Broker/Agent Management

Broker/agent conduct has come under tremendous scrutiny over the past few

years in light of undisclosed fees and commissions.

 

Insurance brokers/agents are compensated by insurance companies. As

vendors/salespeople of insurance policies, brokers/agents have a fiduciary

responsibility to the insurer which means they represent the interest of insurers

and the client. Representing both parties interests can be complicated and

murky. Full time risk managers of large organizations spend at least 50% of

their time managing their insurance brokers/agents. Who is managing this for

your organization?

 

Understanding how to manage your broker/agent including their compensation

requires substantive business knowledge of the insurance industry. As

outsourced risk managers, we utilize proprietary strategies to tie broker/agent

compensation to services provided.

 

 

 

What an Independent Risk Manager can do for you:

 

Policy Review

Our clients do not employ specialists on staff who are capable of reviewing

insurance policy language nor do they have the interest or time to request for

timely policy issuance. We review policies to ensure they match broker/agent

quotes and follows up with brokers/agents for timely receipt of all insurance

documentation.

 

Process Management

Our clients have online access and receive monthly correspondence with

respect to ongoing projects an outstanding documents from the broker/agent.

We set up a broker/agent services calendar, implementation plan, and an

ongoing independent evaluation of broker/agent performance as measured

against a scorecard.

 

Relationships

We assist your broker/agent with strategy for shopping insurers and offer our

clients transparency in the multi-layered workings of the insurance marketplace

while using personal relationships to achieve optimum market access and

consideration.