• Insurance Broking Services
  Your insurance portfolio derives from your Risk Management practices. Prudent’s total insurance broking solutions begin and end with risk management solutions.
• Policy Placement
  Policy Placement is a rigorous process of risk profiling, policy analysis, portfolio rationalization, request for quotations, negotiation for the most value-based coverage, evaluation and recommendation of the quotations, placement of the policy and finally, policy scrutiny.

• Portfolio Management
  It begins as soon as we have scrutinized and passed your policy. We assist you in claim settlements, administer all your endorsements and amendments, track your renewals and undertake the renewal process with equal rigor as that of the first placement.

• Avoidance
• Retention
• Loss prevention
• Loss reduction
• Transfer contractually
• Transfer through insurance

Your insurance portfolio is derived from your organization’s risk management process and the decision about which risks, and how much of each, to transfer to an insurance underwriter.

As your insurance broker, Prudent provides risk management solutions to help you identify and quantify your risks so that you can ultimately make critical decisions about dealing with them. We can then move to the next step of rationalizing your insurance portfolio to ensure your exposures are covered adequately.

Risk management solutions can be provided on a long-term basis to ensure you are protected against losses as your business evolves and new risks emerge.

GAP – Gap Analysis Process

• Risk Profiling
  Prudent begins the Policy Placement Process with a thorough GAP – Gap Analysis Process. We conduct a thorough risk profiling, which entails cataloguing and mapping your company’s business processes and identifying areas of loss exposure. We then map these exposures against your existing insurance coverage to identify gaps where your existing coverage may not adequately protect all your risks.
• Policy Analysis
  As we analyse individual policies, we determine whether necessary clauses and the appropriate valuation methods that protect your interests fully have been correctly applied.
• Portfolio Rationalization
  Prudent demonstrates its technical expertise by rationalizing your insurance portfolio so that you can be adequately covered for all areas of risks. Our Market Intelligence expertise enables us to identify the most suitable insurance products and the most capable underwriter to protect your interests.
  
  If your business and risks are unique and present never-before underwritten risk, we have the technical competence to create a custom product for your requirements and get it rated by an underwriter.
  
  We head towards the next stage of Policy Placement – RFQ & Negotiation – armed with a comprehensive proposal on your company’s transferable risk and an estimate of the rates you should pay.
  
  Prudent excels in portfolio rationalization, value-enhancement, and innovation of coverage for your insurable risks.

RFQ & Negotiation

When we request for quotation from insurers, we do so because we have current market intelligence about each insurer’s strengths in coverage and service. Thus, we solicit quotations only from the strongest insurance underwriters who will be able to deliver on their commitment to our clients.

Prudent negotiates aggressively on behalf of its clients for comprehensive coverage and value-based rates. We have been able to negotiate innovative coverage for our clients using our technical skills, creativity, and negotiating power with insurance underwriters.

Quotation Evaluation & Recommendation

Prudent returns to the client equipped with several quotations and written evaluations and recommendations about which quotation makes sense for the client. The client can then consider the recommendation and make a final decision, always having the option of asking for another round of negotiation on terms and rates.

Policy Placement

When the decision is finally made to place the policy with an insurer, Prudent submits all relevant documents and the premium cheque on your behalf and follows up to ensure you receive the cover note and/or policy within a reasonable period of time.

Policy Scrutiny

Policy scrutiny is necessary to ensure that the policy issued to you adheres to the proposal form sent to the underwriter. Careless and unnoticed omissions- which can easily occur in a lengthy document- could jeopardize your right to claim indemnity. All our clients’ policies are scrutinized against a comprehensive checklist to ensure that every detail is correct and every clause is included. Only then do we forward the policy to you.

At Prudent, policy scrutiny is part of a rigorous system carefully designed to deliver exceptional and error-free service to our clients.

Policy Administration

From collecting your cheque and depositing it with the underwriter, to ensuring all endorsements are made on time, to tracking your renewal dates, we take care of all the administrative work so your staff can focus on running your business.

Administrative services complimentary to all our clients

• Maintenance of all policies with various underwriters
• Tracking and notification of renewal dates
• Cheque collection and deposit with insurer
• Maintenance of claim history
• Hiring surveyor and submitting report to underwriter
• Assistance in making monthly declarations
• Assistance in getting endorsements and amendments
• Providing updates on regulatory changes and statutory requirements

We are your single window with your insurers, relieving you of the time-consuming paper chase and record keeping.

Insurance Information Programs

Prudent will depute a representative to your office to explain to your Departmental Teams and your employees the benefits and conditions enjoined in their insurance policies. We can discuss Property Covers with your Finance Department and Liability Insurance with your Officers and Directors; we can explain your company’s Group Mediclaim, Group Personal Accident, Pension Plans and EDLI insurance to your HR personnel, managers and employees.

Programs can be conducted after office hours for your convenience.

CLAIM Management

At Prudent, CLAIM assistance is a 5-step process that begins prior to placing your insurance. We first understand and minimize the risks that lead to claim, because a claim is a threat to your business continuity.

Events that result in claims may

• Interrupt your business;
• Cause delays which damage your credibility with your buyers; and
• Compromise your ability to renew your policy with your existing or a new insurer.

Over a period of time, fewer and lower claims result in your premium costs effectively being reduced- either through a rate reduction or a no-claim bonus.

Prudent follows the CLAIM process:

• Consult with your officers to analyse your entire claim history
• Localize the most frequently occurring events that result in a claim
• Analyse the root causes of those events and address each one systematically and rigorously
• Implement a risk reduction or elimination program and improve on it over time
• Manage and Monitor the program diligently.

The proof of our proactive risk mitigation consultancy, sound underwriting principles and policy design skills lies in our ability to settle the claims of our clients promptly and fully. When our clients have a recognizable claim, we provide aggressive support to ensure they are compensated as per the terms of their insurance policy.

At Prudent, CLAIM Management is an integral part of our total Risk Management solutions.

Our Claim Management Team is one of the most competent in the industry. They adhere to a successful system to ensure

• You understand your allowable claim under the insurance contract
• Surveys are expedited
• Paperwork is completed correctly and submitted on time
• Communication between the client and the insurer is transparent and on-going
• The claim is paid promptly and fully.

Call your local Prudent office for assistance in filing a claim.