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Demonstrating the difference - Alpha Office Ltd
How competitive is your pension scheme? - Battens Solicitors
How do insurers perceive your risk exposure? - Bradford and Sons Ltd
A different way of looking delivers savings - Winstanley & Co
Testing the water - dipping our toe to assess the risk
It's all going swimmingly - support and advice for all seasons. Demonstrating the difference
Tobin Coles, Sales Director, Jelf Corporate Healthcare Ltd Alpha Office Ltd are based in East Grinstead, Sussex, and also have premises in Wiltshire. An office supplier and printer with more than 100 employees, they were established in 1982 and have clients across the UK. Alpha had been in contact with the Jelf Group in connection with their commercial insurances and, impressed with our approach, were interested in finding out what other services the Group could offer. Martyn Lyndsay, Group Secretary at Alpha explains, “Having held discussions with the Jelf Group around our commercial insurances, I was impressed by their professional approach. I felt that they had really taken time to understand the needs of my company and had shown something more than just a desire to beat my current premiums.” THE NEED TO REVIEW
Informed of our healthcare expertise, Alpha confirmed that they had an existing Private Medical Insurance scheme that was being renewed imminently. Although happy with their current broker, our initial discussions around Alpha’s exact requirements uncovered the fact that the scheme was being renewed without a full market review, something that the Jelf Group would routinely offer for a client of this size. Martyn Lyndsay comments, ‘When we first discussed our PMI requirements with the Jelf Group, the prospect of having a full market review was very appealing. However, being so close to our renewal date, it really seemed like it was too late in the day to be able to achieve anything this year.’ Although time was tight, we still felt that we had time to go to the market for some comparisons. We would have struggled to move the scheme to another provider, but felt that being able to evidence the chance to achieve cost savings for the client might make there current provider sharpen their pencil on costs. Martyn thought that his existing broker had unsuccessfully tried to negotiate a premium reduction. We proceeded to conduct the market review and identified some minor savings but nonetheless asked the current insurer if they could move on price. Within a few hours, they had reduced their premiums by £4,500 for no change in cover. Impressed that our prompt action and market influence had secured a substantial saving, Alpha decided to appoint the Jelf Group as their healthcare consultants. Martyn concludes, ‘We were really impressed with the way that the Jelf Group took positive action to understand our needs and were even more impressed with their ability to deliver real benefit in such tight timescales. Since their appointment, they have again demonstrated their commitment to helping us by chasing up a £3,000 overdue refund from our PMI provider.’ The Jelf Group factors were • Holistic advice on a range of issues
• Prompt assessment and thorough understanding of our client’s needs
• A full market review within 5 days of first contact
• Working to tight timescales to achieve unexpected savings
• Using purchasing power to secure a £4,500 saving with the existing insurer
• Looking to deliver more than just brokering – a partnership.
How competitive is your pension scheme? - Battens Solicitors Battens Solicitors, a major regional Solicitors Practice, with in excess of 350 employees based in Yeovil and the South West, felt it high time they reviewed their risk and pension benefits – Battens had not reviewed these benefits for several years! This case study outlines why they felt the need to review, the eventual outcome, and The Jelf Group’s role in supporting the process. The results speak for themselves! WHY REVIEW? Bex Sinclair, Human Resource Adviser at Battens explains, “We had not reviewed benefits for a number of years and at the same knew that Government legislation had driven down the cost of pensions quite dramatically over the last couple of years. Our administration experience had been difficult, with limited use of technology to assist the process. Furthermore, our employees didn’t really seem to understand, or value, the pension contribution we make for them. All in all, the perception was that neither the company nor the employees were getting value from the current pension arrangement.” WHAT WAS THE REVIEW PROCESS? Battens selected a number of potential partners, including some of the largest Employee Benefits practices in UK, to tender for the assignment. Key analysis elements, included: • Costs for both employees and employer.
• Simplicity and efficiency of ‘set up’ facilities.
• Ongoing administration and advisory support.
