Stock was insured at peak levels all year, despite seasonal swings up to 2.5 times. Cargo was insured with single-trip policies, requiring hundreds of manual requests each month. Two separate VHI programmes across legal entities, with no analysis of staff usage. Retailers requested product liability policies, searched via email.
Unified the insurance portfolio for all legal entities and sites. Switched warehouse insurance to a floating sum insured with monthly declarations. Ran a tender for a master cargo policy and a single VHI programme — received 13 insurer proposals. Consolidated liability policies in a document store: confirmations for retailers go out the same day.
-29% insurance cost reduction – 191 000$ annual saving; 1 master cargo policy instead of hundreds of single-trip requests ; 1 VHI programme with a clear cost structure ; 1 day to confirm insurance for retail chains