Setting up of insurance policy for catering company quoted on the stock exchange

Definition of the problem

Because of the growth strategy of the company, again and again newly acquired company divisions with their own current insurances were being added. Meanwhile so many worldwide and local policies had been concluded that there were many duplications in the insured interest. Claims as a result of incidents, such as theft or damage, were submitted to the insurance broker. However, the progress of the settlement was not being monitored. Because of this, claims that had been submitted four years before were still being considered.

Approach

I started with a listing of the current policies of the company. I also listed the claims submitted to the insurance broker. There were still so many old claims being considered that all individual claims were compared with the records of the insurance broker.
According to these listings many claims were being refused on the basis of inconsistent basic principles. Because of the duplications in the insurances the acceptance of claims should also be tested against several policies. Based on these findings the insurance portfolio was revised. In order to inform the division management about the progress of settled and accepted claims I have developed claim ratios during this course. In order to inform and instruct the restaurant managers at the sales points about their method of working in case of incidents I have drawn up a brochure.

Result

The result of my efforts was a reorganized insurance portfolio, a realized catch-up effort with regard to settled claims at the insurer and a methodology to monitor the progress of submitted claims.
Furthermore, the division management receives information periodically by means of claim ratios. Finally a brochure has been drawn up for the sales points and a permanent contact person has settled at the main office.