We provide advice and counsel and assist with managing the broker selection process for Client’s Property & Casualty Insurance program.
Project objective is the best and most cost effective broker arrangement.
We gather the internal information relevant to the broker selection decision and develop and manage matrix of overall project performance and interim dead lines, coordinate broker proposals, manage broker response activities and requests for information, manage all communication and document flow, establish selection criteria and manage all other elements that assure success of the project.
All of this to help determine the best broker fit.
- Client profile, exposure and underwriting parameters
We gather and evaluate in detail information appropriate to the current insurance program and objectives including:
- External/Internal Influences.
- Categories and Priorities of the Risks Including:
- Assets, business revenue, tort liabilities
- Client’s Organizational Parameters and Management Structure
- Selection Process
We quantify the critical elements of risks, mitigation and transfer and identify the potential 3-6 broker organizations that are best suited to provide the required level of service. This includes reference checks, informal background checks of the proposed broker teams and in person in depth interviews of the potential candidate teams.
- Project Plan/Vendor Management
We develop the project plan and implement and execute the protocols for:
- Competitive Bid Management Inc: Market Selection, Price/T & C’s negotiations
- Programs, Policy and Service Comparison
- Elements of Respondent Interim Performance
We craft all elements of respondent specifications, responsibilities and definitions including but not limited to:
- Critical Paths
- Broker Internal Structure, Organizational Strengths and Weaknesses
- Problem Resolution Protocols
- Team Qualifications and Management Protocols
- Compensation Structures
- Resource Staffing for Risk Identification, Mitigation and Transfer
- Claims Advocacy Services
- Technology Resources
We develop, implement and report on all measures of broker qualifications in the above elements. In every way we advocate for senior management through coordinating communications among all vendors and internal operations.