It is self-evident that insurance should only be purchased to cover the residual financial risk after all other and better ways of managing the whole risk have been found. There may be cost-effective options available to minimise or mitigate the risk. These should be identified and implemented before buying insurance as a final step in protecting your business.
Why buy insurance you do not need?
A large cheque from the insurance company is little compensation for much of the stress involved in dealing with a major loss not to mention the long term damage that may be done to your reputation and company brand.
Willis Towers Watson can help your organisation identify your key risks. We can work with you to determine how the risks may best be managed and whether insurance is even an option (the majority of risks faced by a company have no insurance solution). We can then describe for you the best insurance or risk financing options available in managing your risks.
The benefits of the process are that your business will achieve the following outcomes:
- fully understand how your current insurance/risk financing programme responds,
- identify any gaps in the programme
- make informed decisions on the best way of treating the identified risks
- have confidence that critical risks have been appropriately treated
- link your risk management programme to your insurance/risk financing programme
- if you do not have a current risk management programme this is a practical way of working with us to develop a framework for your business.
A risk review workshop is managed by Willis Towers Watson together with the key stakeholders of your business. The advantage of a workshop is that risks identified are likely to have an impact across more than one area of the company. It means that all key stakeholders have an input into determining the impact of that risk and how best it should be managed.
If you’d like more information on how Willis Towers Watson helps clients conduct risk review workshops please contact us and we would be more than happy to assist.
