The insurance renewal process is a challenging time for many buyers. The insurance industry delivers proposals and address the content of highly complex insurance documents What should the buyer do to take advantage of the process?
Starting late can shut an account out of many markets and increase costs.
The buyer needs to carefully disclose the nature and scope of their ownership structure, services performed, areas of operations, contracts, leases, etc. A thorough presentation of your account to the insurance industry is critical.
Assess the Provider
a. What level of business acumen does your agent or broker exhibit?
b. Are the insurance companies being proposed delivering quality product?
c. Is the insurance company being proposed one seeking long term relationships or short term competition?
How Can I Help
Preparing for the renewal process requires some thought and time. Preparation of information to be delivered to the insurance industry needs to follow a format synchronous with the industry’s delivery systems. Information to skew pricing in favor of the buyer should be carefully presented. Proposals and policies received need to be reviewed very carefully.