Our Process
Listen
We begin each new client relationship with obtaining a comprehensive understanding of our clients business operations, tolerance to risk and overall goals in order to gain a deep understanding of their primary concerns – and ultimately to determine what specifically is needed and identify specific areas for improvement. This sets the tone to ensure both sides are accountable and have a clear understanding on our focus during our process.
Review
We will then review all existing policies, claims trends, safety procedures with this knowledge gained to completed a “gap analysis” to determine based on the primary risk exposures if the current policies contain any exclusions that leave you exposed and develop solutions to address any issues that may exist in your overall risk management strategy and business operations that could help mitigate risk on a forward looking basis.
Collaborate
A detailed presentation will be provided outlining all potential issues along with a detailed “market analysis” that will list the specific insurance carriers and intermediaries we are requesting to approach for alternative quotes. We will collaborate with our partners to develop on overall strategy moving forward and ways we feel we can provide an overall better experience and program.
Deliver
Using the data collected through this process, we will also propose a detailed and proactive service proposal, on-site loss control services, claims reviews and annual stewardship reports. These allows both parties to have accountability in process
Far too often in our business, retail brokers market themselves as having access to “hundreds” of A rated carriers – when most have less then 10. In difficult market segments, such as construction and distribution risk that number goes down to 5 on a good day.
Edwards and Company has a unique model in which carriers are elected not only based on your risk profile but also based on specific relationships with intermediary brokers and carriers. Our experience has proven that transparency with our clients throughout the process as to our strategy and educating them on how the process works drives better results and ultimately a better client experience. Its very rare that clients are obtaining reductions in this marketplace – unfortunately, we do not see any changes in site.
Are you comfortable with your brokers strategy and relationships in the marketplace? How transparent is your broker during the placement and procurement process?