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Lockton Insurance for NEPIC Members. Agenda. Overview and background Who is behind the scheme? Benefits – getting a better deal Case Study Gaining long term benefits Engaging with Lockton Questions. Overview and background.

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Presentation Transcript
agenda
Agenda
  • Overview and background
  • Who is behind the scheme?
  • Benefits – getting a better deal
  • Case Study
  • Gaining long term benefits
  • Engaging with Lockton
  • Questions
overview and background
Overview and background
  • Initiative driven by Stan Higgins and the NEPIC team with the aim of:
    • providing significant benefits to the NEPIC member companies
    • bespoke solutions, tailored to the needs of each individual member – NOT a one size fits all solution
who is behind the scheme
Who is behind the scheme?

Lockton

  • 15,000 clients across multiple industry sectors
  • 4,000 associates
  • 52 offices in 16 countries
  • £10m+ premiums placed
  • £600m in revenues
  • Founded 1966 – Jack Lockton, Kansas City
  • Largest independently owned broker in the world
  • 9th largest insurance broker in the world (Source: Business Insurance July 2010)
who is behind the scheme1
Who is behind the scheme?

Global Insurer Panel

  • Allianz A+
  • Chartis A
  • Ace A+
  • QBE A
  • Zurich A+
  • Travelers A+

Financial Strength A.M. Best

A+ Superior

A Excellent

Criteria for selection

  • Financial strength
  • Sector appetite, knowledge and expertise
  • Ability to write cover for SME to large global multi-nationals
  • Market leading service, risk management resource
  • Commitment to North East through local offices
benefits getting a better deal
Benefits – getting a better deal
  • Guaranteed premium savings
    • At least 10% although we anticipate this will be greater in most cases
  • Broader cover
    • Higher limits of indemnity as standard
    • Broader policy cover
  • Market leading risk management support
    • Health & Safety
    • Business Continuity Planning
    • Motor fleet risk management
  • Enhanced claims support
    • Major loss claims specialists
    • Crisis management support
case study
Case Study
  • ABC Ltd
  • 180 Staff
  • £26m turnover
  • Moved to Lockton on a ‘NEPIC style’ scheme
  • Premium £240k prior to joining scheme - £176k through the facility
  • Moved to an enhanced policy wording available through the scheme
  • 3 months after moving to us they suffered a significant loss as a result of a fire
  • Loss would not have been covered on a standard policy wording
  • £4m claim paid
gaining long term benefits
Gaining long term benefits
  • Significant bespoke benefits available now
  • Insurers have bought into a simple concept
    • 500+ companies they would like to insure
    • Offer better benefits to the collective group
  • Long term – the more companies placing cover through the facility the better it gets
    • Price
    • Cover
    • Additional services
engaging with lockton
Engaging with Lockton
  • Not a one size fits all facility
  • Please engage with us to discuss the benefits of a tailored solution for your business
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