Individual insurance and risk management

As one of the top international insurance brokers and risk consultants, Funk designs and implements comprehensive solutions for companies across all industries and sectors. When finding a tailor-made concept for securing your companies’ values, our experts skilfully combine solutions from the two areas of insurance and risk management. By using the entire range of products and services on the insurance market, we help you to develop a risk transfer strategy for all your operational risk fields that meets your specific needs and requirements. At the same time, we know that professional risk management is an essential part of every successful business strategy – and can create genuine value add. Learn more about our expertise in the areas of insurance and risk management.

Your strong partner on the international insurance market

The insurance market with its wide range of products and services is enormously complex and constantly changing. In order to achieve sustainable cover of all relevant risks, companies need a strong, reliable partner to work in their interest in this non-transparent market. Funk combines its expertise and insight into the global insurance market with a targeted focus on our clients and their needs. We see ourselves as a risk coach, focusing on personally advising our clients in all matters concerning insurance management. Our priority is to provide you with long-term security by considering the individual aspects of your company and its risks – and by seeing our clients as partners which we meet on equal footing.

Our services in the area of insurance management

Risk analysis and consultancy

Continuous, dependable collaboration with our clients allows us to provide holistic advice in all matters concerning risk and insurance management, beginning with the analysis and assessment of your company’s individual risks:

Evaluation/analysis of the risk situation (including visits by our own independent engineers, if needed)
Design of an individual risk philosophy
Analysis of existing insurance cover
Assessment of alternative risk transfer methods

Transfer of risk to the insurance market

Our team is composed of experienced insurance specialists in different industrial and specialist fields, lawyers, business economists, engineers and qualified IT specialists. As your reliable partner, we operate independently when transferring your risks to the insurance market:

Review of proposals for improvements and definition of preferred insurance markets
Analysing the insurance markets in terms of creditworthiness, competitiveness and quality
Tender of insurance services
Evaluation of quotation documents and negotiation with potential insurers for the best price-performance ratio
Development of a binding template
Placement of the cover concept (if needed, as a consortium solution) with Funk-specific wordings
Completion of insurance policies and certificates as well as collection of premiums
Continuous update on market developments, including annual strategic meetings
Regular adjustment of risk solutions to suit the market and client’s changed risks

The aim of our service is to find an efficient insurance solution that optimizes the administrative costs for your policies. We also ensure continual reporting for international programme structures, incorporate different web-based tools, such as our client portal, and create an insurance handbook for company-wide transparency.

Claims management

If a major claim arises, the response must be swift and professional. The management of claims across almost all industries is one of Funk’s core competencies. In an emergency, we can be reached day or night to assess the damage and represent your interests. Our experts offer you reliable support in your negotiations with insurers, the authorities and, if needed, the media – from the notification of the claim to the final settlement. Our services include:

Documentation of the claim
Advice in selecting a suitable claim adjustor and coordinating adjustor meetings
Evaluation of expert reports
Support in collecting claim documents and passing these on to the insurer
Negotiations with insurers by our own claim experts, including payment negotiations
Proactive help in discussions with claimants, lawyers and experts, e.g. when investigating the possibility of legal recourse
Preparation of the claim settlement

Creating added value with risk management

Regardless of the economic sector, industry or company size: professional risk management is an essential part of every successful business strategy – not only because of formal requirements arising from legislation, corporate governance and other guidelines, but also due to economic factors. Having a holistic overview of your company allows for comprehensive risk analysis and risk assessment as well as the identification of potential cost optimization aspects and an improved planning ability. As a long-term partner, Funk supports companies and organisations with systematic risk management programs that line up with their specific company risk philosophy.

Our services in the area of risk management

Operational risk management

Funk offers companies of all sizes and across all industries the help needed to develop an individual, systematic and comprehensive approach to risk management. To avoid overpaying for insurance and to reduce the total risk-related costs, our experts closely link insurance and risk management in the process. Our concepts feature the following elements:

Risk analysis: identification and assessment of risks
Risk aggregation and capital expenditure calculation
Review of existing risk management systems (risk audits) and ‘total cost of risk’ analysis
Risk management and cost optimization
Implementation of risk management systems that reflect the company’s mind-set
Monitoring of implemented systems
Implementation of a modern IT support infrastructure (including the use of RIMIKS X, a software solution developed by Funk)
Additional flexible services in the form of coaching, seminars and workshops

Supply chain management

One of the greatest commercial risks for many manufacturers and retail companies in addition to market fluctuations is financial loss resulting from a business interruption (BI). Whether the interruption resulted from property damage within the company’s premises or disruptions in the supply chain: the consequences are loss of turnover alongside running operating costs, potential loss of customers and long-term damage to a company’s reputation. Funk provides competent and individual expertise in tackling BI risks and developing suitable management measures:

Funk BI check: General overview of specific site location risks, calculation of financial consequences in the event of a claim and in-depth analysis of internal/external dependencies within the production processes
Review and potential adjustment of BI cover for risks related to property damage
Insurance of supply chain risks (e.g. transport route blockades) with innovative ‘non-damage business interruption’ solutions
Integration of a company-specific business continuity management system as a quick response to disruptive events

Cyber risk analysis

The rapid development of information and communication technology means that global networking is becoming increasingly more prevalent. Every company uses different software products to control or optimize financial controlling, production or customer management processes. Data is frequently sent and saved via mobile or cloud-based servers in daily operation. At the same time, the risks posed by criminal cyber activities and dependency on these same IT systems are growing. Funk is your partner when dealing with potential risks concerning your IT security and establishing a corresponding crisis management strategy. Our Funk cyber risk analysis, a professionally designed workshop for identifying and assessing cyber risks, includes:

Participation of employees from all areas of the company
Disclosure of weak spots in the IT security
Definition of potential IT-related risks, such as losses caused by BI, third-party liability, damage to a company’s reputation or loss of know-how
Examination of possible causes for claims, e.g. loss or manipulation of data, non-availability of IT systems, computer viruses, incorrect operation or power failure
Implementation of protective measures (if necessary)
Development of a company-specific insurance strategy against cyber risks

Internal control systems

Efficient business processes that comply with formal and commercial policies are not just necessary from a business point of view, but are also frequently legally required. The systematic recording and control of company processes with an internal control system helps to prevent errors, control risks and structure business workflows to be more effective. This approach increases transparency and improves compliance within the company. As a risk consultancy, solution and software provider, our own firm Funk Risk Consulting supports clients in designing internal control and compliance management systems:

Advice for a structured recording of relevant actions and processes
Initial implementation of a simple, practice-oriented and audit-compliant internal control system
Improvement of existing systems