Market and cost management
The UK insurance broking sector has seen considerable consolidation over recent decades. Since most brokers have preferred insurance partners, this means – in practice – that risks are often marketed less widely than they once were.
In our experience, bringing a greater sense of competition to the renewal process can re-energise your insurance partners and yield significant value. This is of even greater importance when insurance market conditions ‘harden’ as they are currently – leading to rising prices and restrictions in cover, and affecting certain sectors particularly harshly.
Mactavish is highly experienced at running tenders on behalf of its clients. We can help you select appropriate brokers and nominated markets, run a bid process and then appoint your preferred broker and insurer partners on the right terms to properly protect your business and manage cost. Once your broker has been selected, we can help you refine their TOBA (broker service contract) so as to ensure that they take responsibility and deliver exactly what you require.
Download our guide to navigating a hard market here.