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Insurance Audit

Insurance can be complex, especially in the dynamic business landscape of Saudi Arabia, and the broader Middle East region. It’s easy to overlook or assume that your insurance will provide the exact coverage your company needs. However, taking the time to review your insurance portfolio can prove invaluable in safeguarding your balance sheet. Such a review can unveil any potential shortfalls in coverage, undervalued assets, or insufficient policy limits.

As your business evolves and expands, it’s essential that your insurance policies evolve with it. At Cooperative Insurance Consultancy Co. Ltd. (CIC), we understand the unique challenges and opportunities that businesses face in Saudi Arabia and the Middle East.

Our Insurance Audit is a strategic tool designed to properly mitigate the risks associated with under-insurance or incorrect insurance arrangements. Unlike merely spotting loopholes in your existing insurance programs, our Insurance Audit is a comprehensive process rooted in a deep understanding of your company’s operations. We ensure that your insurance policies are tailored to address the specific needs and nuances of your business in this dynamic region.

You might ask yourself what can CIC’s Insurance Audit do for my Company?
CIC’s Insurance audit will typically:

  • address the adequacy of protection of your existing insurance programs by looking at coverage, sums insured and limits of liability

  • identify other risk exposures that could be transferred to a risk carrier

  • highlight potential insurance coverage that may be unknown to you or has been overlooked

  • provide more tailor-made policies catered for your particular needs

  • grant you updated information on insurances such as regulatory changes, market dynamics, insurer security and new products.

What are the direct benefits for your Company from the Insurance Audit conducted by CIC?

  • Validating or disapproving the effectiveness of your current insurance programs

  • Evaluating proactively how your current insurance programs against current standards and best practices in your Industry

  • Providing a comprehensive cost benefit analysis that can make a major difference to your Company

  • Achieving insurance programs correction and improved service levels

  • Resulting in more tailored insurance coverage and effectiveness

  • Reaching peace of mind as well as time saving

Insurance Advisory

Insurance advisory & management services remain the bedrock of the group’s operations. Consultancy often starts with the examination of a client’s existing portfolio and a detailed report thereon, or in the case of a new risk, a preliminary site visit and business analysis.

Thereafter any or all the following may feature:

  • Exposure analysis

  • Management of tender

  • Periodic site visits

  • Discussion of requirements

  • Scrutiny and analysis of bids

  • Management of “routine” claims and amendments

  • Program design

  • Vetting and approval of policies issued

  • Policy drafting

  • Program monitoring and updating

  • Statistical and performance analysis embodied in client management reports

  • Preparation of tender documents

  • Advice on day to day insurance and related matters

  • Periodic market reports

  • Pre-qualification of security

Pride is taken in from our flexibility and ability to tailor our services to the particular needs of our clients and, where insurance is the answer, we provide bespoke policy wordings rather than tailor market wordings to the needs of the insurance program. From analysis, to preparation of our clients insurance RFQ documentation, dozens of our clients rely on CIC annually to review, design, and tender their insurance requirements. For flat fee, CIC will annually assist our clients with the insurance purchasing process. No more hidden fees, middlemen, or struggling to understand local insurance laws or terminology. Our services offer our clients a transparent, technical, and financially certain way of obtaining the advice they need and maintain a direct and strong relationship with their insurers.

Claims Management: Expertise You Can Trust

From our earliest days, Cooperative Insurance Consultancy Co. Ltd. (CIC) has been at the forefront of claims management in Saudi Arabia and across the MENA region. Our dedicated team specializes in handling major claims, offering comprehensive client assistance and management services across various sectors.

We provide a comprehensive claims management service that encompasses gathering evidence, quantification, presentation, and negotiating settlements.

CIC Claims Divison works with and offers:

  • Step by step guidance through a serious loss.

  • Increased cost of working measurement

  • Forensic Evidence

  • Examination of documents and evidence of causation.

