A luxury hotel chain with 200 properties across 40 countries, employing 45,000 staff members.
Challenge:
The client faced fragmented insurance policies managed regionally, resulting in:
• 30% higher premiums due to inconsistent terms across regions.
• Gaps in liability and property coverage.
• Difficulty in tracking claims, causing delays in payouts.
They sought centralized management, enhanced coverage, and cost optimization to align with their global operations.
Solution:
• Audit: Conducted a 360° review of over 120 insurance contracts, identifying redundancies and inconsistencies.
• Market Benchmarking: Compared existing policies against the latest hospitality sector standards, revealing opportunities for better coverage.
• Negotiation: Partnered with international and regional insurers to consolidate policies under a global master contract with tailored local add-ons.
• Risk Assessment: Implemented tools to regularly evaluate liability risks unique to hospitality, such
as guest incidents and property damage.
Results:
• Cost Savings: Reduced premiums by 25%, saving $6.8 million annually.
• Coverage Enhancement: Added global pandemic protection, cyber liability, and improved property damage clauses.
• Process Efficiency: Reduced claims processing time by 40%, improving financial predictability.
• Compliance: Standardized policies across all regions, ensuring full regulatory compliance.
Client Testimonial:
“Akila’s ability to unify our global insurance needs into a streamlined solution has saved us millions and
provided the protection we needed to operate confidently worldwide.”