• Services for employees at retirement, or on leaving the scheme. Each area was explored through a series of presentations and reports, with the decision being taken to appoint The Jelf Group as adviser for risk and pension benefits being taken in March 2004. WHAT IS THE JELF GROUP PROPOSITION? As a major player in the pensions market (Top 50 in the latest Professional Pensions Adviser Survey – Jan 2004), we were able to use our ‘buying power’ and economies of scale to negotiate preferential terms with leading insurers, whilst at the same time giving access to our dedicated support team. The Jelf Group offered: • A substantial reduction in the current fees for both Employer and Employee – resulting in more efficiency and the potential for larger pensions for employees. The difference in charges alone could potentially make thousands of pounds per year difference to the average employee’s eventual pension fund.
• Internet based servicing that enables members to ‘self serve’ by having real time access to valuations, projections and fund link information via www.jelfgroup.com
• Project Management of the Change and Implementation Process – this included a paperless joining process, staff presentations and individual 1:1 meetings as required. The whole process was co-ordinated using an agreed project plan.
• Branded Pension Scheme Literature – to enable Battens to communicate benefits, including risk and PMI benefits in a compelling way. THE JELF FACTOR Bex Sinclair comments, “Jelf’s already managed our Private Medical Account, with all our experiences being positive ones! They have proved themselves to be extremely proactive, provide good admin support and are always available to give professional and sound advice. Following our second meeting to discuss our pension it became apparent that they could manage our scheme using technology to communicate benefits whilst at the same time reducing costs significantly. An integrated approach, using The Jelf Group to manage all our benefits under one roof, has given us an opportunity to reduce unnecessary areas of ‘doublecover’ whilst enabling us to reduce costs still further.” THE BENEFITS TO BATTENS The review of benefits undertaken, including changing pension provider and appointing The Jelf
Group, managed to save Battens in excess of £50,000 pa, whilst maintaining cover levels and improving communication of benefits to staff. Most people perceive their pension to be very competitive. However, as demonstrated in this example, in The Jelf Group’s opinion, many schemes are overcharged. A review could result in a significantly lower fee for the employer, or alternatively, where employees bear these costs, the probability of a greater pension fund at retirement for each employee. “The review of benefits undertaken, including changing pension provider and appointing The Jelf Group, managed to save Battens in excess of £50,000 pa ...” Book a review today. If you are interested in an independent review of your pension arrangement to reduce costs or communicate benefits more effectively call Phil Barton on 01454 272754 or email pension@jelfgroup.com
How do insurers perceive your risk exposure? Bradford and Sons Ltd is a family owned business that has been trading since 1770. The core business functions being a 26 branch Builders Merchants and 2 timber-engineering sites. Even without any detail of these operations, it is easy to imagine the inherent risks of these industries and the difficulty the company had in finding necessary insurance cover at a manageable cost. This study indicates how The Jelf Group has worked with Bradfords to review their insurance needs from a new perspective. WHY REVIEW? Bradfords were not unhappy with the service provided by their national broker, but did feel they were experiencing a drop in standards. They had also noticed a sharp rise in insurance premiums compared to the previous year and felt it time to test the market. Whilst reducing costs was a key requirement, Bradfords were keen to find a broker who could demonstrate a long-term strategy, rather than a quick win solution. THE REVIEW PROCESS When looking at commercial insurance, The Jelf Group passionately believes that it is important to avoid perceptions and assumptions, thus presenting actual risk to insurers in a very positive light. Operating in an industry sector perceived to carry a heavy risk exposure means that this is a particular consideration for a company such as Bradfords and Sons Ltd. We set about working closely with Bradfords to establish a clear understanding of the business risks they faced, how these risks were being managed, or could be better managed, and the associated potential for loss. A dynamic process that involved: • Spending time familiarising ourselves with the business.
• Talking to different people within the organisation to better understand how the risks were being managed
• Meeting both Bradfords dedicated Security Manager and Health & Safety Manager, to identify areas for improvement.
