Background

Boom Logistics, a publicly listed company specialising in lifting solutions and construction, faced the need to reevaluate its insurance strategy and risk profile. Having worked with their incumbent broker for a decade, Boom Logistics sought to ensure their insurance program was delivering the best value for their risk capital expenditure, a critical factor for their ongoing success and financial stability.

Our Services

Resilient was engaged to conduct a comprehensive insurance and risk management review for Boom Logistics. This review entailed a thorough insurable risk assessment to identify any significant coverage gaps and a detailed benchmarking of their insurance covers, indemnity levels, costs, deductibles, and broker fees. Additionally, Resilient managed a virtual tender process involving eight separate brokers, including major global insurance providers, to ensure a competitive and comprehensive selection.

Strategy and Approach

The approach focused on aligning Boom’s insurance program with its evolving risk profile and the dynamic nature of the construction and lifting solutions industry. The strategy aimed to optimise insurance coverage while ensuring cost-effectiveness, taking into account Boom’s specific needs and industry benchmarks.

Tendering Process and Broker Selection

A virtual tender process was meticulously carried out, inviting proposals from eight different brokers, including top global providers. The selection criteria prioritised not only competitive pricing but also the depth of expertise, quality of service, and understanding of Boom's unique business risks and industry nuances.

Outcome

The engagement with Resilient yielded remarkable results for the Boom Logistics:

  • Achieved annual cost savings of approximately 10% for Boom Logistics, inclusive of broker fees and commissions, while maintaining a like-for-like comparison basis.

  • Ensured Boom Logistics gained the best value from their insurance program, enhancing their coverage significantly at the most economical cost.

  • Provided a reassurance of comprehensive coverage that aligned with industry standards and peers, fortifying Boom Logistics’ position in a competitive market.

This case study demonstrates Resilient’s ability to deliver a holistic and strategic review of insurance programs, leading to significant cost savings and improved coverage, particularly beneficial for companies in specialised industries such as construction and lifting solutions.

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