Insurance Broker Selection
Choosing a new insurance broker can be a daunting task. However, the benefits of working with a broker who understands your business is invaluable. When the time comes to select a new broker, Corporate Protection Group can help you identify qualified candidates and determine a right-fit partner based on your service needs.
Scope of Work
- Service requirement review
- Request for proposal (RFP) development
- Management of RFP process
- Broker recommendation report
- Negotiate broker fees and compensation structure
Background: After years of working with the same insurance broker, our client realized that it was time to find someone new who was more engaged, experienced, and who offered a more personalized service approach. The client sought out Corporate Protection Group to assist in this search and find a right-fit insurance broker that met their needs.
Solution: After meeting with our client and understanding what they were looking for, we established criteria and a scoring methodology to evaluate new candidates. Corporate Protection Group facilitated a Request for Proposal (RFP) process to identify, qualify, and interview top ranked insurance brokers.
Outcome: Due to the competitive nature of the selection process, we were able to identify several qualified participants – each motivated to offer their best service at the most competitive price. Not only did our client select an insurance broker who was better aligned to their needs, but they also received an expanded scope of work and a 15% reduction in broker fees.
Benefits to our clients
Establish strong broker relationships with a partner who understands you, your business, and your evolving insurance and risk management requirements.
Structure broker compensation based on performance and not insurance premiums – aligning interests between you and your insurance broker.
Create a request for proposal (RFP) process that fosters competition for your business and drives competitive fees, insurance rates, and client satisfaction.
Clear Service Standards
Define clear roles, responsibilities, and service objectives to better assess overall broker performance and ensure ongoing engagement year-round.