Why should insurance brokers and advisers use the tool?
There are a number of ways in which Insurance Brokers & Advisers can use the Know Your Risk assessment tools to add value to their clients:
- Provide the tools free of charge to your clients and then assist them to remedy any shortcomings that might be exposed in their assessments.
- Alternatively, act as a distributor for the Know Your Risk tools and create additional income for your business.
- Do both, act as a distributor for the Know Your Risk tools, create additional income for your business and then assist your clients to remedy any shortcomings that might be exposed in their assessments.
The information provided from a Know Your Risk assessment will enable you to provide targeted advice to your clients because all the risks identified in the assessment are rated according to both the likelihood and impact of each risk, measured on a 5 point scale from low to high. As an adviser can then use this assessment to make appropriate changes within the business to reduce or, if possible, eliminate the risk.