There are two key parts to any tender for insurance broking services. Firstly, the selection of the best broker for your organisation. Secondly, choosing the correct combination of insurers to create the optimum cover/cost outcome.
In selecting your insurance broker you will want to focus upon:
- Deep knowledge of your sector
- Who exactly will deliver advice after the tender, and what access will you have to them
- Who will deliver service to you, and what confidence do you have in them
- Peer references at an early stage
- Risk management services in the areas you have concerns about – such as safeguarding
In selecting your insurer(s) you will be more interested in:
- Claims paying ability and claims service
- Broad policy wordings which can be bespoked to you
- Confidence they understand the risk transferred to them
Broker tenders are normally carried out separately to insurer tenders, and as a result may fall below the financial thresholds of OJEU type arrangements.
Your chosen broker would run the insurer tender on your behalf.