A business starts as an idea
A business starts as an idea. A restlessness to do something better. A common cause behind which people unite. As a business grows, so does its exposure to risk. At its core risk is exposure to danger. But without risk there is no growth and risk is part of every great growth story.
Business Gets Messy
As a business grows it becomes more complex. More customers are won, more revenue is generated, and more systems are developed. Sacrifices are made in the name of growth. The reality of business is that it is messy. It is emotionally charged and exhilarating. We wouldn’t want it any other way. Businesses are thriving communities. But as a business grows so does risk.
Sleepless nights
There is a point where risk can cause sleepless nights. Doomsday scenarios play on the mind. What happens if something unexpected wipes out everything the team has built? Risk can breed fear – fear can prevent growth.
No One Wants to Buy Insurance
No one wants to buy insurance. But we fear the unknown that insurance protects. What we dread most is that our creation that we fought so hard to build can be taken away by factors beyond our control.
Insurance can be complex
But insurance can be complex. There can be numerous and confusing policies. Insurance terminology can seem impenetrable. Looking at insurance can come with uncertainty. Fear that cover is not clear, and that claims won’t be covered.
Our Solution
The best way to understand the core business risks and related insurance is to view the business as a whole. Taking all 360 degrees of the business and representing it visually in the Wiispa Risk Wrapper.
Wiispa Risk Wrapper
The Wiispa Risk Wrapper is our solution. Click through the 5 slides below to see how the Wiispa Risk Wrapper is applied to a business.
Map
Business is complex with lots of teams, departments, assets, liabilities and people. Each of these come with their own risks. To help clarify and cover those risks, we first need to organise our thoughts. We do this in a map.
Let’s look at our map.
Map
To correctly apply insurance you need a shared understanding of the business. In simple terms you need a map. This is a map of the business, not of insurance products. Our map is a circle and we put your business at the centre.
Let’s look at the key risks.
Clarify
Every business is unique and has different risks. We want to talk to you to understand what your key risks are relative to our understanding of the business. Some of the key risks are shown here highlighted in yellow.
Now let’s look at where insurance fits in.
Cover – Wiispa Risk Wrapper
Across General Insurance, there are countless products with many different names. At this stage we want to ensure that the appropriate products are aligned with the key risk areas in your business. To be plain, not all risks can be covered by insurance. We think it is imperative that you are clear on what risks can be covered and those that can’t. It’s also important to see what could be covered, but isn’t yet.
The Wiispa Risk Wrapper is positioned around the outside of your business and gives a quick graphical illustration of coverage – a 360 degree take on protection for your business.
Now what happens in the event of a claim?
Claim
Claims are where the insurers prove that the insurance product works. When a claim is valid then we are here to assist you in getting paid as efficiently as possible. Not all claims are valid and some may be excluded by the policy terms and conditions. Using the Risk Wrapper we aim to make it as clear as possible how your insurance protection interacts with your business so you are clear on what is potentially covered. Our role is to guide you through claims, ensuring you understand the process and assisting with collation of information to maximise the chances of an efficient settlement.
Our journey together
The Wiispa Risk Wrapper takes your business and applies the world of insurance. It aims to simplify the picture and let insurers take more of the risk. This is Beta 1.0 – the first phase of the Wiispa Risk Wrapper. We’re lucky to work with very capable clients, advisers and insurers. We hope that working with you, we will be able to iterate and improve our model to be a powerful tool to help everyone obtain more clarity about the potential of insurance. We think this is a stimulating challenge and we will have fun doing this with our community.
