We provide services in the following two major areas (Broking services and Audit / consulting service).
ASSEESSMENT
Identify and assess the organisation’s risks and advise on all their insurance needs including analysing the scope of insurance policies in force (if any).
PORTFOLIO DESIGN
Design suitable coverage that will provide the required protection against all insurable risks and liabilities.
COMPETITIVE PRICING
Obtaining and negotiate competitive premium rates with reliable insurers with good security within the Nigerian and international markets.
DOCUMENTATION
Presentation of data and necessary information to insurers in the form required. We also ensure prompt and full delivery of all the necessary documents-policies endorsements, certificates etc. as required by the client.
AUTHENTICATION
Upon receipt of such policy documents from the insurers to cross check that the documents have been issued in accordance with the instruction given and terms mutually agreed.
CLAIMS ADMINISTRATION
Manage as efficiently and effectively as possible the claims process. Assist and guide our clients in documentation, presentation and monitoring of their claims up to the time of settlement such that claims are treated and settled timeously and satisfactorily.
VISITATION
Periodic visits to the organisation to among other things assess the level of compliance with extant risks improvement recommendations and house-keeping manual and guidelines. Such visits also afford the opportunity to observe the operation, employees and equipment of the organisation with a view to highlighting area of risks exposure yet uninsured as well as other relevant matters.
RENEWAL REGISTER
Production of Insurance Renewal Register. This is a comprehensive register of all the existing insurance policies which is prepared and sent to the clients to facilitate the review of their policies for the next insurance period. The Register is jointly reviewed by the brokers and the insurance officers of the organisation during the Annual Renewal Review Meeting.
The Register usually contains full details of existing insurance arrangement; the property/assets covered and their values, extensions and exclusions as well as conditions and warranties, suggestions for improvement and/or expansion of scope of existing covers are usually given while proposals for additional policies to plug any observed gap in cover that might have arisen during the year due to expansion and/or acquisition of additional assets /equipment.
ANNUAL RENEWAL (REVIEW) MEETING
An annual renewal review meeting is schedule few weeks (6-4 weeks) to the end of the current insurance period. It is at this meeting that the establishment conveys their renewal instructions to the brokers having taken into cognizance the proposals, recommendations and suggestions contained in the Renewal Register. A letter detailing the resolutions of the meeting is sent to the establishment for proper record and confirmation before renewal instructions are communicated to the Insurers by the brokers.
RISK MANAGEMENT
Risk management has been defined as the identification, evaluation and control of the risks that threaten the assets, earning capacity and profit of an enterprise. There is need for a holistic approach to risk management i.e review of all factors/risks that would impede/hinder the organization from achieving its stated goal.
Triumph offers to undertake a detailed audit of our clients practices and procedures with a view to appreciating their level of exposure and make recommendations on the appropriate mix of risk management techniques that would best be adopted to serve the interest of the organization.
Insurance is one of the most effective risk management tools that has been deployed to date.
SURVEY OF EXISTING PORTFOLIO
We carry out detailed survey/assessment of existing insurance arrangement of the organization vis-à-vis its risks exposure. This is done with the objective of ensuring that all the existing insurance policies are properly dovetailed such that there is neither gaps in cover nor overlapping of policies that could result in unnecessary payment of premium.
TRAINING
We organize Capacity Building Trainings and workshops for members of staff of the establishment that are involved in insurance matters. Such training usually covers basic understanding of insurance principles, practices and policies; the insurance market, trade bodies and regulators; laws, regulations and guidelines on insurance practice in Nigeria; packaging and presentation of risks for insurance; claims administration-reporting, registration, documentation, processing and settlement. The training also touches on compliance related matters and the procedure for dealing with safety manuals and house-keeping guidelines.
ADVICE ON HOUSE-KEEPING/RISK IMPROVEMENT MEASURES
In order to minimise the occurrence of risks and/or to reduce their impact when they do occur, there is need to adopt a sound and effective house-keeping techniques that would ensure that necessary procedural manual are put in place and are strictly adhered to. This aspect of our intervention would also incorporate recommendations on the appropriate risks improvement appliances such as Fire Extinguishers, Handheld Hose, Hydrant System etc. that the organization should acquire and install for the non-interruption of its operations.
APPRAISAL OF SERVICE PROVIDERS
Conduct a thorough appraisal of services rendered by service providers engaged by the organization especially Insurance Companies and Brokers with a view to assessing their performance in terms of meeting the objectives for which they are engaged. This is necessary in order to ensure that the organization derives maximum value for its investment and that it is not short-changed in whatever form.