What is the purpose of a mid-term review? I rely on my current broker to get me best value at each renewal. So what will this achieve?
Depending on the size, scale and existing relationships with insurers different brokers can provide access to different pricing and schemes from insurers.
Not all brokers can access all insurance markets because they may not have an existing agency agreement with that market.
Additionally brokers sometimes have pre agreed schemes and discounts with insurers which, in some instances, means they can offer preferential coverage and pricing.
The purpose of a mid-term review is simply to benchmark that your business is receiving best value from your current brokers and insurers.
We view best value as a fine balance between adequate and appropriate coverage and a competitive price.
How long will a mid-term review take?
That entirely depends on the complexity of your business and how accessible the required information is. For example, if you have multi-sites, we may need to undertake multi-site visits which will take longer.
Our aim is to be as time efficient as possible, whilst still ensuring we do a thorough job, which is why we schedule a mid-term review kick off call.
At minimum we would recommend starting a review three months prior to your renewal date.
Our Client Directors will talk you through the paperwork they will need to review and, where appropriate, they will also schedule time for site visits and access to premises, in order to undertake a full and detailed assessment of the risks involved.
Following our initial kick off call we should be able to provide you with a more detailed schedule and timeline of the review process.
Why would Tysers undertake a free mid-term review of our business?
Because we want to work with you. We want to demonstrate to you the expertise and skills of our broking teams and we hope we can offer you something more than your incumbent broker.
As outlined above we may be able to differentiate our services with our access to markets, improvements in coverage or reduction in premiums. This will enable you to have peace of mind that you are achieving the best value for your business at the next renewal.
Our challenge is to demonstrate to you that we can offer additional insurance features or benefits to those offered by your current broker.
If we cannot achieve that, we will let you know.