WolseleyMichael Lucas, Head of Risk and Compliance
We commissioned Mactavish to work with Wolseley to assess how we adapt our approach to disclosure to meet the new Duty of Fair Presentation.
Mactavish conducted a project which undertook a detailed review of our current approach to disclosure on certain important insurance lines. They also arranged a series of consultations with our principal global business units, the risk and insurance function, senior risk and operational colleagues and our broker to analyse and evaluate the standard of our approach.
They then distilled their analysis into a series of practical and actionable recommendations which went to the heart of our core aim: to execute changes in our approach to insurance disclosure which would demonstrate that we had conducted a robust procedure to achieve a Fair Presentation.
One of the major findings was that a lot of the information we collected and analysed in the business for purposes other than insurance arrangement was directly adaptable to incorporate into our Fair Presentation process; this has helped to ensure the adaptation is efficient and effective and helps us to unlock the main value of our insurance programme: to get large claims paid swiftly and without dispute and to minimise additional administrative activities within our businesses.
We found Mactavish to be a professional firm to work with – they delivered on time, to a high standard and in line with our budget expectations. Their insight into the new legislation and advice on practical, actionable recommendations was valuable. Their expert view and independence is a key differentiator for us when selecting an advisor. They were a catalyst for us to drive a higher standard of certainty on our critical insurance lines and have helped us to plan effectively for the future.