The Risk Factor Ltd can save you time and money; as we help you navigate your way through the insurance and risk requirements of your business, giving you all the expertise and support you need.
We are poachers turned gamekeepers. Former brokers, who have all the expertise of a broker, but a different more transparent way of working that saves you money, time and frees up your resources.
You can be sure the advice you receive is top quality, the whole team is highly experienced in insurance, public sector procurement requirements, and alternative methods of risk transfer.
Every organisation is different, with a different risk culture and differing levels of appetite for risk, if this is not reflected in your portfolio of covers it means either money wasted or cover not meeting expectations. To get the best and most cost effective risk management and insurance solutions, we set up your risk strategy to support your organisational strategy and capabilities. A truly tailored fit.
By auditing the covers you have in place and the covers you really need, we enable you to make an informed choice. Costs can be cut by correcting covers, using alternative risk transfer; increasing competition for your ITT's and removing hidden broker earnings from the portfolio. Truly impartial advice.
You can take back control of your premiums and make them work for you, with options such as bringing in elements of self-insurance, schemes for tenants / customers to buy into; insurance funds, & increased claims controls, we can advise you on how to turn a cost into a revenue stream, which can be re-invested into other projects. Truly innovative solutions.
You can reduce the costs of your procurement whilst increasing the support and expertise available to your team. By outsourcing your insurance procurement and management to The Risk Factor, we provide you with a highly experienced and qualified risk practitioner and back up administrator, working remotely, or on site, as part of your procurement team, but with no staffing “on costs”, NI, holidays or absence to worry about. Truly dedicated service.
A thorough and detailed analysis of cover and claims history allowed us to rearrange our client’s risk portfolio to remove unnecessary covers and premium spend; without compromising appropriate cover.
Our client outsourced their risk and insurance procurement and administration to us. A virtual service, enhanced by weekly onsite consultations ensures expertise at their fingertips; whilst reducing their overheads.
Using detailed historical claims analysis and scenario modelling we were able to recommend a program of partial self insurance with loss limits in place. The associated insurance fund has generated profits in excess of £1,000,000 for re-investment in other projects.
Your dedicated risk practitioner will be a former broker, who knows the inside track. Highly qualified and with a minimum of 20 years in the industry, you can be sure you are in safe hands. With detailed knowledge of technical points of insurance comes the ability to advise with confidence of covers that are not necessary, as well as those that may need enhancing.
We operate differently. We don’t accept any commissions, growth bonuses or profit shares from insurers, and that means we can be transparent to you with our earnings, and transparent with where our interests lie – with you. No conflicts of interest.
TRF was set up by two former brokers, who were unhappy with being pressured into using “partner insurers” who may have represented the best deal for the broking form, but they didn’t always feel represented the best for the client. That ethic of independence of advice remains as one of the cornerstones of our business. We are as willing to tell you where you are wasting your money as we are to tell you where you need to invest more. We pride ourselves on ensuring no client has un-necessary covers that won’t ever benefit them.
This is how our daily task list looks:
It may seem simple, but it works. All our clients comment on how quickly we respond to questions and queries. And we ensure a failsafe service provision. By outsourcing to one of our in-house risk practitioners, you don’t just get one person. You get a lead practitioner, a secondary practitioner and an administrator all working together to make sure you have no gaps in advice or service for holidays or other absences. Three staff for the price of one!
Sustainability is an important factor in your considerations and ours.
We understand that public funding is always under pressure; but adequate insurance and risk transfer is an absolute requirement. That doesn’t mean you need to take every cover available. We have many ways to look at saving you money. We help you dispose of unnecessary covers; evaluate alternative methods of risk transfer; remove the broker earnings, and make recommendations for self- insurance. By looking at your organisation as a whole we can create solutions that really fit and work around you.
Here are some comments, facts and figures about our clients.