A multinational manufacturer of professional kitchen equipment with operations in 60 countries and an annual revenue of $2.4 billion.
Challenge:
The client faced:
• Premiums that had increased by 35% over three years due to outdated risk assessments.
• Supply chain vulnerabilities resulting in $3 million in uncovered losses.
• An inconsistent approach to employee health and safety insurance, contributing to high turnover rates (25% annually).
Solution:
• Customized Coverage: Created bespoke policies for transit risks, equipment warranties, and product liability for global markets.
• Supply Chain Risk Management: Introduced end-to-end coverage for transport and storage, protecting goods in transit and reducing uninsured losses by $2.5 million.
• Employee Benefits: Designed tailored health and safety insurance to reduce workplace incidents and enhance employee satisfaction.
• Premium Negotiation: Used market insights to negotiate a 21% reduction in premiums with insurers.
Results:
• Cost Savings: Annual premium costs reduced by $4.2 million.
• Supply Chain Security: Mitigated transit risks, preventing further uncovered losses.
• Employee Retention: Reduced turnover to 15% in the first year by improving benefit packages.
• Comprehensive Coverage: Ensured global compliance and consistency across all insurance contracts.
Client Testimonial:
“Akila’s expertise in addressing the unique challenges of our sector was extraordinary. They turned a fragmented approach into a streamlined, cost-effective solution.”
