- Agree and sign formal consultancy appointment.
The services that the consultancy would provide would be broadly as follows:
- Working with you to obtain the basic information about the compny to provide to brokers;
- Manage the whole tender process with brokers on behalf of you with regular reports as to progress and for decision points;
- Finalise the broker appointment contract with you;
- Oversee the implementation of the program with the successful broker;
- Provide the interface between the broker and you for day to day program administration;
- Provide training to key bank staff about the key insurance program points and the important conditions and diclosable items;
- Assist you with any claims matters and changes to the program that may be required mid-year;
- Agree and execute the program renewal strategy with the broker;
- Overall manage the broker relationship and strategy for you.
- Agree the choice of brokers.
There are a limited number of brokers who would have the requisite capability and support services and these would be fully evaluated and presented to you.
- Agree tender format.
Principally whether the brokers present conceptually without approaching the insurance markets or whether they are allowed to source quotes in Stage One. The preferred option is to invite four for conceptual bids, agree two to go forward who are then empowered to approach the insurers to obtain the best deals for determination of the successful broker.
- Draft the tender documentation.
The document would be designed to provide essential information about you but mainly to obtain information from the brokers as well as to ask for their views on the best solution for you and what supporting risk services they could provide and would include the following:
- What risk analysis, benchmarking and advice on correct limits of indemnity can be provided;
- What risk mapping services and insurance policy design can be provided;
- What is the most appropriate insurance program design for you;
- The broking strategy to Insurers, timelines, vetting of Insurers’ financial strength and expected premium levels;
- Insurance program administration services;
- Claims services and examples of claims settlements for other companies;
- Risk training and other services to you;
- Operationsal risk services support to you;
- Detailed information on the broker and their team, including references from similar companies;
- Other services and suggestions about the placement and overall risk management.