General Insurance Broking

Insights
As your insurance broker, we act on your behalf in all dealings with the insurance market.

What sets us apart as a broker is our ability to:

  • Translate our deep knowledge of your business into a "proposal" that sells your risk to the market
  • Negotiate on risk coverage and pricing, and
  • Structure a sustainable, long-term relationship with your preferred insurer.

We apply our research, technical expertise and energy to go the extra mile to make this happen.

At Barrack Broking, our general insurance broking goes beyond procuring a policy. From the outset, we develop an Insurance Program Strategy to ensure that your current and future business risks will be covered by your policies.

Insurance Program Strategy

The objective of our Insurance Program Strategy is to design the most effective cost and coverage options for your insurance needs.

We do this by:

  • Undertaking a Risk Review, Gap Analysis and Risk Retention Analysis.
  • Using the findings of the review and analysis to create a preferred insurance program outlining policy limits, excesses, and policy coverage.
  • Undertaking an insurer selection review. This looks at the underwriter’s attitude to your risks and requested policy coverage, market competitiveness, attitude towards paying claims, claims and risk management capabilities, and ability to maintain an ongoing relationship
  • Pitching your insurance market proposal, and then negotiating a policy and placing it with your preferred insurer.
  • Ongoing stewardship.

With your Insurance Program Strategy in place, you will have comfort that your insurance program meets your risk needs and does not include exclusions or a policy structure that conflicts with your business structure and/or risk profile.

Insurance market proposal, negotiation and placement

This involves implementing your preferred program strategy.

Implementation involves working with you to:

  • Identify the preferred underwriters, and when and how to engage them. We will review the competitive forces within the insurance market at that time and use this knowledge to obtain the best outcomes for you in negotiations.
  • Establish our strategy on how to engage the market at each renewal and the renewal objectives, including preferred program design options such as limits, sub limits, coverage and target pricing.
  • Confirm the information required for the insurance market proposal.
  • Agree on a timetable for presentations to insurers.
After our initial insurance pricing negotiations with the preferred underwriters we will discuss and agree with you on a placement strategy to achieve the most cost effective outcome. At this point we will present you with:
  • An evaluation of all the options, outlining policy structure, excess limits and scope of coverage.
  • A recommendation on the most appropriate program structure taking into account program design and cost.
  • A re-engagement process with the short-listed insurers, incorporating final negotiations and placement of the preferred program structure.

Stewardship

As your broker, we have a fiduciary duty to act in your best interests and be your advocate in negotiating your contract with the insurer.

In leading the brokering process, we take charge of:

  • Relationship management and day-to-day administration and service.
  • Providing on-going advice about program design and scope of coverage.
  • Maintaining our service level agreement with you, including stewardship reviews.
  • Conducting regular meetings with you on all issues relating to your insurance program.
  • Managing all insurance information and issuing premium invoices, certificates of currency and policy wordings.

We understand that your risk profile from one renewal period to another may change. From the outset of our engagement we will mould our service delivery around your needs and requirements – giving you as much or as little engagement throughout the year as required.

Our experience

We have experience with a broad range of insurances from:
  • Business Package
  • Commercial Hull
  • Contingency
  • Contractors Plant
  • Contract Works
  • Corporate Travel
  • Cyber & Privacy
  • Management Liability
  • Marine Cargo & Transit
  • Marine Carriers Liability
  • Medical Malpractice Insurance
  • Directors & Officers Liability
  • Event Cancellation
  • Group and Individual Personal Accident / Income Protection
  • Motor Fleet
  • Professional Indemnity
  • Industrial Special Risks
  • IT / Technology Liability
  • Public & Products Liability
  • Strata Title
  • Trade Credit

Summary of how
we can help

  • Independent Review and Gap Analysis of existing insurance program
  • Develop a new insurance program
  • Program strategy
  • Market negotiations and introductions
  • Advocacy and Stewardship
  • Marketing and Placement
  • Reviews of your commercial contracts
  • Claims Advocacy
  • Training & Education
Talk to us about General Insurance
For more information or to seek our help, please contact our specialist team at Barrack Broking.
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