  • Treatment of salvage

  • Damage assessment and management

  • Claim formulation and presentation

  • Scheduling and management of reinstatement works, fast tracking, supply scheduling

  • Liaison with adjusters and insurers

  • Negotiation settlement

  • Business interruption monitoring and evaluation

  • Informal arbitration between Insurers and Insured

Risk Survey & Asset Valuation

Property risks are of paramount importance to business profitability, particularly in the dynamic markets of Saudi Arabia and the broader Middle East region. To effectively manage unforeseen hazards, it’s crucial to possess a comprehensive understanding of even the minor exposures that could potentially impact your operations. Cooperative Insurance Consultancy Co. Ltd. (CIC) recognizes the critical role property risks play in the profit and loss equation of businesses in Saudi Arabia and the Middle East region. Our dedicated in-house team is well-equipped to perform meticulous risk surveys and asset valuations tailored specifically to these markets.

What We Offer

  • Location Surveys: Our experts conduct on-site surveys of your facilities in Saudi Arabia and the Middle East, ensuring a deep understanding of the local conditions and potential risk

  • Comprehensive Reviews: We analyze your operations, strategies, and dependencies, taking into account the unique challenges and opportunities in these markets.

  • International Reach: CIC collaborates closely with leading global valuation entities through specialized arrangements. This enables us to support our clients’ international operations, ensuring consistency in risk assessment and asset valuation standards.

  • Quality Assurance: We take full responsibility for auditing and ensuring the service levels and quality deliverables of our valued partners, assuring our clients in Saudi Arabia and the Middle East region of reliable and accurate assessments.

  • Sums Insured Analysis: Our in-depth examination includes a review of sums insured for both assets and business interruption coverage. We ensure that your coverage accurately reflects the value of your assets and provides adequate protection for your business interests in the event of a claim.

Our Clients and Asset Properties:
Our clients in Saudi Arabia and the Middle East region typically possess diverse asset properties, including but not limited to:

  • Manufacturing Facilities

  • Warehouses

  • Showrooms

  • General Real Estate

  • Farms & Agriculture

  • Engineering Sites

  • Data Centers

  • Ports

Strategic Planning

At Cooperative Insurance Consultancy Co. Ltd. (CIC), we adopt a proactive approach when partnering with our clients in Saudi Arabia and the Middle East region.

Our primary goal is to establish a forward-looking insurance strategy, designed with a 3-5 year horizon.

This strategy is meticulously crafted, taking into account a myriad of factors, including organizational dynamics, growth opportunities, prevailing market conditions, evolving client expectations, global shifts in reinsurance markets, and various other considerations that could influence premiums and coverage.

Our Strategic Planning Process

  • Comprehensive Vision: CIC provides our clients with an all-encompassing view of their insurance landscape, enabling them to anticipate and prepare for future changes effectively.

  • Enhanced Visibility and Control: Our strategic planning equips clients with invaluable tools and insights to assume greater control over their insurance programs. This includes identifying opportunities for enhancement and improvement.

  • Budget Management: We assist in the formulation of both short-term and long-term budgets, aligning them seamlessly with your strategic objectives. This ensures that your financial plans align harmoniously with your insurance strategy.

  • Technical and Commercial Implementation: Our experts formulate a comprehensive implementation plan that covers both the technical and commercial aspects of your insurance strategy. This guarantees a smooth transition towards your desired insurance program.

  • Flexible Solutions: Our strategic planning can yield a range of solutions, whether they are conventional insurance programs or innovative off-policy approaches. We tailor these solutions to precisely meet your unique needs and objectives.

Examples of Potential Solutions

  • Increased Deductible Plans

  • Partial or Full Self-Insurance

  • Owner Controlled Insurance Programs (OCIP)

  • Excess of Loss Policies

  • Long-Term Lock-In Policy Renewals

  • Investments in Technology or Assets

  • Capability Building

Risk Management Solutions

Effective risk management is the cornerstone of organizational success, enabling strategic direction, insurance procurement planning, cost containment, and the minimization of losses. At Cooperative Insurance Consultancy Co. Ltd. (CIC), we collaborate closely with our clients in Saudi Arabia and the Middle East region to provide a robust risk management framework. Our approach involves cross-functional engagement to classify and document risk exposures comprehensively. We actively identify opportunities for risk reduction and facilitate transparent communications with both internal and external stakeholders. From corporate health insurance programs to large fleets and property exposures, CIC employs a variety of tools and methodologies to develop effective risk management programs tailored to your specific needs.

Our Risk Management Solutions Include

  • Business Continuity Plans (BCP): We help you formulate business continuity plans to ensure that your operations remain resilient in the face of unforeseen disruptions.

