile and client’s risk appetite.
- Design insurance programme and recommend for review and approval.
- Insurance budgeting.
- Review of insurance related contractual provisions and assist in drafting or redrafting such contractual provisions
- Drafting of insurance policy wordings
Insurance Program Placement
- Preparation of comprehensive underwriting submission to the insurer
- Identification of the insurance markets with appropriate risk appetite to suit profile of risk to be placed
- Marketing the risk to the insurance markets to local and international insurance and reinsurance markets
- Negotiating and finalizing terms with the insurance markets
Administration of Insurance Program
- Acting as channel for payment of insurance premiums and ensuring that payment is made to each insurer/ reinsurer
- Facilitating the issuance of cover notes and subsequently the issuance of insurance policies in accordance with wording as agreed with the insurers
- Negotiating and facilitating changes/ extensions to policy coverage as may be required from time to time
- Facilitating communications between our clients and the insurers
- Review of insurance related procedures/ notices in loan agreements
Loss prevention
- We will assist our clients in loss prevention measures as insurance policies do not offer blanket indemnity and inevitably contain deductibles, which have to be borne by the insured.
Claims Handling and Management
- Coordination of the appointment of Loss Adjusters
- Preparation of detailed claims handling procedures
- Regular summaries of claims in conjunction with the Loss Adjusters
- Primary point of contact for notification of claims
- IIB will be the channel through for settlement of claims