New Price Forbes insurance product cuts costs by 10%

PRICE FORBES Transportation Risk Management Services (TRMS) has launched a new marine insurance product that reduces the cost of risk by 10% and offers personalised solutions, according to m.d. Victor Vaz.
Known as Latitude, the new product offers cargo owners who are currently paying less than R250 000 per annum on marine insurance premiums, a direct saving of up to R25 000, depending on their unique individual needs and risk profiles.
Latitude will be the most technologically advanced marine insurance product available, said Vaz in Durban. It is extremely flexible and each risk is treated on its own merits. While we have eradicated any element of cross subsidisation between clients, the product still allows for the maximisation of bulk buying power, he said.
According to Vaz for many years there has been duplication in administration and processes between the insurance companies and the brokers. In an effort to streamline the process and offer an enhanced service to clients, Price Forbes TRMS has increased productivity and reduced costs by abolishing duplicate record keeping and processing.
Furthermore, instead of utilising the wider marine insurance market, as has been the practice historically, we have negotiated a unique facility with one insurer and two re-insurers. This has resulted in economies of scale and the resultant benefits can be passed on to clients.
It's a win-win situation. There is an immediate 10% cost saving and claims are handled more efficiently. In addition, the cover we are able to offer is far above the industry standards which ensures that the client gets more cover for less, he said.
Vaz indicated that it had always been the intention to develop Latitude as an interactive product and that it would soon be available through the Internet.