Insurance starts with fully understanding a client’s specific risks. Effective risk management is therefore a vital prerequisite to ensuring the most appropriate insurance coverage. We start by listening to our clients – seeking answers to our many meticulous questions to ensure that we gather as much information as possible. This helps us to gauge a client’s attitude towards, and knowledge of, risk management. We then arrange for a comprehensive risk survey of a client’s assets or business to be conducted by a qualified engineer. This results in the identification and assessment of specific risks, and recommendations for minimizing probable risk occurrence and reducing losses in case of an accident. The survey takes into consideration clients’ existing coverage, loss history analysis, and their exact needs and requirements in accordance with the nature of their business. Such an approach enables OFOQ to facilitate the smooth transfer of specified risks in the insurance contract from the client to the selected insurance company, which is the underlying tenet behind all insurance transactions.

Given today’s volatile market conditions, effective risk management is a critical component of a company’s strategic business model. The application of pre- and post- loss mitigation techniques combined with a professionally designed insurance and risk assessment program, allows an organization to take on additional risk to enable continued growth and development. Our role as an insurance broker is to act as an independent intermediary between clients and insurance providers, and to advise on which insurance companies are best suited to meet a client’s specific needs. To support the establishment of a long-term and mutually beneficial relationship, we assign an Account Executive to manage a client’s account. This involves regular visits to fully understand the client’s business, and specific insurance needs and requirements. It also includes monitoring any changes in a client’s circumstances and amending the insurance cover accordingly.

God forbid, should an accident or loss occur, we also handle the complete processing of claims. At the end of each year, we review with the client the existing insurance cover and service provided, to make any necessary adjustments; and then request renewal terms from the existing insurance company at least one month before the policy expiry date. We adopt a well-proven methodology. This starts with a detailed risk assessment of a client’s assets or business, to enable us to prepare the appropriate quotation request, which includes policy wordings, clauses to be incorporated, and exclusions to be waived against broader coverage. We then invite our pre-selected insurance companies to submit quotes. This procedure ensures that all insurance companies submit their rates, and terms and conditions, on the same basis, which facilitates equitable comparison.

As the saying goes, ‘the devil is in the details’, so we pay great attention to interpreting the wording and conditions of policies and deciphering the small print. We then rank insurance companies by premiums, claims adjustment and prompt settlement. These rankings are incorporated in a spreadsheet of all submitted proposals, along with our recommendations for the most competitive quotations, for final choice by the client. The final step entails OFOQ facilitating the smooth transfer of specified risks in the insurance contract from the client to the selected insurer.