  • Disaster Recovery Plans (DRP): CIC assists in developing disaster recovery plans that enable you to swiftly recover from catastrophic events, minimizing downtime and associated losses.

  • Health and Safety Programs: We work with you to establish health and safety programs that prioritize the well-being of your employees and protect your organization from liability.

  • Risk Surveys, Profiles, and Registers: Our experts conduct thorough risk surveys and create detailed risk profiles and registers to identify vulnerabilities and opportunities for mitigation.

  • Valuations: We provide accurate valuations to ensure that your assets are appropriately insured and adequately protected in the event of a claim.

Bid Management (Insurer & Broker)

Effective risk management serves as the cornerstone for organizational success, providing the necessary strategic direction for insurance procurement, cost containment, and loss minimization. At Cooperative Insurance Consultancy Co. Ltd. (CIC), we collaborate closely with our clients in Saudi Arabia and the Middle East region across various functions to comprehensively classify and document risk exposures. Our approach is multifaceted, encompassing the identification of opportunities for risk reduction and the facilitation of transparent communications with all stakeholders, both internally and externally. From corporate health insurance programs to extensive fleets and property exposures, CIC deploys an array of tools and methodologies to craft a tailor-made risk management program that suits your unique requirements.

Our Comprehensive Risk Management Solutions Encompass

  • Business Continuity Plans (BCP): We assist in the formulation of robust business continuity plans, ensuring that your operations remain resilient in the face of unforeseen disruptions.

  • Disaster Recovery Plans (DRP): CIC helps you develop comprehensive disaster recovery plans, allowing for swift recovery from catastrophic events and minimizing downtime and associated losses.

  • Health and Safety Programs: We work in tandem with you to establish health and safety programs that prioritize employee well-being and safeguard your organization from potential liabilities.

  • Risk Surveys, Profiles, and Registers: Our seasoned experts conduct meticulous risk surveys and create detailed risk profiles and registers to identify vulnerabilities and opportunities for mitigation.

  • Valuations: We provide precise valuations to ensure that your assets are appropriately insured and well-protected, guaranteeing effective coverage in the event of a claim.

Digital Solutions

Digital solutions are the key to streamlining complex administrative processes and delivering structured data for informed decision-making. At Cooperative Insurance Consultancy Co. Ltd. (CIC), we connect the dots backward, partnering closely with our clients in Saudi Arabia and the Middle East region to harness smart technologies that simplify complexities.

Our client-centric approach keeps us in constant proximity to our partners, enabling us to seamlessly bridge the gap between insurance and technology, all while serving the interests of every stakeholder and end user in an agile, user-friendly, and cost-effective manner. Our valued partners include insurers, brokers, large corporates, and innovative insurance-tech companies.

Through our digital solutions, we assist clients in structuring policies and connecting to a comprehensive ecosystem. This ensures not only effectiveness and bottom-line results but also scalability to meet the evolving needs of businesses in Saudi Arabia and the Middle East region.

Our commitment to digital solutions reflects our dedication to enhancing efficiency, agility, and competitiveness in a rapidly evolving market. Contact us today to explore how our digital expertise can empower your organization to thrive in this digital age.

Market Benchmarking for Informed Decision-Making

CIC’s market benchmarking services offer our clients invaluable visibility, enabling them to gain insights and compare their insurance programs with those of similar clients, both locally and regionally.

Drawing from over 30 years of extensive data analytics spanning multiple countries, industries, insurance types, and organizational sizes, we empower our clients to make well-informed decisions. This wealth of data allows us to provide a comprehensive perspective that aids in identifying opportunities, optimizing strategies, and ensuring that our clients stay competitive in the ever-evolving market landscape.

Our commitment to market benchmarking reflects our dedication to equipping our clients in Saudi Arabia and the Middle East region with the knowledge and insights they need to thrive and make strategic decisions that drive success.

Strategic Consultancy – Insurers, RI, Brokers, Consults

Strategic consultancy is the compass that guides organizations towards sustainable growth and success. At Cooperative Insurance Consultancy Co. Ltd. (CIC), we serve as trusted advisors to insurers, reinsurers (RI), brokers, and consultants in Saudi Arabia and the Middle East region.

Our strategic consultancy services encompass a wide spectrum of expertise, including risk analysis, market intelligence, regulatory insights, and innovative strategies. We work closely with our clients to identify and seize opportunities, navigate challenges, and optimize their operations.

