A traditional tender is likely to lead to underwriters losing interest in winning your business because they do not believe they have a real chance to do so.
Reasons for this include:
- There are too many insurers involved in the tender (yes, they talk!)
- There are too many brokers involved in the tender
- They have no price to work towards
Plus they may have lots of alternative quotation requests which take priority because of 1, 2 and 3.
It cannot be stated as fact, but, it is our fundamental belief (and one critical to The Confidential Review process) that hundreds of opportunities are lost each month because underwriters ‘lose interest’ in providing a quotation.
The Confidential Review guarantees the Underwriter’s interest in your business.