Insurance Broker Reviews
- Benchmarking Insurance Broker Performance
- Managing Insurance Broker Tenders
- Formalising Insurance Broker Service Agreements
- "The input of O'Connors and idRisk helped us greatly to clarify our thinking in terms of our service needs and to benchmark what we needed going forward against industry best practice. As well as achieving greater value, we feel there is now a clearer focus of resources on those risk management areas where Aon's global capability and experience can best benefit our business." John Brighouse, Global Procurement Manager, NSG Group (Pilkington's Japanese parent)
- "The input from O'Connors and idRisk was extremely valuable in this exercise. Their careful, considered and comprehensive approach to the project inspired confidence from the start and delivered to the end. They brought a professional, well structured and flexible approach to the project which translated into a high quality report that offered a practical route map for MAB going forward. I would not hesitate to recommend them to any company who is considering undertaking a review of this nature." Nick Tinworth, Corporate Finance Director, Mitchells & Butlers plc
- "O'Connors and idRisk's management of the broker procurement process for us and their independent view on market practice and pricing enabled us to focus our time and attention on the practical issues most important to the business. We have been delighted with the improvements in the commercial and contractual terms secured and the help received in negotiating and documenting the service agreement." Cathal Fitzgerald, Group Finance, Irish Dairy Board
Companies and other organisations are increasingly turning to independent insurance specialists for assistance in creating the perfect insurance broker relationship on the right terms. This trend is being driven by corporate governance and by a genuine desire to achieve best value for money and service delivery from outsourced service providers.
A well managed insurance broker review should result in a more aligned broking relationship, a more effective service agreement, better structured insurance arrangements and often substantial cost savings.
Traditional procurement consultants tend to focus on cost savings alone - a blunt instrument that is wholly inappropriate for something as technical and balance sheet critical as insurance broking support. In contrast, insurance lawyers O’Connors LLP and insurance consultants idRisk Advisory Limited combine to bring the very best technical and tactical thinking to insurance broker reviews, drawing on our experience of handling such projects for a wide range of public and private companies and public sector organisations, both large and small.
Our unique and highly effective benchmarking tools help insurance buyers accurately to measure their current insurance broking service against the market leaders. Incumbent insurance brokers also benefit from having a confidential process to better understand their customers’ needs and retain the account by addressing legitimate concerns.
Where the insurance buyer requires a competitive procurement process, we help them to create and maintain a fair and level playing field for the competing brokers and bring strong legal, insurance and project management skills to the process of identifying, selecting and creating the perfect broking partnership.
As you will see from our case studies, the results can be astonishing and certainly food for thought.
For a confidential exploratory discussion please contact us.
