Q: How important is my broker’s relationships with insurance carriers?
A. We believe you are the ultimate beneficiary of a well-managed carrier relationship. We value our carrier relationships so much that we would actually define them as partnerships. Strengthening those partnerships to ensure that you are well-positioned at renewal, even after a large claim occurs, is central to your broker’s ability to manage costs. This is especially true in a hardening market when many carriers are apt to offer reduced coverage and increase rates. This is when you will realize the value of a trust-filled, effective broker-carrier relationship that has been steadily cultivated over time and works in your best interest.
To realize that value, it requires continuous critical evaluation of your carrier’s capabilities and results. To that end, we conduct an annual performance evaluation of all our carriers’ claims departments, rating each in six categories. We do this because it keeps our carriers competitive and it allows them to demonstrate a sound commitment to your success – whether that comes in the form of a designated adjuster to exclusively handle our clients’ claims, or their consistent compliance of special claims handling procedures. This level of service is only achieved through a long-standing partnership that is continuously strengthened, regardless of the current market cycle.
Q. How do I measure the value of my broker’s collaborative effort with my carrier?
A. As the market hardens, consider the following questions:
- Beyond insurance placement, what specific value-added services does your broker provide?
- Is your broker doing your thinking for you regarding accident prevention and asset protection?
- Are you implementing aggressive claims management programs, such as accident investigation, post-accident drug testing and effective return-to-work programs?
- Are you happy with the process your broker employs to determine if your panel of physicians is composed of “right-minded” professionals committed to preventing fraud and abuse?