Strategiq's Most Frequently Asked Question - January 16th 2018

With offices in Winnipeg and Kamloops we have Western Canada covered, providing risk management and insurance premium reduction strategies that keep more money in your organization’s pocket, so that you can invest in the things that matter most for your company. By far our most frequently asked question (alongside “I don’t know what you’re talking about” :) ) is “You guarantee that you can lower my organization’s property and liability insurance premium. How can you make that kind of promise?”

The short answer is that any organization that has not conducted a market allocation exercise or implemented an enterprise-wide risk management plan is paying more than it has to. Which in our experience includes almost everybody.

The quickest and most effective path is to run a market allocation exercise. This is your “as the crow flies” route to substantive savings. We work with you to put together an underwriting package that makes your business desirable to the insurance industry. Desirable enough that they will sharpen their pencils and compete for it. Essentially this means providing insurers with the information they need to understand the range of risks that exist for your company. This allows underwriters to competitively price your business (i.e. set a premium) with lower profit margins and without adding cushions for unforeseen events. The moment that a broker(s) agrees to participate in the process, you have already won: your insurance premiums are going down. The only question now is by how much.

And we urge our clients to keep something in mind: your broker’s compensation increases as your premium goes up; our compensation increases as your premium goes down. This means two things: we’re motivated (no savings, no pay) and our interests are aligned with yours. Our last client saw their insurance premium drop by over $100,000 per year.