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Selecting an Insurance Broker

By Simon Hickman FCII of Access Underwriting. This article looks at the issues you need to consider when choosing a broker.

Good governance specifies that you have a system to monitor the effectiveness of activities outsourced to a third party. How do you measure your broker’s performance?

  • What experience does the broker have in your business sector?

  • Are you happy with the basis for your broker’s remuneration and the transparency of the fees?

  • Do you have clearly agreed, defined and measurable service levels? Do they provide help and support when you make a claim?

  • Are you happy that the broker is representing your risk to the market in the most advantageous way and realising the best possible terms and cover with secure insurers at the best possible price?

  • Does your broker really understand your needs and business drivers? Is your broker sufficiently proactive at listening and understanding them?

  • What recommendations or references can the broker offer which show they can help you?

  • Can you justify your relationship with your current broker, rather than another one?

    One last word

    If you have decided that your current broker doesn't live up to your requirements it is time to move on. Be brave, make a decision. No more last chances. How important do you feel as a customer?

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