Agri-Business Achieves 20% Savings On Insurance Costs
ERA delivers substantial savings to a global agriculture business
The client saved more than 20% off already competitive rates and also improved their Risk Management processes to ensure the rate reductions are sustainable in the long term.
The Expense Reduction Analysts (ERA) Solution
The client is a leading Cotton Manufacturer operating in drought stricken Australia, the USA and South America. They engaged ERA to help reduce the financial burden on the company, with Insurance selected as one of the major expenditure categories to be reviewed.
A business may be very happy with the long-term relationship and servicing from its broker, but like any long term relationship, 20 years in this case a complacent environment with little innovation can manifest itself.
The ERA Conceptual Tender process can assist, as it requires the incumbent broker to introduce “fresh blood” to the account, having new eyes review the program. The unique process achieved a magnificent result without the broker changing.
The incumbent broker had on staff a senior Risk Manager with substantial global Cotton Industry experience. He was of course instantly introduced to the client, achieving a win-win situation for the client and broker.
The incumbent broker held the account; the client saved over 20% off already competitive rates and also improved their Risk Management processes to ensure the rate reductions are sustainable in the long term.
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