RENEWAL SUPPORT SERVICE
An analysis of many companies shows that the group insurances are often dealt with by a person(s) in Finance, Ops or Legal who:
- May not have extensive technical insurance experience
- Finds it hard to devote much time to insurance matters due the pressures of their “day job”
- Appreciates the complexity and importance of insurance protection
In the perfect world, the person(s) would love to have access to highly experienced and focused independent insurance support in the run up to the renewals, separate from their broker. This is the time that places the most demands on the company insurance coordinator. idRisk can provide high quality support and their involvement will:
- Ensure that the broker delivers the best mix of cover/cost/service
- Ensure that the broker delivers a renewals process that is timely and well documented and that matches best market practices
- Constantly question the broker – based on independent expertise – on why they are, or are not, taking certain actions including, but not limited to, insurer marketing strategy, coverage extensions and risks not currently insured
- Keep the broker’s “feet to the fire” during the renewals process
All major brokers are used to working with idRisk.
Renewal support from idRisk involves being copied in on all emails to and from the broker, having conversations/emails directly with the broker as and when needed and taking part in key meetings between broker and client.
The support starts between 3 and 4 months out from renewal (dependent on insurance programme complexity) and usually finishes 2 to 4 weeks after the renewal date.
After renewal, idRisk can be retained on an ongoing basis to continue to provide independent insurance support to the company, if required.
