Prominent Indicators to Change Your Broker

We totally acknowledge the existence of some extraordinary Insurance Service providers within the Australian Market and a few we hold the utmost respect and admiration for.

Complacency and Familiarity are the real enemy’s preventing most Insurance Service providers from providing best practice Service and Advice year in and year out. Particularly in Organisations where performance is driven by achieving Budgets and Shareholder returns.

The first casualty of complacency and familiarity is attention to detail.

Outlined below are key indicators we recommend Clients use to determine performance levels of Insurance Service providers at any given time throughout the insurance cycle.

Does your incumbent Insurance Service provider :

i. Conduct formal Insurance Reviews at least three months prior to Renewal?

ii. Provide you with a viable Renewal Strategy together with Budget projections?

iii. Encourage you to develop a relationship with Insurers?

iv. Indicate Market Trends and suggest alternative options?

v. Provide estimated premiums for budget control on all options?

vi. Fully explain any premium increases over the past year as well as collectively  over the last three to five years?

vii. Totally ensure you understand the reasons?

viii. Provide you with a detailed professional Renewal Report at least a minimum of two weeks prior to the renewal date?

ix. Provide and allow you to consider all options available to you?

x. Provide detailed analysis of Marketing campaigns allowing informed decisions to be made?

xi. Automatically Renew your Insurance with existing Insurers devoid of your input?

xii. Report to you AFTER the Expiry Date of Insurances?

xiii. Provide you with formal Service Agreement each renewal?

xiv. Provide you with Annual Service agenda and site visitations?

xv. Receive remuneration directly associated with performance and satisfactory outcomes outlined by you?

xvi. Take an extremely proactive role in all Claims ensuring full and timely settlement?

xvii. Encourage you to be involved in large and more complex Claims?

xviii. Provide you with up to date Policy Documentation?

Experience teaches us Insurance Service providers who fail at one or two of the items above may need a gentle reminder that their overall performance is being considered and rated.

Insurance Service providers who fail at three or more of the above key indicators mean there is an urgent need to address the question of change.

Action Plan :

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Our commitment is to ensure you have the very best Policy Terms and Conditions at the most competitive Premium.

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