Once a renewal strategy has been developed, we conduct an extensive market search and request- for- proposal activities with our carrier partners and vendors that have proven operational and administrative abilities to manage your benefit and liability insurance programs. In a typical engagement, we will prepare detailed bid specifications for carriers in cooperation with you, provide you with a detailed analysis of proposals received, and counsel you regarding contemplated changes in programs or levels of coverage and benefits. We pay particular attention to the preparation of comprehensive bid specifications as the quality of input or quotes from carriers depends on the quality and thoroughness of the specifications. Our analysis and comparative summaries of proposals are prepared on a uniform basis, enabling you to select the appropriate options. We provide recommendations as part of the process as well as a narrative as to why these solutions meet client objectives
Following receipt of offers from the insurance companies, TPA’s or other vendors, we analyze each component/factor in the rating calculation, compare to norms, and aggressively negotiate on behalf of our client’s interests, needs and budget. Leveraging Brown & Brown’s extensive experience and expertise in funding and underwriting methodologies we have been successful in negotiating cost effective contracts with carrier partners and vendors.
We will work with the BGCSPS to monitor insurance plans performance and costs. This includes strategies related to coverage requirements, funding methodologies, modification in coverage design as necessary and maximizing carrier relationships in order to achieve the best overall value of your insurance programs. Other areas to explore may include:
Benefits Cost Containment Strategies