Carl Kelleher, Insurance Services Commercial Lead, considers how the public sector can get the most from our insurance solution while sharing best practices with other public sector bodies.
During my time working in Insurance at CCS, the market has undergone significant change. Notably, the withdrawal of insurers from the market and several large mergers. The most significant change, however, has undoubtedly been the recent hardening of the insurance market.
A hardening of the insurance market means that insurance companies’ capacity for certain sectors or risks has declined. Therefore, insurers are reducing their risk exposure and not accepting certain types of risk. This reduced capacity has led to increased premiums and difficulties in gaining cover.
The COVID-19 pandemic has only intensified this issue while, paradoxically, meaning it’s never been more important to have the right cover protecting your people and your assets.
How prior planning can achieve the best value
The hardening of the market means that it’s more important than ever to work with the industry – either through an insurance broker or insurer – to design a bespoke insurance programme that can get you the cover that you need for the very best value.
We have recently written a whitepaper, explaining how prior planning can help you get the right cover at the right price.
Download your complimentary copy of the ‘Insurance whitepaper – how advance planning can achieve best value’.
Sharing best practice for best results
Those with a responsibility for public sector insurance ultimately share the same goal; enable the delivery of world-class public services by ensuring your organisation has adequate cover, secured at the best price.
As we’ve explored above, it’s never been more important, or more difficult, to fulfill this task. It’s for this reason we want to start a ‘Community of Practice’ for public sector insurance professionals.
We know that there are many pockets of good practice going on across the public sector. This information needs to be shared with other buyers, empowering colleagues across the public sector to use this knowledge for the benefit of their organisations, stakeholders and, ultimately, the taxpayer.
We would expect the Community of Practice to meet 2-3 times per year, with an aim to:
- find and showcase examples of good practice within the public sector so that more organisations can benefit from it
- provide insight based on experience to help CCS decide what events and educational materials we should focus on producing
- help shape our insurance category strategy and future insurance commercial agreements
If you wish to be part of the Community of Practice, or if you’d like more information, please contact one of the team.