Whether it’s crafting innovative insurance products, developing effective distribution channels, or enhancing underwriting processes, CIC leverages its deep industry knowledge and market insights to provide tailored strategic guidance. Our collaborative approach ensures that our clients stay at the forefront of industry trends and remain agile in responding to market dynamics.

Client Training & Capability Building

Empowering our clients is at the core of our mission at Cooperative Insurance Consultancy Co. Ltd. (CIC). We believe that success in the insurance and risk management arena goes hand in hand with knowledge and expertise. That’s why we offer comprehensive client training and capability building services to organizations in Saudi Arabia and the Middle East region.

Our tailored training programs are designed to equip clients with the skills and knowledge necessary to navigate the complex world of insurance effectively. We cover a wide range of topics, from understanding insurance policies and risk management strategies to interpreting market trends and regulatory changes. Our expert trainers provide practical insights and real-world examples, ensuring that clients gain actionable insights they can apply to their specific industry and business needs.

Capability building is an ongoing journey, and we are committed to supporting our clients at every step. We work closely with organizations to identify their unique training needs and develop customized training solutions. Our goal is to enhance the capabilities of our clients’ teams, enabling them to make informed decisions, mitigate risks, and optimize their insurance programs.

Program Analytics (Motor Fleet & Employee Benefits)

Program analytics play a pivotal role in optimizing insurance solutions for motor fleets and employee benefits, ensuring that organizations in Saudi Arabia and the Middle East region receive the maximum value from their coverage.

At Cooperative Insurance Consultancy Co. Ltd. (CIC), we understand the significance of data-driven insights in crafting tailored insurance programs that meet our clients’ specific needs. Our dedicated team leverages advanced program analytics to provide a comprehensive view of motor fleet and employee benefits programs.

This approach enables our clients to make informed decisions, drive cost efficiencies, and enhance the overall effectiveness of their insurance programs. CIC’s commitment to program analytics reflects our dedication to providing clients in Saudi Arabia and the Middle East region with proactive, data-backed solutions.

Through our program analytics services, we aim to

  • Data-Driven Insights: We harness the power of data analytics to uncover valuable insights into motor fleet and employee benefits programs, allowing our clients to identify trends, risks, and opportunities.

  • Customized Solutions: CIC works collaboratively with clients to develop customized insurance programs that align with their unique requirements, whether it’s optimizing motor fleet coverage or enhancing employee benefits packages.

  • Cost Containment: Our analytics-driven approach assists in controlling costs by identifying areas where efficiencies can be realized, ultimately leading to budget savings.

  • Performance Optimization: We continuously assess program performance, utilizing key performance indicators (KPIs) to measure and enhance the effectiveness of motor fleet and employee benefits initiatives.

  • Strategic Decision-Making: With access to comprehensive analytics, our clients can make strategic decisions that positively impact their operations and bottom line.

Supervision of Insurer & Broker Service Levels

Ensuring high service levels from insurers and brokers is a crucial aspect of effective risk management and insurance procurement. At Cooperative Insurance Consultancy Co. Ltd. (CIC), we take pride in our rigorous approach to supervising the service levels provided by insurers and brokers on behalf of our clients in Saudi Arabia and the Middle East region.

Our dedicated team closely monitors and evaluates the performance of insurers and brokers to ensure that they meet the agreed-upon service standards and deliverables. This supervision process is rooted in our commitment to safeguarding our client’s interests and optimizing their insurance programs.

Through our supervisory efforts, we aim to

  • Maintain Accountability: We hold insurers and brokers accountable for their commitments, ensuring that they adhere to the agreed-upon terms, responsiveness, and quality of service.

  • Timely Communication: We facilitate efficient and transparent communication between our clients and insurers or brokers, enabling swift resolution of issues and concerns.

  • Performance Assessment: Our team conducts regular performance assessments, measuring key performance indicators (KPIs) to identify areas for improvement and optimization.

  • Continuous Improvement: We work collaboratively with insurers and brokers to enhance service levels and operational efficiency, ultimately benefiting our clients.

  • Client Advocacy: CIC serves as a dedicated advocate for our clients, ensuring that their insurance partners consistently deliver services that align with their evolving needs and objectives.