Broker Selection Project

We provide advice and counsel and assist with managing the broker selection process for Client’s Property Insurance program.

Project objective is the best and most cost effective broker arrangement.

Methodology

We gather the internal information relevant to the broker selection decision and develop 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.

Project Components:

  1. 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:
    • Finanacial
    • Strategic
    • Operational
    • Hazard
    • Regulatory
  • Client’s Organizational Parameters and Management Structure
  1. Selection Proesseses
    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.
  1. Project Plan/Vendor Management
    We develop the project plan and implement and execute the protocols for:
  • Communications
  • Elements of Respondent Interim Performance
  1. Objectives/Responsibilites
    We craft all elements of respondent specifications, responsibilities and definitions including but not limited to:
  • Timelines
  • 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 back to Risk Manager measures of broker qualifications in the above elements.