• Analysing their claims history to ensure practices and procedures guarded against repeat claims. Stephen Bradford, Director at Bradford and Sons Ltd explains,“The Jelf Group demonstrated a constructive and proactive approach to highlight our areas of good practice, whilst offering advice and recommendations on how we could improve less effective practices.” ‘Bradfords were keen to find a broker who could demonstrate a long-term strategy, rather than a quick win solution.’ PLACING THE RISK We were then in a position to design an insurance programme that reflected the true exposure to risk. Having formally presented our proposals and risk profile to insurers, we invited them to visit Bradfords to judge the quality of risk for themselves. The results were most encouraging. We achieved a level of interest and competition that succeeded in driving down the premium, even in a market which was seeing premiums generally increasing at the time. Stephen Bradford comments, “The way in which The Jelf Group presented our risk to the underwriters was a new and welcome approach for Bradfords. It shows the value of getting the groundwork right. Not only do we have a better understanding of how to effectively manage our exposure to risk, but we have also managed to reduce our insurance costs.” THE SAME PRINCIPLES APPLIED TO YOU We are one of the few brokers able to understand and influence risk in the corporate environment. We are effective in communicating our findings to insurers and working with them to ensure all parties are comfortable and confident with the approach adopted. This means that we are able to achieve very attractive, highly competitive terms, even from existing providers. Business is never static and there are constant changes affecting one part of the business or another. Communication is vital if the cover is to continue to respond to changing insurance needs. As a result, we arrange regular meetings throughout the course of the year to discuss various aspects of risk and review progress. And last but not least, our approach to claims assessment and management is also on-going, with our goal being to manage the claim before it influences the underwriters’ view of renewal. Discover how our approach to assessing and presenting risk could benefit your business by telephoning Commercial Insurance Account Executive Nigel Tibbo on 01454 272749 or email insurancerisk@jelfgroup.com.
A different way of looking delivers savings - Winstanley & Co When Rod Smith took over as Managing Director of Winstanley & Co Limited in June 2005, he said that he would look at the cost base of the Company and invite tenders for the key overheads of the business. Winstanley & Co Limited are engineering fabricators based in Pershore with customers ranging from major national and international organisations to local businesses making niche market products and one of the costs that Rod was concerned with was the general insurances that they were paying. Rather than leaving it to the last minute Rod contacted John Painter some 3 months before the renewal date and asked John who he would recommend to quote alongside the current broker. John suggested that he spoke to Jelf Group. Following an initial discussion with Chris Clarke and Angie Biddle (who is based in the Cheltenham office at the Jelf Group) Rod was particularly impressed at the suggestion that a Risk Audit of Winstanley & Co Limited was carried out and it was this that has helped them to achieve savings of over 25% on their premium. When the proposal was put to insurers one insurer had turned the case down from the previous broker and another had quoted a premium of £24,000. Through the Jelf Group and with the findings of the Risk Audit to support the proposal the insurer that had turned the case down accepted that they could offer cover and in the end of a premium of £17,000 was quoted and accepted. “Without the suggestion of Chris Clarke of Jelf Group, we wouldn’t have achieved this saving”, said a highly delighted Rod Smith. “I would recommend other businesses to speak to them to see what savings they can achieve as if they can do it for my Company I am sure they can do it for others.”Dipping our toe to assess the risk
Testing the water - dipping our toe to assess the risk
Gina Dixon, Managing Director, Jelf Insurance Brokers Ltd The Wales National Pool Swansea saved thousands of pounds as a result of a detailed risk assessment conducted by the Jelf Group. The facility is the only 50m pool in Wales, built to the world governing body (Fina) standards, and is an ideal training facility for aspiring gold medal winners who have set their sights on London 2012. It offers unprecedented opportunities for aquatic athletes in the region including top level coaching, sports science and physiotherapy services. This centre of excellence is also seeking to position itself as a training base for Olympic teams preparing for London 2012 - an opportunity that demands the most rigorous health and safety environment. Anne Ellis, OBE, Chair of Wales National Pool Swansea, commented: “We are tremendously proud of what this aquatic sports facility provides the Welsh community. Ensuring it