THE SOLUTION
Strategic Request-For-Proposal Approach for Enhanced Insurance Solutions
Following an initial round-table discussion to workshop potential strategies with the client’s key executives, it was agreed that our Request for Proposal (RFP) tender management service would be the best course of action.
This appealed to the client for several reasons. Firstly, it allowed them to capitalise on the knowledge, market intelligence, and technical input of multiple insurance brokers to measure the quality of their insurance program.
Secondly, the client would not be forced to change from their incumbent broker to benefit from the SOC process. The client was able to tap into the expertise of the competing brokers while positioning themselves to retain their long-term broker (if they elected to), who had developed an intimate knowledge of their business throughout their many years of working together.
Lastly, they saw it as an excellent corporate governance exercise demonstrating that proper due diligence had been carried out in managing the company’s insurable risks to senior executives and board members.
