3 Things to Look for in a Global Insurance Broker
Loyalty has its place, as does institutional knowledge, but sometimes it's in an organization’s best interest to get a new perspective on its global insurance coverage. We often find that when new clients come to us, they have unnecessary duplicate coverage or have failed to take advantage of essential efficiencies. This is why it’s so important to occasionally bring in a fresh pair of eyes to review your coverage.
We know that changing brokers is a big decision for many reasons. So, whether you are issuing a mandated RFP for a new broker or are dissatisfied with the service you currently receive, there are a number of things to look for when considering changing brokers. This will help your travelers, and employees get the best coverage for your budget and ensure your organization receives the best possible service.
1. Are you being “sold”?
Many carriers advise clients based on their best interests and, in so doing, justify unnecessary or additional expenses, all to sell you something. Most brokers have dedicated salespeople on staff charged with selling you on their approach and offerings, but they disappear soon after the sale concludes. They are no longer working with you but are rewarded with a sales commission.
It does not have to be this way.
At Allegiant, our model is significantly different than the rest of the marketplace. We do not employ “sales professionals.” No employee at Allegiant is paid a commission for selling a product, and no employee is incentivized to sell you anything. Our employees are tasked with providing the highest level of service and helping you resolve common problems, making our organization a truly service-focused firm and one that our clients have grown to trust to be forthcoming with ideas and solutions that are best in class and not self-serving.
This is why Allegiant has had a 99.5% client retention rate for the past 15 years. We depend on our service to speak for our organization and believe that with exceptional service, our clients become our best salespeople.
2. What is their underwriting methodology and expertise?
One way brokers save organizations time and money is by employing their personal underwriting experience. Understanding how the insurance business works and being able to negotiate with vendors on an even playing field is one of the biggest benefits of working with a broker, so it’s critical to understand what they know and how they use it to benefit clients before choosing a broker.
Having underwriters on your side can assist you in manual renewals and renewal processes based on previous claim experience. With seasoned underwriting experts working to level the playing field with the carriers, you can rest assured that you are optimizing your investment in employee benefits. At Allegiant, we have several underwriting leaders from major insurance companies working alongside our clients to ensure the best results. Having team members who understand how carriers review risk and make risk determinations is an essential part of the art of underwriting.
3. Do they have specialized expertise in global insurance and assistance?
Many global insurance plans include an embedded assistance solution to aid travelers in an emergency, but these do not always meet the needs of individual organizations. It’s essential to evaluate the needs of each situation and the right coverage for specific travelers. This requires a certain level of expertise that a generalized broker may not have.
Ensuring your employees, students, or other travelers are covered — no matter where they are across the globe — requires more than just health and welfare coverage. A broker must be able to advise clients on all aspects of safety and security to ensure comprehensive coverage. That means they need to understand the intricacies of Assistance and Security, the challenges of each location, and issues surrounding Duty of Care and benefit equity. For a deeper understanding of how expertise in global insurance and assistance impacts organizations, explore our real-world examples that detail how important it is to understand your coverage:
Pro-Tip
At Allegiant, we pride ourselves on going above and beyond for our clients. We work around the clock when our clients have questions or concerns and advocate for them with vendors. We see this as essential to being the best sidekicks for our clients, who should focus more on their missions than dealing with insurance companies. If your broker is not answering your calls when an emergency arises, ask yourself whether or not that is acceptable.
Choosing a new global insurance broker
We know that switching brokers is a big decision that organizations take seriously. Still, if you have any questions about whether your current representation is capable of negotiating the best plan for your international NGO, institution of higher education, or for-profit international development organization, feel free to reach out.