With insurance, like many other transactions, you want to receive the most value (or protection) for the lowest cost. Achieving this end, however is difficult and unlike any other transaction. In this arena it is often unclear who represents you and who is selling to you. Consumers often feel that the broker is their advocate. This is not the case. SBT will represent your interests. We use our extensive experience and industry contacts to oversee a process designed to create a highly competitive atmosphere that motivates insurers to produce their most aggressive proposals, guaranteeing you the best value for your dollar.
In developing your pre-renewal strategy SBT brings to bear decades of experience via its network of experts focusing on your needs. This process insures that the proper groundwork is done to completely document your requirements while uncovering potential pitfalls and opportunities. The process described below has been proven over and over again with hundreds of clients. What follows is a sample of the steps require to develop and effective pre-renewal strategy:
- Draft renewal action plan and timetable
- Determine underwriting information required and assist in development
- Pre-discuss the risk with specialized programs, standard markets and alternative risk financing, etc. This is critically important given the current condition of the insurance marketplace.
- Review and assign market selections to various brokers. We recommend at least two brokers, in addition to the incumbent to quote on your insurance.
- Loss run forecasting model.
- Review updated underwriting information for relevancy.
- Review account service requirements with our client and present brokers with specific expectations of service.
- Prepare underwriting packages for the various brokers and/or direct writers, including specifications, schedule of locations and values, vehicle lists, payroll information, driver lists, equipment lists, loss runs, and other pertinent rating basis data.
- Coordinate all insurance company inspections.
PRESENTATION OF QUOTATIONS
After the quotations are received SBT will analyze, prepare, and present our findings to you in a concise and cogent manner. We’ll help you through the decision making process and implement new policies. Steps like those below are often required:
- Review each quote for accuracy.
- Review each insurers response to specifications and create a spreadsheet for all quotations.
- Compare coverage terms and conditions.
- Compare premiums.
- Present initial spreadsheet comparison to the insured for review.
- Finalize negotiations with the two or three proposals that are most competitive.
- Pre-select the winning bid and finalize negotiations in order to bind coverage.
- Coordinate transition to the new insurance program.