SubscribeGenesis Risk Solutions are an insurance intermediary that fully understand that protection of assets, earnings, personnel and legal liabilities continue to be challenging issues for businesses that require experienced risk management advice and a constant support service.
GRS was founded in 2005 and evolved out of a management buy-out from FML Insurance Services, itself an insurance intermediary since 1994, to provide specialist advice to companies in the Commercial and Industrial sectors. In particular GRS offer their specialist skills to companies operating in certain "high risk" areas such as Construction and Contracting.
The specialist services offered in these areas were tri- branded under the trading styles:
- Contractors Insurance Services
- Scaffolding and Roofing Insurance Services
- Demolition Insurance Services
At the end of 2005 Gavin Cheeseman, the managing director of FML, negotiated and lead a management buy-out to secure the insurance business portfolio of all of those clients whose activities fell into these trading areas, and GRS was born!
GRS, lead by directors, Gavin Cheeseman and Peter Wood, is supported by a highly skilled team of insurance professionals.
'What was important for us was to ensure that the existing business knew we weren't going anywhere without them! Continuity of our services to all existing business was vital to us for two reasons', says Cheeseman.
'When you look to start a new business, it has to be based on strengths. Strength of product, strength of the core team running the business and strength of the client base. For us, it was a pre-requisite to get our existing clients on board and transfer the business to the new company framework, with the assistance and support of the old business, which we have done', says Cheeseman.
GRS has maintained the three trading styles from FML and, with the backing and support of the experienced team, will move the existing service onto another level whilst continuing to provide both existing and prospective clients with impartial, sound advice on all aspects of their insurable risk exposures.
'We offer a fully rounded insurance intermediary service, and although the Construction and Contracting sectors continue to be our core business, our capabilities include owner run and small to medium size SME business of all types and trades within the commercial and industrial sectors', says Cheeseman.
It is the GRS philosophy to create a business whereby the enquiry is always as vital a piece of business as the end deal itself. Their quality of service and their ethic of business are quite unique within the insurance sector.
From the very first enquiry coming into their office, either by telephone or as a personal caller, they want their response to be a process rather than a simple question and answer form to complete.
'It is vitally important to create the right impression to a prospective client, and to let them know that we fully understand their business and have the necessary skills to act on their behalf,' says Peter Wood, Operations Director.
' If you are a sole trader or even a very small family run business, it is important to feel that you can obtain information on insurance without feeling that you have to sign a form a mile long or write a book on your trading history, when you simply want a reply to a question. With GRS we are trying to get the message across from our team to all potential clients, as well as existing customers, that we are there to help and assist!', says Wood.
Spread of Business
GRS comprises the main operating company and then incorporates three pre-existing successful trading styles.
Genesis Risk Solutions Ltd:
The new operating company -
Contractors Insurance Services:
Handling and administering a range of bespoke insurance products for companies operating in the Contracting sector and including: Air Conditioning Contractors, General Builders, Electrical, Heating and Ventilating Contractors, Plasterers, Plumbers, Steel Erectors and other general contracting trades.
Demolition Insurance Services:
Handling and administering a range of bespoke insurance products for companies operating in the specialist Demolition and Asbestos Removal trades.
Scaffolding and Roofing Insurance Services:
Handling and administering a range of bespoke insurance products for companies generally operating at height and involved in the provision of Scaffolding and Roofing services.
International
Another facet of the operation shortly to be incorporated is Genesis International Consultants Ltd, a specialist consultancy offering insurance and reinsurance services to a range of international clients.
As a result of connections and relationships forged over many years GICL have access to the conventional market, offshore carriers worldwide plus a gateway to Lloyds via close associations within the London insurance broker sector.
Headed by senior personnel with many years experience in this market, GICL will provide capacity and solutions where capacity may be an issue and solutions may look doubtful.
'With an 'experienced pair of eyes' to view and review each project, on an individual basis, we can see where capacity may be gained and whether there are viable solutions, to meet all requirements. We also have the experience to assess the capacity required as we have working knowledge of the market', says Wood.
