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Need to find a new insurance broker or why change your insurance broker |
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(This article was published in January in the SME ( Small & Medium sized Enterprises ) Annual magazine) You are perfectly happy with the price you pay and the service you receive so why change? Undeniably it is always your decision. But have you ever sought from your Insurance Broker a choice of competitive rates against the price that you are actually paying? Have you ever asked 2 or 3 insurance brokers to get you a quote? If not, are you sure you can justify the amount you are paying for insurance to your Board and Shareholders alike if questioned? The cost of insurance cant be ignored, its a serious overhead to carry, and should always be viewed with the same disciplines as purchasing any other office supply. So have we at Trident Insurance* got a better approach, and arent we just like any other insurance broker? The answer is we do have a better approach, and we are absolutely not like other insurance brokers. Prior to taking over this business I had spent 25 years in equity trading and investment banking in the London Stock Exchange. We went through 2 Big Bangs and had no choice but to change the way we operated. The key difference to our working practises was visibility. Suddenly the client could see what was happening almost 24/7. It was a brave new world all round. Insurance on the other hand operates almost unchanged, and the feeling remains, if it isnt broke dont fix it. Well that is the nub of the problem, the antiquated approach needs to change to give the client more information, visibility and control. You are told that each risk proposed is taken on its own merits and is therefore unique. Not so, there has to be a starting basis which establishes a mean level of pricing. With that in situ, it is only material changes, claims history and geographical location that change the risk factor. Insurance brokers should be accountable for their performance and with the commissions sometimes running at 20% its the least they can do. You may have had your broker say that because of the good rapport they have with an insurance company, they have been offered a discount to the market rate of 10%. But whos market rate, the general one or the specific Insurers? Since the general one is not visible, it really is a rather fatuous comment to trust. With no basis of visibility, rates offered can and do vary enormously for exactly the same risk, and you the Client take it on good faith alone, that you have the best that could be achieved. Its the best that insurance brokers can provide, which is why without visibility and the complete inability of one firm to cover all Underwriters and Insurers you need two insurance brokers at least. We think that insurance brokers should be prepared to compete for insurance business as they do in the equity or capital markets and let the Client make the decision on who to trade with. The insurance broker market is still substantially over supplied so there will be no shortage of parties prepared to compete for your business, and we very much want to be on your list.. Your own company may be obliged to compete via tendering for business. So whilst your insurance broker is not supplying a product directly to you, insofar as he/she is the agent. That should not preclude your ability to search more thoroughly by using more agents. Yes a bit more time is involved to make and receive a few more phone calls, but the potential cost benefit savings to your company are too large to ignore. Adopting this approach gives you the next best thing to visibility and control, a position we suspect you may not necessarily have at the moment. To most Clients, it is the form filling and data collection that frightens them into submission, accepting by default that the insurance broker knows best. We feel this is taking advantage of a difficult situation by design, and recommend the same approach as with an equity portfolio transaction where investment banks pitch to win the business. Insurance brokers should be informed of what the present proposal documentation and policy schedule incorporates, together with any material changes that have occurred or recent claims registered, and seek to get the best rate. We are sure by adopting this route you will be very pleasantly surprised by the results So why are we at Trident Insurance different when everyone claims experience, good contacts and working relationships with Insurers? Yes we have substantial experience too, access to many insurance companies and Lloyds syndicates. But our overheads are lower, we dont have or need central city offices and all the expenses and charges that go with them, and we are quite prepared to negotiate on commission. We will have meetings with you the Client as a matter of course, but being within walking distance to the Underwriter is not of any consequence today when the electronic office works so well. With insurance as with any product supplied, you the Client need continued service We want to provide you with all year good service. We know you need to establish not only the cost and what you are covered for, but also what you are not covered for, so that you can make an informed decision. We feel its about time a reality check took place in the insurance broking industry and the supply of information to Clients. There is too much spin on what can be achieved by those who can do no such thing. In most instances people want to believe the spin volunteered regardless, because they feel it will save them precious time and make everything more convenient as a result. They also hate to think they may be too cynical by disbelieving! We always recommend Clients to be proactive check the market and save money. Perhaps you see this article as spin, and working with us would be a leap of faith that you are not prepared to take. That in the final analysis is your decision, but relationships drift and we always work to keep our Clients, never taking them for granted By being given the opportunity to show our ability to improve for you, we hope your confidence in our performance grow and stay with us at each renewal for many years to come Earning your trust through competitive pricing, consistently providing a good service all year is integral and we have no intention of disappointing you In conclusion, be it for your Business, Commercial, Buildings, Fleet, Factory, Public and Employers Liability, Professional Indemnity, Personal or Domestic insurance needs we want you to know that Trident Insurance is there for you. We will always welcome your call.
Main Tel No. 020 8553 5043 Sales opening hours: Monday - Friday 09.00 a m - 19.00 p m General administration: Monday – Friday 09.00 a m - 17.30 p m
"Trident Insurance, proven to improve" |
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