Some businesses don't want to get competitive bids at the renewal of their insurance but they want to interview and select a new agent/broker. Here are the steps in the insurance broker selection process:
Step 1 Select participating agents - five is a good number. This step is the key to the process. Good agents here will result in great options later.
Step 2 Have selected agents complete an information questionnaire/survey.
Step 3 From the questionnaire select participating agents to interview - 2 or 3 works well. However, you could interview them all if they are qualified.
Step 4 Interview the successful agents.
Step 5 Review and select the agent you believe is best - this is the hard part.
Step 6 Successful agent implements the program, gathers information, accesses insurance companies, and follows through on obtaining proposals.
Depending on the situation, this may be a good alternative for some companies. In the current market, however, getting multiple agents to actually bid usually results in lower insurance premiums, better coverage, and greater service options. Competition works.
Step 1 Select participating agents - five is a good number. This step is the key to the process. Good agents here will result in great options later.
Step 2 Have selected agents complete an information questionnaire/survey.
Step 3 From the questionnaire select participating agents to interview - 2 or 3 works well. However, you could interview them all if they are qualified.
Step 4 Interview the successful agents.
Step 5 Review and select the agent you believe is best - this is the hard part.
Step 6 Successful agent implements the program, gathers information, accesses insurance companies, and follows through on obtaining proposals.
Depending on the situation, this may be a good alternative for some companies. In the current market, however, getting multiple agents to actually bid usually results in lower insurance premiums, better coverage, and greater service options. Competition works.
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