A lot of brokers may claim to be searching the market for the best deal– but are they actually doing that? Did your broker demonstrate on your renewal report which underwriters they approached and what feedback they got from each underwriter?
At Gallagher, we offer all our prospective clients a free Broker Efficiency Report – a service where we try to approach the following 14 insurers to see if they were presented with your risk profile at your most recent renewal;
In order for us to perform our Broker Efficiency Report, we only need to know who your new underwriters are and confirmation of the renewal date of your new policy by reply email. From there, we will perform a 30-day review of the market exercise and provide a report for you.
| Aviva | Allianz | Travelers |
| AIG | QBE | Hiscox |
| RSA | Aspen | MS Amlin |
| Chubb | Pen | CFC |
| Axa | Zurich |
If your current broker doesn’t have access to, or hasn’t approached, all of the above markets at renewal then you may have missed out on cover enhancements and/or premium savings.
In order for us to perform our Broker Efficiency Report, we only need to know who your new underwriters are and confirmation of the renewal date of your new policy by reply email. From there, we will perform a 30-day review of the market exercise and provide a report for you.
This service and report is free – and all we ask is that if it transpires that your current broker didn’t do an extensive exercise at the last renewal, that you allow us to perform a Confidential Audit on your new programme to ascertain if it is fit-for-purpose – which again, is completely free of charge.
Your current broker should consider all options annually, including remarketing your insurance where appropriate to make sure you retain insurance that meets your needs, at a cost reflective of the risk – especially in a difficult insurance market. If you’re not confident that they’re doing so, then it may be worth considering if you should switch the broker for your business moving forwards.
Would you like to talk?
If you would like to discuss the Broker Efficiency Report, Confidential Audit or any other insurance-related concerns – please don’t hesitate to contact me on the details below.
