Insurance Broking & Risk Management

The essential elements of a fit for purpose corporate insurance programme are; risk information, programme design, and marketing.

The essential elements of a fit for purpose Corporate Insurance Programme are. 

  • risk information and accuracy
  • programme design and maintenance
  • marketing and insurer negotiation process
  • insurer selection process
  • scope of policy wordings
  • relationships with insurers

 

Risk Information

It is imperative that accurate risk information is sourced and provided at the onset of incepting new business, carrying out annual reviews and throughout the client/broker relationship. There is a risk to the client, when only limited risk information is provided, as Insurers will not only adopt a more cautious approach to their offering of premiums and terms of cover but may also be able to exercise a legal right to decline subsequent claims due to non-disclosure of material facts.

Wallace McLean’s approach, is to design a fit for purpose insurance programme and to draft the underwriting submissions on which it is based, following a detailed risk profiling exercise. We then implement regular risk and insurance status review discussions with our client for the purpose of identifying, analyzing, managing and documenting new risks in their unique, evolving business environment. These regular review meetings will also enable us to proactively update insurers and modify your insurance coverage as necessary. This involves determining which risks should be insured and for how much. These answers are best developed from the risk profiling process which includes claims and loss analysis – past losses modeled forward to project expected future losses, in tandem with the results of the marketing and negotiation process with insurers, to ascertain the most cost effective level in respect of each policy, thus by necessity the insurance programme design process has two phases; one before and one after the marketing and negotiation phase and Wallace McLean undertakes two pre-renewal client meetings, a pre-marketing (strategy) and a post-marketing (options and recommendations presentation) meeting.

In addition to conventional insurance structures, Wallace McLean’s senior employees have extensive experience in arranging more bespoke forms of risk transfer and risk financing solutions for major clients and in multiple jurisdictions allowing for a programme design may yield significant net cost savings or other benefits for our clients.

 

 

Insurer Relationships, Marketing and Negotiation Process

Wallace McLean has well developed relationships with all of the major underwriters for corporate insurance programmes in New Zealand as well as with overseas insurance markets engaged in writing New Zealand business.

The enthusiasm of Insurers is highly dependent on the quality of risk information provided in each underwriting submission, particularly where proactive risk management processes can be highlighted, therefore it is always a key objective for Wallace McLean to facilitate the risk profiling process.

Aside from risk profile, it is also important to Insurers that they can rely on the honesty and technical competency of the broker that is representing risks to them. Wallace McLean has earned the respect and trust of all key insurers stemming from our senior employees’ decades of high level insurance industry experience, including Nigel Wallace’s influential role as the incumbent Chairman of Brokernet, a network of New Zealand insurance brokers placing in excess of quarter of a billion dollars of premium annually into local and global insurance markets.

 

Insurer Selection Process

Whilst premium costs are always of high importance, unfortunately that is often the sole focus of insurance brokers in presenting quotes to their clients for consideration. There are several other critically important factors that should also be considered to ensure that the insurers that you select are not only cost effective but will also be responsive when called upon to settle claims e.g. financial stability, claims paying attitudes, scope of policy coverage and value placed on relationships.

 

 

Policy Wordings

As part of the Brokernet group, we have our own agreed policy wordings with the major underwriters. Brokernet centrally negotiates much broader policies that have wide agreement across the insurance market for all major classes of insurance. Standard insurance company policy wordings tend to be narrow in coverage in order to protect the interest of the party drafting the contract. These are starting bases from which Wallace McLean will, during the programme design phase, refine and tailor extended coverage according to each client’s risk profile.

Specialist knowledge is of the risks inherent to each industry, as well as an in-depth understanding of the insurance market’s capabilities of covering those risks, are essentials in drafting effective policy wordings. Wallace McLean has expertise across a very wide range of industries including; primary industries, manufacturing, food and beverage, tourism and hospitality, transportation, construction, healthcare, retail, utilities, IT, professions, financial institutions, to name just a few.

 

Our Specialists

Nigel Wallace

CEO

30+ years in Industry

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Areas of speciality:

  • Corporate
  • Risk Management
  • Self Funding options

Nigel has extensive broking experience with particular expertise in the placement of large and difficult risks. Nigel has worked for multinational risk brokers for 20 years and his own companies for 10 years. In his role as General Manager of Aon Risk Services he provided a strategic review and designed insurance programmes for many of their larger clients.

