The rapid downturn in the economy has affected every industry sector. Market demand in certain areas has shrunk to such an extent and with such speed that many companies have already instigated three or four day working weeks, salary cuts and secondments for some key people.

With organisations looking at all ways of saving every last penny to ensure survival, we feel that Oval can be and should be part of your strategic thinking when looking at an essential cost - i.e. the cost of the risks you have within your business.

Naturally the obvious cost issue you would associate with the insurance industry is the insurance premiums you pay for transferring part of your risks to this market.

We are working hard with our clients to provide a number of options that reflect the changes to a company’s profile as a result of changes in the market dynamics.

Some of these options will lower premiums by companies taking more risk internally. This can result in reduced costs but requires an active risk management portfolio to sit alongside the insurance programme to ensure effective value over the short and medium term.

Oval has always been very active in this approach and is particularly so at this time. Our aim is to help our clients manage their risks in a cost effective way through this very difficult period. It is not just the physical assets that are important but also the human/people resources.

Our financial services and healthcare specialists are actively working alongside the insurance broking teams to ensure there is a coordinated approach within our client's businesses to design an appropriate, best value programme, whether it be a whole group private medical insurance proposal or a review of a final salary pension provision.

The last few months have been very tough, but those businesses that have survived thus far have a strong chance of making it through the recession, and on to even better things as the economy begins to turn itself around. Oval works hard for its clients at all times. At the moment we feel even more responsible to ensure and help our clients not only survive but also to prepare for the upturn when they can thrive again.

Jeff Herdman
Group Managing Director, Oval