We regularly speak with organisations that believe an insurance broker tender should involve several brokers. There is nothing inherently wrong with several brokers. For some organisations, a broad field may be appropriate. But the number can become a proxy for competition, based on the assumption that inviting more brokers means the market has been tested […]
For many businesses with a single annual renewal, the demands of managing an insurance program are not evenly spread across the year. Workload typically increases significantly in the months leading up to renewal, continues through the period immediately after placement, and can rise unexpectedly when a significant claim occurs. Outside those peak periods, the workload […]
An insurance manager taking extended leave can look like a resourcing issue. A resignation can look like a recruitment issue. But for a business with a complex corporate insurance program, both can quickly become a risk management issue. Insurance responsibilities do not stop because the person responsible for them is away. Claims continue. Contracts are […]
Risk Advisory Services has reviewed corporate insurance programs where businesses believed they had negotiated a transparent, fee-only arrangement. They had not. The broker’s fee was clearly stated, approved and included in the annual insurance budget. Yet commission was still being earned through the insurance premium. The broker received the agreed fee and additional commission. The […]
A soft insurance market should create opportunity for insurance buyers. When capacity increases, competition strengthens and insurer appetite improves, which means businesses are often better placed to test the market, challenge pricing and improve the overall value of their insurance program. For many organisations, that may result in lower premiums. In some classes, it may […]
A commercial comparison for executives developing or acquiring insurance risk management capability Insurance risk management expertise is becoming more important for organisations of all sizes. Boards, lenders, customers, contract partners and insurers are placing greater emphasis on how businesses identify, transfer, finance and manage insurable risk. For executives, the question is no longer whether insurance […]
What looks like a competitive premium can create a false sense of security. For many mid-sized and large businesses, the annual insurance renewal is treated as proof that the insurance program has been reviewed. The broker updates the numbers, approaches the market, presents terms and places the cover. But the renewal is not the same […]
Having attended the RMIA Risk Conference 2025 on the Gold Coast, it was a great few days of connecting with people from across the risk profession and….
The benefits of running a tender for your insurance broking services are numerous and bespoke to the needs of your business. For example, you may have a risk…
- 1
- 2