Insurance governance and internal audit
All too often business leaders are led to assume that once cover is in place, they can rest assured that the policy will perform if tested by a loss. Unfortunately, this is not always the case, with as many as 45% of large claims being disputed. A mismatch between policy wordings and real-world risk scenarios, or a failure to properly manage notifications can have a material impact on the defensibility of a claim.
Mactavish works with its clients to ensure that they have the right internal processes and controls in place to manage their insurance programme effectively. Whether you’re an insurance manager looking for support in developing notification tools or performance tracking, or a board member seeking to ensure your company has the right governance framework in place, Mactavish can help.
We also have specialist expertise in advising captive owners. As with insurance companies, captives now have extensive new obligations under the Fair Presentation aspects of the Insurance Act 2015. Due to their very specific role, those new duties are often not properly understood as captives uniquely have to deal with the legislative requirements on both buyers and sellers of insurance. Mactavish’s team can help ensure that your captive is not only compliant with the new regulations but is more effective as both an underwriter and a vehicle for transferring risk on to reinsurers.