Our Approach
With the frequency of unpredictable events rising, clients we meet for the first time invariably ask us how do we identify and manage the myriad of possible risks their business could face. Using our combined experience, Barrack Broking has developed a unique approach that not only manages their risks but also positions the business to meet its goals and flourish.
The Barrack Broking approach involves:
- Applying the Barrack Broking Principles - principles that align our client’s business objectives with best practice risk management standards.
- Adopting practical measures to minimising risk by developing immediate and longer-term risk strategies. We do not just sell insurance to minimise risk.
- Delivering transparency on choice of insurers, their capabilities, and remuneration.
- Demonstrating our added value and representing this in a way that is meaningful for our clients.
- Ensuring quality service. Every client works directly with at least one of our directors.
- This approach is what makes us unique amongst insurance brokers.
The Barrack Broking Principles
We work as a strategic partner to your business and consistently focus on applying best practice risk management principles. We call them the Barrack Broking Principles and we have developed four steps to applying our principles to every client scenario.
Step One
Review challenges and identify risks
Firstly, we seek to understand your business activities, objectives and environment. We do so by:
- Listening and investigating to identify your risks and business challenges – the things that could go wrong and the things that need to happen for your business to flourish.
- Drawing on our experience in working in your industry sector to identify and assess the challenges that may be unknown and overlooked.
This step of investigation and identification is vital as we uncover the challenges uncertainties that could get in the way of your short and long term business objectives.
Step Two
Present practical advice and recommendations
With a solid understanding of your business and objectives, we develop a practical pathway forward in the advice we present. Our emphasis here is on:
- A practical approach to solving your risk challenges. Our advice will contain strategies to minimise your risk through practical measures, rather than simply recommending an insurance policy.
- Drawing on our deep understanding of risk, knowledge of regulatory frameworks and legislation, and the specialist knowledge of our network of trusted partners.
We present options and recommendations in a way that is meaningful for you and which enables you to measure your return on risk and insurance investment.
Step Three
Implement the advice
While most insurance broking peers may be ready to present advice, few can help you implement it. By partnering with Barrack Broking we’ll help you implement, step by step, risk and insurance solutions. This could be anything from a simple risk improvement, through to longer-term risk mitigation strategies, insurance, or a combination of requirements. We walk right alongside you, every step of the way to deliver the best possible outcome for you.
Step Four
Adapt the advice to business changes
As your business partner, your business success is critical to our business success. With immediate challenges addressed, we remain in contact to address any risks arising as your business evolves, be that:
- An expansion of your product and service offering
- Working with new clients, or
- Supplying to new regions.
We’re on call to advise on the risks and protection against all of those factors.
Collaborate with our professionals to identify risk and business challenges.
Don’t hesitate to get in touch with our team!
