Market Benefits - to brokers and insurers

When we first encounter a new broker or insurer, there is generally a degree of suspicion that we are intent on taking their client away. This does happen on occasions where a change would be to the client's benefit, but we often work with an existing broker to help them deliver the improvements we identify.

Once brokers understand our role, they are more relaxed and see advantages in a continuing relationship. There are, obviously, a few who remain fearful of dealing with a client who knows as much, if not more, than they do and is in a position to identify any weaknesses or dubious broking practices. But, consider the following:

Benefits to Insurance Brokers

• Lower overheads (e.g. in client administration, travel and visits)
• Savings in staff time
• More complete and detailed risk presentations
• Better managed risks
• Improved retention rates
• Quality control of standards/documents *
• Potential for new business growth

Benefits to Insurance Companies

• More detailed risk information
• Better managed and informed risks
• Lower loss ratios and claims costs
• A benchmarked link between risk management and premium rating
• Practical and specific market intelligence

* Out of interest, over the last twelve months 37% of documents received from brokers, and supposedly checked, were found to be incorrect.

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