Case study · E-Bike Retail
An e-bike retailer cut premium 46% by getting its risk management in front of insurers
How Summit audited an e-bike retailer's representation to insurers, coached the client through additional risk management measures, and remarketed the account to secure a 46% reduction from the incumbent renewal.
The challenge
An e-bike retailer faced high premium costs that did not reflect their diligent risk management practices. The company, known for robust inventory checks, meticulous battery safety protocols, and strict purchasing guidelines, needed a strategic approach to demonstrate its low-risk profile and reduce insurance costs.
They needed a partner who could understand and market their risk management practices — and the current e-bike environment — to secure the best renewal terms.
What Summit did
The client hired Summit as their broker, and Summit began with a thorough review and audit of the current policy and how the business was being represented to insurers.
Summit leveraged the renewal terms and strategically remarketed the account to other key markets. This involved a deep dive into the company's operations, highlighting its stringent internal risk management systems.
The client was strongly aligned on the importance of risk management and implemented further measures during the submission process that Summit knew the markets would value. The client wasn't opposed to investing in managing their risk better — they had just never been coached through it properly.
The results
Secured a significant reduction in premiums from both incumbent and competing insurers.
Achieved an accurate, improved representation of their risk management procedures, including inventory spot checks and battery safety protocols.
Reduced premium by 46% from the incumbent insurer's renewal — a major cost-saving milestone.
Repositioning and clearly communicating the retailer's risk mitigation strategies delivered substantial savings, reinforced the company's commitment to rigorous safety standards, and gave it a competitive edge in its market.
“Navigating the complexities of insurance premiums is all about showcasing the strength of our clients' risk management strategies. When risk is managed intelligently, both coverage and costs align in the client's favor.”