When working with our clients to help them secure the best terms in market we ensure that we consider all of the available options and that clients can achieve enhanced premium savings while being conﬁdent that there is no degradation in the underlying beneﬁt terms. In fact, our case studies demonstrate that we have actually improved the terms and conditions, as well as reducing cost, by applying our approach to broking.
Our approach is split into three distinct phases. ‘Discover’, ‘Review’ and ‘Deliver’.
Key features of a review exercise
- Test the appropriateness of the insurer’s proposed terms using in-house ﬁnancial modellers.
- Benchmark the terms against our client portfolio (circa 2500 clients and Benefit Data Source database of over 1400 in the UK).
- Audit the cover to ensure that it is up to date with the latest legislative and market developments, while ensuring that the policy design accurately meets the risk requirements such as:
- Catastrophe Limits
- Insurer negotiations based on detailed risk proﬁles that eliminate conservative pricing assumptions.
- Use our ‘key account’ status to ensure that the relevant stakeholders at the insurers are involved in each exercise.
- Leverage enhanced terms agreements we have in place with specific insurers which can help ensure clients save time and money but do not compromise on benefit design
Where appropriate, our approach to broking is to undertake client scheme-speciﬁc negotiations with insurers, and to provide our clients with a tailor-made solution.
Our belief is that one size does not ﬁt all.