(404) 854-2543

Strategic Sourcing and Procurement Services

CALL NOW

(770) 853-9940

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

Results Vary Depending upon Clients’ Services Selected, Level of Expertise and Most Recent Actions… Each Solution is Customized to the Client’s Situation