The GRS Philosophy
'GRS believe that high quality service is paramount across all areas of our operation. Effective purchase of your company's commercial insurance programme can often be the difference between success and failure, particularly in the event of a serious fire, business interruption or other medium to long-term disaster', says Wood.
'Our promise is to give you independent, consistent advice on all aspects of your insurance risk exposure and to assist in finding insurance and risk solutions, at a competitive price', says Wood.
GRS recognise that the provision of quality service is an ongoing commitment and that it is essential to work in partnership with clients. The philosophy being that there can be no substitute for good communications, particularly where there may be a difficult or sensitive issue to try and resolve. GRS will always look to work with clients using a team approach in circumstances where a united front will be most effective.
'It is important to ensure that a client feels they can call you at any stage of an enquiry, policy implementation or for a general enquiry on their business. We believe that supporting a client and all their requirements is vital to our business as well as theirs and ensures a strong, ongoing line of communication', says Wood.
First Call
'A full fact find is undertaken at the enquiry stage and we then formulate a detailed risk assessment presentation to insurers on the clients behalf. This enables the insurer to fully assess the specific requirements and to offer the most competitive pricing. The lines of communication then work within three areas - the client to us, from us to the insurer and back to the client. We call this our Triangle of Communication', says Wood.
'We know that working with Contractors within the building sectors specifically, can be a very transitional process for them. With many local authorities requiring 'compliance' from contract suppliers within many spheres, the correct insurance cover and an adequate level of indemnity is vital', says Wood.
From the smallest supplier contractor to the larger multi-divisional contractor, through to corporate companies, GRS offer a full insurance consultancy service with the ability to assess the individual requirements and the knowledge of which insurer would be best placed to cover those requirements.
GRS operate within very strict guidelines laid down by the Financial Services Authority (FSA), the regulatory body responsible for monitoring the financial services sector in the UK, and are aware that legislation is constantly changing and being updated, leading to ongoing reviews by the FSA within the regulatory framework.
'With the standard UK and now EU incorporated requirements impacting on supplier contractors both in the workplace and on site, producing an even greater demand for sound and professional insurance and risk management we are there as consultants to navigate the client through this professional minefield. The word 'compliance' seems to be the watchword and we have to ensure that the service we give takes away the worries and concerns for each enquirer and be able to accommodate their individual needs', says Wood.
'As industry changes, legislation changes and therefore we all have to adapt. At GRS we feel that we are prepared for anything and everything and are there to help and assist as required!', says Gavin Cheeseman, MD.
The day to day work ethic for GRS and their team is a strong signal to existing clients and future clients alike, they intend to offer consistency of service, business growth and the assurance that they are here to stay!
Topic of The Day
GRS are continually identifying and monitoring uninsured risk areas for their client bank, as they see this as a vitally important area of risk management.
It is true to say that there does not necessarily need to be an insurance purchased to protect against every conceivably identified risk, that of course remains the customer's decision. However, from the insurance intermediary point of view it is essential that the customer is at least made aware of the type of insurance products that are available in the market.
There could be nothing worse than a customer suffering a loss only to be told that it is not covered, but could have been.
GRS are currently developing a facility to enhance the Liability Insurance products that they offer to customers, by the automatic provision of Commercial Legal Expenses Insurance.
Becoming involved in a costly legal action is a risk faced by virtually all businesses, with nearly every aspect of running the business regulated by law. However, Legal Expenses Insurance is often overlooked. Solicitors' charges are frequently around £150 an hour and can be higher for more complicated cases. With the addition of court costs, barrister's fees and witness costs the prospect of having to go to court can be daunting, and even if a case is won it is rare for all costs to recoverable.
Commercial Legal Expenses Insurance is available to provide the help and assistance that a business needs in specific circumstances. Cover is usually offered under a number of sections, and packages can be tailored to suit the demands and needs of each customer. In broad terms the scope of cover will provide access to a legal advisory service and can also embrace expenses involved in Contract Disputes, Employment Law Disputes, Taxation Proceedings, Data Protection issues and many others.
GRS are planning to launch this add-on facility very shortly, and are currently working with a specialist insurance company to develop this product, specifically for their clients needs.