The Client
Inscon were approached by a large private company who had not tendered their insurance programme for some time and were reluctant to do so because of the time commitment required by their executives and the perceived difficulty in analysing the likely responses from a range of brokers.
Our Actions
Inscon managed an insurance broking tender in which we;
Designed and issued all Request for Proposal (RFP) documentation that was bespoke to this clients insurance requirements, including standard response provisions that allowed an easy and accurate comparison between tender responses, and ensured that tenderers were bound to a strict set of tender rules
Designed a marking system for the tender to ensure proper evaluation and support good governance;
Used our broking market knowledge to pre-qualify tenderers.
Facilitated pre-tender Q&A sessions and presentations with tenderers.
- Analysed all tender responses and provided the client with a summary report to assist their decision making.
The Outcome
As a direct result of this process our client has;
Appointed a new broker with a saving of 35% on their annual broker service fee
Contracted that broker via a Service Level Agreement (one did not previously exist) that ensures strict performance criteria
Achieved a premium reduction of 40% on their property insurance while also reducing their base deductible and increasing key sub limits
Achieved a premium reduction of 30% on their liability insurance while expanding the basis of cover;
Achieved premium reductions of 10%-45% on all other lines of insurance forming part of the tender
With the client’s agreement Inscon worked with their broker to correct the identified coverage issues and consider an insurer remarketing strategy.
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