Risk advisory and insurance services are intrinsically linked. They form a crucial framework for individuals, businesses, and even governments to navigate uncertainties and protect against potential financial losses. In the realm of risk management, insurance is a critical risk transfer option. It’s one of the four main strategies for responding to identified risks, alongside: Risk Avoidance, Risk Mitigation/Reduction, Risk Transfer and Risk Acceptance.
Risk advisory and insurance services
Risk Advisory
Risk advisory, risk management surveys, risk transfer and structured solutions to optimise risk exposure management. This helps us with equipping you with the knowledge you need. We also offer risk management services, relating to information systems and financial planning.
Risk Identification and Assessment,
Risk Mitigation Strategies, Risk Financing Analysis, Risk Monitoring and Reporting, Cyber Risk Management, Transactional Risk Services, Supply Chain Risk, Environmental, Social, and Governance (ESG) Advisory, Credit Risk, Political Risk, Financial Due Diligence
Training
We carry out training in general insurance, life insurance, risk advisory, risk management and a number of crash courses in conjunction with our various partners.
Premium Payment Structuring
We help you with your premium payment management by agreeing payment plans and offering flexible payment terms. This is part of the process we engage to provide our clients with tailored risk and insurance solutions.
Claims Processing
We help you manage the maze of claims processing. Our strong relationships with insurance companies helps us to deliver value to our clients and other stakeholders.
Claims Advocacy
Loss Control and Prevention
Risk advisory and insurance training are also key objectives of the The Insurance Institute of Zambia (IIZA). These services therefore fall in in with the industry’s effort to improve the quality of insurance solution.
Core Principles of Coverlink Risk Advisory for Lower Premiums
We will help you to enhance your risk management, through our risk advisory service. Risk management is crucial for reducing insurance premiums because it demonstrates to insurers that you are actively working to prevent losses, thereby making you a lower risk to insure. The less likely you are to file a claim, the less the insurer has to pay out, and they often pass those savings on to you in the form of lower premiums.
How we will help you protect your assets and reduce the premiums
- Risk Identification: Pinpointing potential threats and hazards that could lead to financial loss or claims. This includes everything from physical safety hazards to cyber threats and natural disaster risks.
- Risk Analysis: Evaluating the likelihood of these identified risks occurring and the potential impact they would have if they did.
- Risk Control/Mitigation: Implementing strategies and measures to reduce or eliminate the identified risks. This is where you actively take steps to prevent losses.
- Monitoring and Review: Regularly assessing the effectiveness of your risk management strategies and updating them as circumstances change.
Practical Strategies Our Risk Advisory Will Help you Implement
- Implement Robust Safety Protocols and Procedures:
- Workplace Safety: For businesses, this is paramount. Establish clear health and safety guidelines, conduct regular safety inspections, and ensure proper maintenance of equipment.
- Employee Training: Consistently train employees on safety procedures, proper handling of equipment, and emergency protocols. Well-trained employees are less likely to make mistakes that lead to accidents and claims.
- Incident Tracking: Documenting all incidents (even “near misses”) helps identify recurring issues and allows for preventative measures to be put in place, leading to fewer actual claims.
- Enhance Security Measures:
- Physical Security: Install surveillance cameras, alarm systems, robust locks, and access control systems for properties.
- Cybersecurity: Implement strong cybersecurity protocols, including firewalls, encryption, multi-factor authentication, regular vulnerability assessments, and employee training on phishing and cyber threats. This is especially important for businesses handling sensitive data.
- Develop a Business Continuity Plan (BCP):
- A well-developed BCP demonstrates to insurers that you are prepared to continue operations in the event of a major disruption (e.g., natural disaster, cyberattack, equipment failure). This reduces the likelihood and severity of business interruption claims.
- Maintain a Clean Claims History:
- Insurers look at your past claims when determining premiums. By actively preventing incidents and minimizing claims, you build a track record of being a low-risk client, which can lead to significant premium reductions.
- Regularly Review and Update Coverage:
- Your business and personal circumstances change over time. Periodically assess your insurance needs to ensure your coverage aligns with your current risk profile. Avoid paying for unnecessary or duplicate coverage.
- Discuss changes in your business operations or personal assets with us.
- Increase Deductibles (with caution):
- A higher deductible means you agree to pay a larger portion of a claim yourself before your insurance kicks in. This signals to the insurer that you’re willing to take on more risk, often resulting in lower premiums. However, ensure you have the financial capacity to cover the higher deductible if a loss occurs.
- Bundle Policies:
- Many insurers offer discounts when you purchase multiple policies (e.g., home and auto, or various business insurance types) from them. This streamlines your insurance management and can lead to savings.
- Compare Quotes and Shop Around:
- Don’t just stick with one insurer. Obtain quotes from multiple providers to ensure you’re getting the most competitive rates for your level of risk. As your broker and risk advisory consultant, we can be very helpful here.
- Engage in Industry-Specific Risk Programs:
- Some industries have specialized insurance programs or associations that offer tailored coverage and potentially lower rates due to their focus on specific risk mitigation strategies within that sector.
- Foster a Strong Safety Culture:
- When risk management is prioritised from the top down and employees are empowered to identify and report hazards, it creates a safer environment and reduces the overall risk profile of the organization.
By proactively identifying, assessing, and mitigating risks, you demonstrate to insurance providers that you are a responsible and low-risk entity, which directly translates into opportunities for reduced insurance premiums.
Our risk advisory and insurance brokerage services work together seamlessly, on two fronts. Our risk advisory services reduce the probability of the risk event actually occurring or its non financial impact to your organisations. Our brokerage services protect you form the large financial impact that is likely to come with a risk actually materialising.