Solving risk problems by understanding your business with an emphasis on risk prevention

News and insights

How research can shape your business

Over the past few years, we have carried out unique research, talking to people about risk and insurance.  As a result, we have gained incredibly useful insights into the issues people face with insurance and the type of service people want when they engage with an insurance broker.  We would like to share with you, some of these insights and how they have helped to shape our service. 

 

Supporting Women in Business

One theme emerged from female business leaders was that they felt disadvantaged when it came to engaging with their insurance broker or agent.  One very successful business leader related an example.  She had gone to some trouble to arrange for an insurance agent to present a new group employee benefit product to her team; a team of mostly part-time females.  The agent was ill-prepared and gave the impression of underestimating the audience because it was clear, he did not take the opportunity seriously.  This was only one of many similar narratives that emerged during our research which led to frustration on the part of female business leaders.

We commit to supporting women in business – both as a woman and as someone that prioritises excellent customer service – we will take the time to learn about your business, discuss the risks you face with you and provide you with the relevant information and advice you need to make the right insurance purchase decisions.  We will make it easy to access us and support you across a broad spectrum of risk, insurance and business information.  

Introducing ‘Your Knowledge Zone’

One key insight emerged on the general level of knowledge of insurance and risk:

  • People felt that their knowledge of the insurance products they purchased was limited, and also the ones they didn’t purchase but perhaps should.  They felt this put them at a disadvantage when making informed decisions.  However, they also recognised they did not make sufficient effort to learn more or ask questions due to limits of time, a lack of interest in the subject and the perceived complexity of the products.
  • They also felt that they did not have one point of contact where there was a store of good generic business, regulatory and insurance information and somewhere they could easily find their insurance documents.

We have listened to your feedback and we have responded. As a result, we have put raising awareness of risk and insurance at the heart of everything we do.  Not only will we regularly discuss risk with our clients but we have also developed a client Knowledge Zone.  The Knowledge Zone is an online portal where relevant risk, insurance and business information will be stored and updated- everything from GDPR to health and safety to insurance product information.  And we will store our client’s documents in one safe place within their Knowledge Zone.  Contact us for more information.

Managing Cyber Risk Commercially

At a recent Institute & Faculty of Actuaries seminar, founding director of RS Risk Solutions Limited, Stuart Shepley introduced a framework to enable businesses to take steps to identify and mitigate the impact of Cyber security attacks on businesses.  This framework has been developed by a national working party of leading experts in the cyber risk area including data analysts & actuaries, risk experts, insurance carriers and technology consultants.

Highlighting a number of myths surrounding ‘Cyber’ in the business community, Stuart commented that:

“Medium sized commercial businesses believe that if they outsource their IT services then they do not need to worry.”

“Small enterprises believe that the cost of obtaining cyber support will be prohibitive.”

In this fast moving area of risk, there are cost effective steps businesses can take to reduce their exposure to cyber risk in the first place.  In addition RS Risk Solutions has identified a number of specialist products which provide real and tangible support should your business actually suffer a cyber interruption which leads to either business continuity issues, a data breech or a potential legal issue.