Broker Review Services
Discreet Insurance Broker Review
The relationship with your broker can be reviewed at a high level to provide a ‘sense’ check on the service and value being delivered. The information requirement and time taken for this review is minimal. The benefit of this form of review is that it is completely discreet in that it is only the client and idRisk involved and it provides you with an independent view on the service being delivered.
Insurance Broker Benchmarking
Your insurance broker is an outsourced provider of services and it is best practice to review outsourced services periodically. Insurance Broker Benchmarking involves a thorough, independent and audit quality review of your broker’s performance, benchmarked against your specific service needs and industry best practice. We review the scope, quality and effectiveness of the services provided and an analysis of whether you are getting value for money for the fee you pay. This means that you can carry out an audit quality review without conducting a tender exercise.
Insurance Broker Tender Management
Even with the best relationships it is appropriate to conduct an external competitive review periodically. Our Insurance Broker Tender Management exercise captures all the services you require from your insurance broker in a high quality ‘Invitation to Tender’ (ITT) or ‘Request for Proposal’ (RFP). Our process includes managing contact with prospective brokers, arranging broker information meetings, reviewing tender response assignments, checking references and organising formal presentations, with full support for every part of the process. We assess each broker’s performance and assist you in making your final decision, providing you with an audit quality report at the end of the exercise. In this way you can feel confident that you have made your choice in a fully informed manner.
Insurance Broker Service Level Agreement Review
To ensure that the services you require of your broker are captured in a fair and meaningful Service Level Agreement we use both legal and insurance market knowledge to create a bespoke SLA. This important document comprehensively sets out the services to be provided, the required service levels, the fee structure, payment arrangements and the key performance indicators by which you can monitor and measure your broker’s performance throughout the contract period. We also ensure that we have the other key legal aspects of the contract properly and fairly captured by working closely with a leading specialist insurance law firm on the delivery of this service.
Our Broker Review facilitation services are based on a long established methodology which enables our clients to improve the outcome of their service provider selection. We work with organisations of all sizes and from diverse operational sectors, either UK national or internationally based. In addition to our considerable UK national experience we are highly adept at facilitating reviews of multiple broker, global reach programmes.