is a safe and sustainable structure is a priority.” AUDITING THE RISK In today's increasingly regulated environment, risk management is a business necessity. In a comprehensive site audit, the Jelf Group carefully examined every aspect of the facility, from fire alarms and security systems to their existing health and safety procedures, to determine whether sufficient precautions were in place or if more could be done to prevent harm. Armed with this information the Jelf Group was able to establish a clear plan for improving risks within Wales National Pool Swansea. Equally importantly, this plan became the centrepiece of presentations to insurers that enabled the Jelf Group to negotiate better value from the existing insurance budget - reducing potential liabilities whilst securing improved levels of cover. Ellis confirmed “The work we have done with the Jelf Group has been invaluable. The Jelf Group's approach was both practical and informative. We now have a clearer understanding of our needs. The risk analysis and subsequent report identified an even higher set of risk management practices for us to implement, creating a safer environment for visitors and staff. As a result, we were in a better position to negotiate premiums with insurers at renewal.” THE BENEFIT OF EXPERIENCE Chris Brennan, Risk Management Adviser for Jelf Insurance Brokers, explained: “By taking the time to work closely with staff at the Wales National Pool Swansea we were able to make reasonable assessments of the risk procedures in place. From these observations we recommended what could be improved. Even slight alterations to existing procedures can make a significant difference in the eyes of insurers. Due to our technical expertise we were able to identify these opportunities. As a result the management has been able to save thousands of pounds in premiums. It just makes good business sense.”Dipping our toe to assess the risk
It’s all going swimmingly - support and advice for all seasons
Colin Hall-Tomkin, Managing Director, Jelf Commercial Finance Aquamat 4 Seasons significantly reduced its financing costs, and received more besides, when it underwent a complete review of its banking and finance needs. A4S are one of the leading manufacturers of swimming pool covers in the UK and are based near Stroud in Gloucestershire and also in Leeds. Their main products are summer outdoor swimming pool covers to enable heat retention and winter covers that prevent garden materials entering the pool. The growth of the business is also being helped by the safety concerns of parents and grandparents alike and the benefits that the covers can have in reducing risks involved with water. Dick Goodall, the owner of A4S commented “With more and more homes now having swimming pools, our products are ideally situated to help maintain their efficiency and safety “. Similar to any business, A4S is always keen to have the piece of mind that comes from knowing their business finances are as efficient as the covers that they produce. This is why Dick was keen to review his overall banking and finance arrangements, an exercise that he had been meaning to undertake for a while. As is often the case, the time consuming nature of this exercise meant, despite the potential to deliver cost savings and an improved financial structure, it had tended to be put back in the list of business priorities. It was at this point that he called in Jelf Commercial Finance to help him conduct a full market review of the banking and finance arrangements of A4S. Dick said “What appealed to me was that Colin's knowledge of the finance market meant that by the end of the exercise, I would be confident that not only were our finances structured in the most advantageous way, but also that I was obtaining a good deal in terms of my costs of finance”. And this is exactly what A4S got… and more. Having had the initial free consultation meeting and provided Colin with the necessary information about his business, the market review resulted in Jelf Commercial Finance introducing a new Bank who were very enthusiastic about A4S’ plans for their continued growth. Not only that, but the end result of this activity was: · A significant reduction in interest costs · A better structure in terms of short and long term borrowing · Additional borrowing to fund some equipment to help grow the business · A more local bank manager · Reduced bank charges, to include a period of free banking Colin Hall-Tomkin says: “This review was a classic example of how we can help our clients. Dick is a successful businessman running an expanding business, and one of the effects of this is that he is very busy. Our ability to take a large element of the time commitment away from him, as well as provide an independent view of the finances of his business, meant that A4S has entered 2006 in great shape to deliver increased market share.” Dick agrees ”This is something that I should have done some time ago, but have never had the time. It has been a great start to my relationship with the Jelf Group – I hope that my Commercial Insurance renewal process is just as successful next month!” Click here for useful links. |