Contact Details

DDI: +64 9 358 7235
Mobile:  +64 21 226 8515
Email: nigel@wmmi.co.nz

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Simon Keenan

Director

15+ years in Industry

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Simon joined Wallace McLean in 2005 after 4 years’ experience starting in the insurance broking sector followed by Commercial Underwriting in the New Zealand insurance broking market.

Areas of specialty involve the structuring and placement of Property & Construction risks, Self Storage risks and associated specialty lines, Manufacturing, Liability risks as well as global and local risk management & placements.

Contact Details

DDI: + 64 9 358 7233
Mobile:  +64 21 686 014
Email:  Simon@wmmi.co.nz

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Johann van der Merwe

Director

12 + Years in Industry

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Johann has over 12 years of commercial insurance experience.

Prior to working in insurance Johann worked as a Management Accountant in London.

Transferring of risk, be it through insurance or contract, intrigued him and he soon completed his Associate of Charted Insurance Institute.

Johann has extensive knowledge in the placement and servicing of Property, Marine Cargo, Public Liability, Contract Works and Alternative Risk Management programmes.

Contact Details

Email: johann@wmmi.co.nz

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Brian Mahony

Director

40 + Years in Industry

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Brian joined Wallace McLean in 2016. Starting his insurance broking career in the 1970’s, Brian brings extensive knowledge and experience specifically in the Retail Industry placement of large commercial property programs, managed self-insurance funds and product liability for the Pharmaceutical Industry. Brian has owned and managed successful insurance broking practices, and among other broking innovations, Brian also pioneered the Film Production Insurance Industry in New Zealand.

Contact Details

Email:  brian@wmmi.co.nz

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Shona Solomone

Senior Broker

25+ years in Industry

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Areas of speciality:

  • Corporate
  • Commercial
  • Domestic

An experienced broker, Shona has worked both locally and overseas for multinational and indigenous brokers for over 25 years. She currently manages a diverse insurance portfolio and is actively involved in the development of new business. A technical insurance broker, her skillset includes client needs analysis, identification of risk exposure and the development of a cost appropriate insurance program to address this.

Contact Details

DDI: + 64 9 358 7234
Mobile:  +64 21 832 032
Email:  shona@wmmi.co.nz

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Rebecca Redford

Claims Manager / Account Broker / Office Manager

16+ years in Industry

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Areas of speciality:

  • Bodies Corporate
  • Commercial

Rebecca began her career with State Insurance, then moving to a large insurance company managing international claims. After two years, Rebecca moved into Broking Services for a large multinational broking firm prior to joining Wallace McLean 12 years ago. Rebecca manages our Bodies Corporate portfolio which includes approx 280 buildings throughout NZ as well managing Commercial and Domestic Accounts. She is also responsible for the day or day management of the Office and Business.

Contact Details

DDI: + 64 9 358 7230
Email: rebecca@wmmi.co.nz

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Sharyn Brown

Account Broker

15+ years in Industry

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Areas of speciality:

  • Fire & General
  • Commercial
  • Domestic

After returning to New Zealand in 1997, Sharyn’s work experience involved the management of Fire & General claims, Life/Disability Claims & Sales Support for major Insurance companies before joining Wallace McLean in 2005. Sharyn’s role as an Account Broker includes assisting with Key Accounts and Account Management for both Commercial and Domestic Clients.

Contact Details

DDI: + 64 9 358 7238
Mobile:  +64 21 832 032
Email:  sharyn@wmmi.co.nz

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Lisa Russell

Broker Support 

16+ years In Industry

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Areas of Specialty:

  • Bodies Corporates
  • Domestic Insurance

Lisa started her Insurance Career with New Zealand Insurance focusing on domestic insurance and customer service moving through various division within NZI. Joining Wallace McLean in 2018, Lisa works in our Bodies Corporate team and is also involved in the day to day servicing and administration of our clients general Insurance requirements .

Contact Details

DDI: +64 9 358 7236
Email: Lisar@wmmi.co.nz

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David Stedman

Authorized Financial Adviser

9+ years in Industry

 

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