Not surprisingly we use a very similar process to The Confidential Review.
First we will agree with you an ‘objective’ price for the cover you require, based on our current market intelligence. Then we will negotiate with the current insurer and look to come to an agreement.
If we cannot reach agreement with the current insurers on objective pricing then we will selectively remarket to obtain the pricing objectives.
We will not carry out a ‘beauty parade’ of all of the insurers that could possibly be approached.
Experience tells us that insurers take the enquiry more seriously if they feel there is a genuine interest and intention from the holding brokers to change insurers at renewal should the objective pricing be achieved by an alternative carrier. This approach would not be believable by insurers if some 20-30 alternative markets were involved.
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