What Makes a Good Insurance Broker (and What Are the Signs That You're Being Underserved)?

For any insurance broker it is their duty to directly represent the consumer. Their job is to act as a bridge between the insurance companies and the consumer. It is their duty to get under the skin of your business and understand what you want to achieve long term, what keeps you awake at night. They should be someone you trust implicitly and can work in partnership with long term.

In market conditions where capacity is reduced it is important to consider the following prior to choosing your broker.

  • Which insurers do you have a relationship with?
  • How would you rate those relationships?
  • What influence do you have?
  • How established are you?
  • What is your market knowledge of both the care sector and insurance market?

 

Meeting with insurance broker and customer

 

There should be no surprises to the consumer no matter what the market conditions. If you find your existing broker or potential broker cannot demonstrate the following, then be prepared to be disappointed and worst-case scenario leaving your business exposed. Any professional broker should at a minimum do the following:

  • Facilitate and conduct a full risk analysis twice a year.
  • Provide a detailed recommendation for cover, terms and conditions and prices with full transparency.
  • Provide recommendations and advice and insurance solutions to mitigate cost and reduce exposure understanding the CQC requirements and pressure points.
  • Regular quarterly updates on the market especially in a hard market with reduced capacity and manage expectations with regular reviews and engagement throughout the year. There should never be a surprise to a consumer when it comes to renewals or any adjustments.
  • Provide progress reports and written acknowledgements as and when agreed, adopt a consultative approach during negotiations, more so with claims and risk management and rate and premiums.

 

Insurance contracts on a desk

 

Some of the core principles that any broker should have in abundance for example are:

Knowledge and Experience

Care associated risks are faced with an increased risk, ranging from changes to provisions provided, increase in cost of medicine and increased compliance risks. Having a commercial policy that protects the business and its assets is fundamental.  A broker worth their weight in gold should also be able to offer contacts wider of insurance and at times maybe someone in the legal or accounting profession. A credible broker should have a network far reaching wider of insurance alone.

 

Communication Skills

The relationship between a commercial broker and the principal client must be underpinned by mutual respect and be consistent and constant. Meeting the clients needs should be the driver and not selling the insurance products. Once the broker fully understands the customers business needs only then can they research the different insurance products that are fit for purpose with a clear view of the strengths and depth of each policy and advise given on the individual needs of the consumer.

 

Outstanding Customer Service

Changing brokers and insurers is time consuming and costly. To prevent this, it is imperative that the post inception service is exemplary. Regular engagement and working proximity with the client doing proper research beforehand involves communicating both good and bad news without any delay. Should be a given that their broker is trustworthy and can manage their accounts efficiently.

 

If you’re looking for an insurance broker with all this and more, we can help. We are dedicated insurance brokers in Bolton, and our team would be more than happy to hear from you. Get in touch today to find out how we can help your business.

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brokers working together with our customers to understand and fulfil their insurance needs.
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