InTents December 2023-January 2024 - 37

Rule #3: Do not quote insurance
with multiple brokers. Doing so is a
waste of time and a dangerous risk for
many reasons. Any broker can try to lead
with price in soft, competitive market
conditions. The current hard market cycle
demonstrates the importance of identifying
a trusted adviser who manages
risk. My favorite question when we see
transactional insurance buying is from
one of our legendary MMA leaders, Ken
Hale, " Would a rational person go into an
emergency room and ask for the cheapest
doctor? Why would you leave your assets
up to a quote contest? " Conduct an audition
when selecting the firm to be your
risk manager and insurance adviser first.
The insurance audition process
Here are the ideal steps and minimum
expectations you should receive from a
competent risk manager and professional
insurance buyer:
* Select candidates from one or more
firms to audition. Because you are familiar
with your current broker, you
may want to skip them for now as they
presumably have already auditioned.
* Provide all insurance information and
research time they request. How each
broker goes through their research
process and how they get to know your
organization is very telling.
* Ask each broker to prepare a report of
recommendations and the specific strategy
they would have for your insurance
and risk management program.
* Identify the most professional insurance
buyer and risk manager to represent
your organization. This is an insurance
broker who will go into the carrier marketplace
to represent your organization.
What to expect (at a minimum)
Insightful analysis of your current policies
and risk management program including,
at the very least:
* Good and bad terms and conditions
of your current insurance policies
* Analysis of your claims history and
recommendations
* Analysis of your Experience Modification
Factor and recommendations
* Review of lease/customer agreements,
temporary employment or contract
labor agreements
* Executive Risk Review (Directors
and Officers, Fiduciary, Employment
Practices Liability, Cyber, Crime)
* A 3-5-year recommendation of program
structure and carrier strategy
* Annual Risk Management Service Plan,
i.e., safety, claims consulting services
* " Value creation " for your firm: The
broker accomplishes this through
a disciplined approached of knowing
your company intimately and
providing you superior strategy, risk
expertise and the talented people
necessary to support your organization-wide
objectives.
If you and your leadership team
are reviewing or evaluating your risk
management program short- or longterm,
MMA can help support the audition
process and answer any questions you
have. Reach out to your local Marsh &
McLennan Agency representative for
assistance at marshmma.com.
Eric Fleming is a business and risk
consultant with MarshMcLennan
Agency in Minneapolis, Minn., working
with emerging middle market companies.
The risk management
process should
be constant and
continually reviewed
throughout the year,
not just confronted
around an insurance
renewal date.
Marsh McLennan Agency is ATA's preferred business insurance broker and risk
management consultant. Its business insurance program is tailored to fit the unique risks
and exposures prevalent within this industry and is fully customizable. With years of
experience, Marsh McLennan Agency is able to offer businesses an array of resources
while providing a local touch to clients around the world.
InTentsMag.com 37
http://www.marshmma.com http://www.InTentsMag.com

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
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InTents December 2023-January 2024 - Cover3
InTents December 2023-January 2024 - Cover4
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