If you are looking to conduct an insurance broker RFP, contact us. We contractually guarantee your net cost savings from conducting an insurance broker rfp that we manage on your behalf using a methodical evaluation process.
This content is independent of any content coming from insurance brokers, insurers, or any insurance lobbyists. Commercial insurance is rarely taught in schools, and when it is, it’s mostly done through the lens of brokers or insurers. There are many misconceptions around an insurance broker RFP, like many other topics in commercial insurance, due to bad habits acquired through the over reliance on insurance brokers or insurers or information providers who are lobbied by them.
What Is An Insurance Broker RFP
It is a request for proposal for insurance broker services. It is recommended that an RFP for an insurance broker be done every 3-5 years. Many businesses stick with a single insurance broker for a long time without scoping the market for competing brokers, which often leads them to not maximize the service and cost effectiveness of their insurance procurement. Many times insurance brokers become very passive and simply renew commercial insurance year over year without much effort, providing them with an easy recurring stream of commissions. However that comes at the expense of the business (insured) because commercial insurance must be proactively updated at least once a year to match the operational changes of the business as well as changing insurance market dynamics. It is therefore important for businesses to create competition amongst brokers every few years in order to test the market and achieve its full potential, which can yield substantial cost savings.
In addition, knowing who to hire as commercial broker is not simple. Many businesses assume that if a brokerage has an international brand name then it would be a good fit. However, international brokerages have different teams that can operate very differently from one jurisdiction to another or one department to another. It is important to compare a specific team within an international brokerage to teams within regional and local brokerages.
Insurance Broker RFP - Online Searches
RFP For Insurance Broker
Please refer to the section above.
RFP For Insurance Broker Services
Insurance broker services can vary from one broker to another as they can include specific services within the insurance distribution function as well as services outside of the distribution function. It is important for a business to understand its needs from commercial insurance and seek insurance broker services accordingly.
Property And Casualty Insurance Broker RFP
This is an Insurance Broker RFP specifically relating to Property Insurance and Commercial General Liability Insurance (P&C). Note that there are hundreds of thousands if not millions of P&C insurance brokers around the world, it is therefore important to narrow the scope of your insurance broker RFP so that it is focused to your own goals.
Insurance Broker RFP Questions
When interviewing participating brokers in an insurance broker RFP, it is important to ask the right questions that are relevant to the insurance procurement process for a specific business. For example, industry based questions will be more effective than broad insurance market questions. There should be a healthy mix of questions to ask (ex. technical vs. non-technical) in order to have a comprehensive interview process. Also it is best to ask fairly similar questions to each participating broker so that the evaluation process becomes more standardized.
Insurance Broker RFP Sample
We caution businesses from using sample RFP documents that they find online because those are not tailored to the needs of the specific business and may very well lead to poor results.
Insurance Broker RFP Template
In line with what is mentioned in the section above, businesses should be careful with using templates they find online simply because those would not be tailored to their needs. Every insurance procurement process is different therefore requiring a tailored insurance broker RFP.
Insurance Broker RFP Scorecard
Each insurance broker RFP is different depending on the nature of the business that is procuring the insurance. As such there should not be one standardized scorecard. The scoring methodology must be tailored to the type and scope of the insurance procurement in question.