Success Story - "Property & Casualty Policies"

Company Description

Auto Leasing and Auto Garage Services

Company Situation and Problem

• A long-term relationship existed with the client and a direct insurance company (no broker)
• No independent consultant (non-broker) ever reviewed contractual terms, conditions and pricing
• Directors and Officers’ policy purchased on a local basis
• Unique class of business (auto leasing and auto garage liability) and client thought market was limited

Paladin Actions & Recommendations

• Paladin’s Strategic Insurance Partner worked closely with the Risk Manager and CFO to review insurance costs, claims data and internal work flow
• Summarized and distilled coverages, limits, deductibles and premium costs … benchmarking information
• Utilized unique proprietary database (The CMR Database®) to confidentially compare the client’s portfolio characteristics to their national peers to determine areas for improvement
• quantitatively and qualitatively
• Developed bid specifications Request for Proposal (RFP) and, through the database, electronically sourced and matched qualified industry candidates who could offer new national market access and policies

Client Results

• New broker specialist and insurance carrier was accessed from outside the client’s localized territory
• Garage Umbrella Premiums reduced by 29% annually by connecting the client to a car leasing and garage liability specialist broker with 20 new insurance companies reviewing the RFP
• Proved to be less expensive to add the new broker layer compared with buying directly from the old carrier
• Directors and Officers’ Liability policy premium reduced by 70% with no diminution in coverage, limits or deductibles
• Client availed themselves of a superior brokerage service team and servicing platform helping save internal time and reduce future losses