Accelerated savings for Volkswagen Group United Kingdom Limited
After conducting a review of their insurances Geoff Hunt, Deputy General Counsel for Volkswagen Group United Kingdom Limited. believed that more could be done to reduce the premiums they were paying.
Realising Volkswagen Group significant and complex insurance needs would require expert external advice; he sought the specialist service of Expense Reduction Analysts Insurance Cost Management (ERAICM).
Due to the sheer scale and complexity of the project it would end up taking over a year to complete the project; however the wait was definitely worth it.
Aside from the complexity of VW UK’s insurance requirements, the ERAICM team lead by Expense Reduction Analysts insurance expert Scott Ingham soon realised that their major challenge was in realigning the insurance industry’s perception of VW UK. Scott explains “Whilst the company was seen as a motor manufacturer and trader, its operation in the UK could more accurately be defined as an importing, distribution and marketing function.
Our recommendations involved a multi-faceted review and changeover programme, repositioning VW UK’s risk profile within the insurance industry resulting in attracting many more insurers to the table and generating significantly more market appetite for the VW UK insurance business.”
The benefits to Volkswagen Group stemmed from harnessing ERAICM’s expertise and experience and the change in market perception that Expense Reduction Analysts advice precipitated. This manifested in significant savings in insurance premiums, the benefits are best summarised by VW UK themselves.
Geoff Hunt explains – “We forged a very strong working relationship with the ERAICM team. They provided us with access to significant knowledge, technical expertise and experience and understanding of the insurance market which is not readily available to any organisation when they undertake this type of insurance review on their own.
The results show that this was instrumental in the successful outcome of the project. The savings on insurance that we achieved with the help of ERAICM exceeded all our expectations. We would not have made those savings without their valuable guidance.”
Volkswagen Group United Kingdom Limited Profile
Volkswagen’s relationship with the UK dates back to 1952, when the first two Beetles were sold. In 1953 Volkswagen Motors Ltd became the official UK importer and the brand went from strength to strength.
Volkswagen centralised its operations in 1978 and moved into its new multi million pound headquarters in Blakelands, Milton Keynes.
Today Volkswagen UK, as part of the Volkswagen Group, is one of the country’s largest importers of vehicles, employing nearly 600 people nationwide, with the Volkswagen brand employing 174 in Blakelands alone. Volkswagen also has 260 retailers throughout the UK.
“The savings on insurance that we achieved with the help of ERAICM exceeded all our expectations. We would not have made those savings without their valuable guidance.”