In the insurance buying process, we have witnessed how organizations may have less effectively or even compromised the insurance procurement process, including:
Allowing their current Broker & Insurance Carriers to “auto-renew” their insurance coverages for the renewal insurance term with little-to-no oversight or input
Not appropriately reflecting on Insured business changes (changes in personnel, revenues, operations, etc.) to be reflected in renews insurance coverages
Engaging Brokers or obtaining proposals at the wrong time
Not engaging the appropriate Brokers or Carriers for the risk, or lacking knowledge as to which have the right expertise
Providing insufficient data or too much data
Not controlling or assigning Broker permissions & access to the insurance carriers
Not providing a timelines for major milestone activities such as data collection, loss control visits, proposal and quote delivery, etc.
Not controlling or understanding how Brokers/Agents can unintentionally dilute or affect an organization’s reputation as a buyer
Lacking the ability to gauge the quality and price-point of their insurance program, in relation to the quality of provided insurance coverages, terms & conditions
We can likely manage these pitfalls, in working with you through every step of the process to safeguard your company and protect its interests.
Why do you need us?
We never assume that your current Broker/insurance carrier relationship is ineffective, and most organizations wouldn’t assume that consultation is needed. That being said, there can be some limitations to putting all the power in their hands.
Clients who pursue us as an advisor could gain:
An improved understanding of their insurance coverages, terms, conditions and exclusions
A transparent view and understanding of the insurance costs
An assessment of realistic insurance options and alternatives
An independent and objective opinion of the Insureds:
Broker and Carrier relationships
Buying / procurement process
Internal and external operational and procedural risks and exposures
A true resource working and looking out for only you, not other insurance companies
A piece of mind that they are getting the right coverage for the Organization
