fastTrack - demystifying the broker

On Wednesday 11 and Thursday 12 November Marsh, in collaboration with Airmic, hosted a two-day training course entitled ‘Demystifying the Broker’ for its FastTrack members.

Through a mixture of presentations and group exercises delegates were invited to step into a broker’s shoes and develop their understanding of the role, from regulatory considerations through to the actual insurer negotiations.

Charles Beresford-Davies, UK Risk Management Practice leader at Marsh, who provided delegates with an overview of the legal and regulatory framework in which brokers operate, said “this was a great opportunity to open our doors and highlight the range of work a broker undertakes. The engagement from delegates throughout the two days was fantastic and we hope that they can take away some of the key learnings to help them enhance their knowledge and understanding”.

Following an introduction focussing on broker’s duties, the delegates were given an overview of the tender process and subsequently progressed to renewal strategy. During this session, delegates were tasked with preparing in groups a renewal strategy for a fictional, UK-based client. Next, the delegates were asked to consider the implications of an acquisition of a multinational company, from the perspective of both the transaction itself and the resultant implications for programme design. As with previous sessions, the delegates were given group exercises to put the theory into practice.

The final two sessions concerned claims and the insurance placement. Following an overview of the work brokers can undertake regarding claims, delegates worked through an example of a poor claims listing to see what insight they could draw from it and suggest improvements. This meant that the final session on market placement and negotiation was able to provide an overview of the key areas brokers look to cover and help delegates to understand the benefit of additional information to assist with presenting a risk to insurers.

The final task for delegates was to prepare for an insurer meeting, in which they were required to present the fictional client’s risk for renewal; this presentation encompassed all the output from the previous group exercises and brought the two days together.

The two-day training provided many networking opportunities for delegates. Aside from the breakfast, lunch, and coffee breaks, delegates continued their networking during a drinks reception overlooking Tower Bridge.

Guest speaker, Kate Frost of Lloyds Banking Group, provided an insight into her own career in insurance as well as some of the key changes she has seen in the industry during her time.

The feedback from the event has been very positive, with delegates commenting that it was “a truly fantastic two days”.

"Airmic fastTrackers consistently ask for face-to-face time with industry service providers, as they may not always have this contact as part of their day-to-day role. We were delighted when Marsh put together this programme, which gave attendees a real feel for the role of the broker, and how they can make the most of this important relationship." - John Hurrell, Airmic CEO