InTents December 2023-January 2024 - 36

business | tips and techniques
Insurance adviser auditions
Tips for buying property & casualty insurance
By Eric Fleming
O
rganizations are navigating one of
the toughest insurance markets
that has been experienced in decades.
Many companies are facing increased
rates, retentions, restrictions in coverages
and terms and reluctance from carriers
to write their business with limited
competition. Add on top of that the
pressure of managing evolving risks and
emerging trends, and you get a sense of
why it is so important to have a proactive
strategy to manage your insurance and
risk management program with your
external partners.
There are several criteria and processes
your team should consider to ensure you
have the most professional insurance
buyer and risk manager representing
your company. Many financial leaders
are uncertain about the best way to buy
property and casualty insurance for their
organization and the renewal process can
seem reactive and time consuming each
year. The renewal comes and goes and
there is an uncertainty for many financial
leaders as to whether they secured the
best coverage, terms and pricing available
in the insurance marketplace.
You are not alone if you feel this way.
MarshMcLennan Agency (MMA), the
preferred business insurance broker
and risk management consultant for
the Advanced Textiles Association
(ATA), assembled multiple roundtables
with financial leaders from a variety of
organizations to discuss their concerns
when considering their insurance and risk
management program. We discovered
themes around five key questions that
may resonate for you:
36 intents dec 2023-jan 2024
1. What risks do we need to worry about?
2. How much risk can we, or do we want
to take?
3. Are we adequately protected?
4. What's the most efficient use of
our capital?
5. Are we getting a good deal?
With the current " hard market " cycle
that the insurance industry is facing
and companies experiencing more risk
than ever, many organizations are thinking
about these five key questions and are going
through an evaluation of their current
insurance program and broker consultant.
The 3 rules of insurance buying
Rule #1: Start the process early. Your
company assets and success depend
greatly on how you manage risk. The risk
management process should be constant
and continually reviewed throughout the
year, not just confronted around an insurance
renewal date. At a minimum, if you
decide to do an insurance " audition " and
you have a January renewal, for example,
this evaluation should take place at a minimum
120+ days before that effective date.
Rule #2: Make choosing your risk
management partner your first priority.
Your organization's leadership needs to
share the philosophy that you are choosing
your insurance broker and risk management
partner first-before trying to
select carriers or coverage. Choosing your
insurance adviser is no different than selecting
your accounting or law firm. The
idea should be that your insurance adviser
is there to represent you in the insurance
marketplace. This brings us to Rule
#3 and hammers home Rule #2.

InTents December 2023-January 2024

Table of Contents for the Digital Edition of InTents December 2023-January 2024

InTents December 2023-January 2024 - Cover1
InTents December 2023-January 2024 - Cover2
InTents December 2023-January 2024 - 1
InTents December 2023-January 2024 - 2
InTents December 2023-January 2024 - 3
InTents December 2023-January 2024 - 4
InTents December 2023-January 2024 - 5
InTents December 2023-January 2024 - 6
InTents December 2023-January 2024 - 7
InTents December 2023-January 2024 - 8
InTents December 2023-January 2024 - 9
InTents December 2023-January 2024 - 10
InTents December 2023-January 2024 - 11
InTents December 2023-January 2024 - 12
InTents December 2023-January 2024 - 13
InTents December 2023-January 2024 - 14
InTents December 2023-January 2024 - 15
InTents December 2023-January 2024 - 16
InTents December 2023-January 2024 - 17
InTents December 2023-January 2024 - 18
InTents December 2023-January 2024 - 19
InTents December 2023-January 2024 - 20
InTents December 2023-January 2024 - 21
InTents December 2023-January 2024 - 22
InTents December 2023-January 2024 - 23
InTents December 2023-January 2024 - 24
InTents December 2023-January 2024 - 25
InTents December 2023-January 2024 - 26
InTents December 2023-January 2024 - 27
InTents December 2023-January 2024 - 28
InTents December 2023-January 2024 - 29
InTents December 2023-January 2024 - 30
InTents December 2023-January 2024 - 31
InTents December 2023-January 2024 - 32
InTents December 2023-January 2024 - 33
InTents December 2023-January 2024 - 34
InTents December 2023-January 2024 - 35
InTents December 2023-January 2024 - 36
InTents December 2023-January 2024 - 37
InTents December 2023-January 2024 - 38
InTents December 2023-January 2024 - 39
InTents December 2023-January 2024 - 40
InTents December 2023-January 2024 - 41
InTents December 2023-January 2024 - 42
InTents December 2023-January 2024 - 43
InTents December 2023-January 2024 - 44
InTents December 2023-January 2024 - Cover3
InTents December 2023-January 2024 - Cover4
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https://www.nxtbook.com/ata/intents/intents-april-may-2024
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https://www.nxtbook.com/ata/intents/-intents-february-march-2023
https://www.nxtbook.com/ata/intents/intents-idea-book-2023
https://www.nxtbook.com/ata/intents/intents-december2022-january-2023
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