4 Necessities Operators Should Expect from Their Broker
There are a lot of folks that want to sell you insurance and many times they’ll sound the exact same from an offerings and capabilities standpoint. But here’s the deal – they aren’t all the same. Some are experts and some are not. Some offer services for claims and risk management and some don’t. Some understand your world of operating senior care communities or facilities but most don’t.
To make it easy here’s a checklist of what to expect from your insurance brokerage relationship:
- Big Data
It’s here, it’s big and it’s bad! But most importantly, it can be a huge tool in reducing insurance and risk management spend. Ask your broker about analytics and how they’re helping provide benchmarking data and useful, insightful analytics that best describe your risk profile. Once you know the profile, you can attack it with our #2.
- Risk Management
Yeah, everyone talks about it, but not everyone understands how to execute it. First, find out the cost of their services. In Assurance’s case, we perpetuate in a way that allows us to assume the cost of risk management for our clients, but not everyone can do that. Next – who’s the person administering the risk management? And finally, the biggest question – what are they basing their strategy on? Is it a simple walkthrough or “big data” as I just mentioned a few lines up?
- Claims Management
Oh boy, it happened. A big mother of a claim, and you’re not sure where to begin. Does your broker have a robust claims management team and strategy? Yes – keyword – strategy. How are you planning for claims and what’s the broker’s state on claim reduction? Ask for the data – you deserve to know!
- Can they sell?
So, is your broker a good sales guy? Well you may think so, but do the carriers? Most operators have no idea what the strategy is for a broker when submitting the client’s underwriting information to the marketplace. It can in certain cases lower the rates carriers offer. If your broker is running analytics, strategizing on risk and claims management then he should be sharing all that with the marketplace.
Hopefully, this insider knowledge is helpful when making decisions about who you partner with. If you’re still wondering if your broker has your best interest in mind, check out my other blog post and ask yourself some additional questions.
- Risk Management Overview Webinar Replay
- Effective Claims Management Webinar Replay
- Will the Real insurance Broker Please Stand Up?
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