Global Insurance Project
The Project
Our client is an international engineering, environmental, water resources, and maritime consultancy, with a variety of projects and clients globally.We were engaged by our client to deliver a project for the procurement of corporate insurance services. The client required a high-quality insurance broker to approach the insurance market to collect and bind a set of required corporate insurances on their behalf. The insurances required included:
-Travel Health Insurance;
-General Liability Insurance;
-Directors and Officers Liability Insurance; and
-Kidnap and Ransom Insurance
Methodology
Our methodology for the project was to focus on following our Sourcery Approach. We apply this Sourcery Approach on every procurement process to ensure we conduct a highly effective and efficient process underpinned by best practice principles. This provided a structured approach to ensure that all aspects of the sourcing cycle were completed to the highest industry quality standards.
The methodology included the following:
Confirm the business requirements: We confirmed the business requirement for each insurance type with the client. This allowed us to understand the background, context, scope, and level of insurance cover required.
Conduct market research: We conducted market research to identify high-quality insurance brokers to include within the tender process.
Conduct tender process: We issued a Request for Quotation ("RFQ") to insurance broker suppliers. This requested for each broker to confirm their experience and capabilities in offering advice and quotations for each of the required types of corporate insurance. The RFQ also requested details of what information they would require from our client to start the project, how they would approach the project in terms of capturing insurance requirements, providing advice and recommendations, and collecting quotations directly from the insurance market, and how their fee structure would work for the project.
Evaluation and selection: We managed the evaluation and selection process with the client to ensure each tender response was evaluated fairly and equally. The outcome of this evaluation process was that one preferred supplier was selected.Held discovery meetings: We held multiple discovery meetings with the selected insurance broker and the client to facilitate and organise the detailed information gathering process. With this information collected, the insurance broker could then engage with the insurance market directly on behalf of our client to collect formal quotations.
Questions: Following a review of the formal quotations collected, our client naturally had question which we wanted to make sure were fully answered and satisfied to avoid any element of doubt. We held many further meetings to support this process, to ensure that all of our client’s questions were answered and that they were happy to proceed to the binding stage.
Signatures: Once our client was fully satisfied, we organised the process of them signing the various insurance forms ready for each insurance to be bound.
Results:
The project was a success, with the client being very happy with the procurement support they received throughout the process. Our team ensured their requirements were met, and each of the required insurances was in place smoothly and hassle-free without any issues or problems. The Sourcery Approach methodology followed to deliver the project allowed for a seamless procurement process, which resulted in a successful outcome for the client.
