How we help the food industry
For the past three years we have successfully applied our RISC and affinity risk solutions to this industry. Participating businesses have secured insurance savings, better policy terms, conditions and excesses as well as having reduced other operational costs directly by managing risk.
What became clear after speaking to several businesses, that unless new risk strategies and solutions were created, insurers were incapable of changing their perception that businesses in this sector were high risk and so, less desirable to insure. Whether it was the risk of property fires, product recalls, product liability losses, the issues seemly emanated from the same tainted risk views. Insurers assumed because of a number of prior significant fires, the whole industry sector was 'on the nose', making insurer attitudes to risk incapable of change. This is understandable to some degree because insurers price risk based upon historical data over many years.
While our research revealed there were indeed significant industry wide risks that warranted risk critical attention, yet they were identifiable and treatable. What was missing was the guidance and dedicated systems to help businesses actually perform these risk strategies. With the right risk strategies in place, historical data can change because risk has changed. With reduction in risk comes reduction in loss and with that, so to insurance pricing. This was our goal and what we have achieved.
Meaningful and sustained change however takes collaborative and consultative effort from all risk stakeholders, and the commitment to monitor and review the processes. With commitment from our clients and affiliated partners we have built these systems, and in doing so attracted insurers prepared to invest in our new strategy.
See what Market Lane's Lloyds cover holder, Toby Salmon director of property underwriting has to say.
We like to refer to this spotlight sector as our FAITH, short for the Food and Allied Trade Industry Hub
Our solutions have provided substantial benefits beyond insurance savings. Businesses operating in egg production, dairy, cheese, sea food, cold storage, meat, and small goods for example, have secured very significant insurance savings and together with the implementation of major risk mitigation plans, increased business resilience and confidence. The industry has been plagued with cost increases, an extended hard insurance market, with little competition, and seen continued profit margins squeezed predominantly by the major supermarket chains.
Now with wages growth, inflation and employee volatility adding further business pressure, it is more important than ever to contain business overheads. If there are any nasty surprises, risk systems must be in place to reduce the risk of loss. Record floods in 2022 losses estimated at $5.4BN and with multiple natural disasters in the preceding years, has insurers pushing higher premium rates.
Combatting this with our systems and strategic advice we have been effective with because of our consolidated approach to risk. We have a significant impact not merely on risk and the cost of insurance, but many other operational costs. Our approach is a proactive, collaborative and as we have the best professional resources available. For more information about how we do this, please go to the menu tab 'OUR RISK SOLUTIONS'
With our risk, affinity support structure and using our aggregator model, we are leading risk specialists in this industry. That’s why we call it our FAITH solution. Our low-cost aggregator structure ensures cost savings flow through to our clients. Economies of scale allow us to maximize service, and unite professional resources without having the conventional business costs of major institutions who hold that expertise in house.
Further developments for an industry shake up in the cost and placement of insurance are happening right now which we believe you will want to be part of.
Unlike most insurers or some brokers perhaps, we want your business. We have the solutions you need.
Contact us today and be part of the coming paradigm shift.