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Client Ref.: 205.628
Client and project challenges
For two large retail chains that are merging, the new group has 300 stores in Spain and Portugal. In terms of insurance, each group has a different program inherited from the previous phase, with a large volume of policies and different maturities.
The main challenge is to ensure that such a large number of establishments are well insured and that the unification process and changes within the group do not affect the quality of their insurance. In addition, the creation of a larger group gave us the opportunity to take advantage of new economies of scale. An opportunity that we did not want to miss.
Our work and approach
After several meetings with the directors of the chain, we agreed to unify the risk management criteria for the entire group. We established uniform guarantees and analyzed the maximum loss we could receive during an annual period. We were dealing with high capital with a wide spread of risk, which also had an international component.
We also studied the differences in the claims history of the two groups, observing why the frequency of claims in one of them is lower, and what security measures we should adopt to minimize future losses.
<!– wpml:html_fragment –> Our negotiation with the insurers is aimed at finding a partner with sufficient solvency and capacity to manage a large chain of stores, who can quickly deal with a high frequency of claims, and who can provide a good service in Portugal.
<!– wpml:html_fragment –> Our negotiation with the insurers is aimed at finding a partner with sufficient solvency and capacity to manage a large chain of stores, who can quickly deal with a high frequency of claims, and who can provide a good service in Portugal.
Results
The new insurance program became a tool that strengthened the group. Costs were saved and coverage increased. It also allowed for easier governance and better risk control by unifying the previous insurance schemes into a new, more robust and simpler one.
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