The Private Equity Podcast, by Raw Selection Amy Gross on how you can save money on insurance premiums and how to better manage insurance across the portfolio
Introducing Amy Gross
Amy Gross is the Global Private Equity Practice Leader for Liberty Mutual. She consistently demonstrates her expertise by working directly with clients connecting their firms and portfolio companies across Liberty’s global business. Amy brings the scale of her private equity clients to the forefront, where she educates on private equity and encourages people to bring creative solutions to help them solve their needs.
What You Will Learn
How to lower private equity insurance costs
Insurance for PE portfolio companies
Reasons why PE firms should prioritize insurance coverage
Breakdown
[00:00] Introducing Amy Gross
[01:40] The Mistakes PE Firms Make with Their Portfolio Companies
[04:12] Insurance Premiums for PE Portfolio Companies
[06:08] Is PE Too Risky For Insurance Firms?
[10:35] What PE Firms Can Do to Get the Most Out of the Insurance Industry
[13:02] Ways PE Firms Can Reduce Their Insurance Costs
[16:15] How to Build Better PE-Insurance Relationships
[18:38] What Amy Likes and Dislikes About PE
[19:47] What Amy Watches, Reads, and Listens To
[20:28] Parting Thoughts
How PE Firms Can Lower Their Insurance Costs
Lowering private equity insurance costs can be challenging, as insurance premiums are typically based on factors such as the nature of the business, its operations, risk profile, and claims history. According to Amy, the biggest thing PE firms can do to reduce their insurance cost is to make themselves a better risk. A better risk involves actively reducing the impact of potential loss by developing plans to eliminate, manage, and limit setbacks as much as possible. All this translates not to just better insurance but better workplace safety, better morale, and basic peace of mind. Amy adds that building great relationships with insurance carriers can sometimes lead to better premiums. Demonstrating loyalty and maintaining a positive track record with an insurer can result in favorable negotiations and potentially lower costs.
How to Contact Amy
Amy’s email Amy.Gross@Libertymutualgroup.com
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