The tender process is an opportunity to bring in fresh ideas and new thinking to the placement of your businesses’ insurance. Insurance brokers act as the buyers’ gateway to the insurance market, and whilst the Hard Market has seen reduced capacity and increased premium, it has subsequently created conditions for good brokers to demonstrate their value. A tender acts as an effective tool to place brokers under competitive tension, however in order for real competition to be generated, businesses must market their risk effectively. This session will explore both the importance of putting your disclosure in the strongest position and the key components of producing a best-in-class disclosure submission. This is critical in order to provide tendering brokers with the best understanding of your businesses’ risk profile and risk tolerance to drive competition for your risk in the market and encourage competing brokers to obtain the best cover at the most competitive cost. As the hard market continues in some areas, and disputes of major claims skyrocket, having strong disclosure that articulates your businesses’ risks and mitigations is equally essential to ensuring your business is properly insured.
Learning Objectives:
Explain how good disclosure is critical to the renewal process, and why inadequate disclosure can be detrimental to the renewal process
Identify the four key components to producing a best-in-class disclosure submission
Explain the different broker tender options available, along with their pros and cons
Recognise the value of good disclosure in running a successful tender.
Speaker: Katherine Quoroll, Managing Director – Technical Services, Mactavish