bid management

Need help with “Competitive Bid Management” in order to lower your insurance costs? I, Charles Specht, help direct renewal strategies, proactively manage the renewal process, evaluate proposals, and negotiate lower premiums on your behalf.

In fact, what I primarily do is…

What I do is efficiently manage my client’s insurance policy renewals by strategically directing the marketing and negotiation efforts of their current broker and any other competing brokers. The end result is that my clients experience “peace of mind” while saving time and money.

The competitive insurance renewal/bid management process is the best way to get the best price and coverage that the insurance marketplace has to offer. Without competition, your insurance premium will not be where it should be and your coverages will not be as broad as they can be.

However, there is more strategy to the competition piece than merely getting two or three agents to work on gathering quotes. For example, consider a few of the following truths about the insurance industry …

  • Agent-A may have a better relationship with an underwriter than Agent-B does. If the underwriter doesn’t trust agent-B or agent-B’s insurance agency, the underwriter may decline to offer a quote altogether or inflate the pricing in order to compensate for the unknowns.
  • Agent-A’s brokerage may have placed $15,000,000 of insurance premium with a carrier/underwriter while Agent-B’s brokerage has placed nothing with that insurer and may be on the verge of losing its appointment altogether.
  • Agent-A may market all his/her accounts himself/herself while Agent-B uses an internal marketing department which knows little about your company’s needs.
  • Agent-A may be able to access an insurer directly while Agent-B may need to go through a wholesaler, which adds cost, hassle, a lack of communication, and a lack of enhanced coverages.

QUESTION: Of these four examples, which agent would you want to access your valuable carriers?

As your independent insurance advisor who understands the in’s and out’s of the quoting process, I can ensure you get the best results.

Competition assures that both your insurance companies and insurance agent are aggressive in premium and coverage. You get a better insurance program when I handle the bidding process.

I can help you manage the process for maximum impact.

Frankly, the insurance traditions are not set up to make this process easy. It can be confusing, frustrating, and time consuming.

I’ve built systems and processes that maximize the value you get from the competitive bid process. I’ve built skills in the negotiation of insurance renewals that get my clients greater value.

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For more information on how I can save your business or organization money, email me for a FREE CONSULTATION.