According to new research commissioned by Bowring Marsh, the Specialist International Placement Broker at Marsh, the “quality of the presentation of risk information is crucial to insureds obtaining the most competitive terms from insurers.”
The study, conducted by an independent research firm in seven major global insurance centers, asked underwriters to “identify their most important considerations when deciding whether to quote for a risk,” Marsh explained. “Almost half those surveyed said that the quality of a broker’s presentation of risk was most important; 30 percent said that the most important factor was the client’s approach to risk, while 21 percent cited the underwriter’s relationship with the broker.
Commenting on the research, Nick Bacon, CEO of Bowring Marsh, pointed out: “These results send a clear message to insureds: if they want to obtain the most competitive rate for their risk, they need not only to have a superior approach to risk management, but also work with the broker best able to present their risk to insurers.
“I am pleased that the research also showed that Bowring Marsh has a strong reputation for the quality of its risk presentation,” he continued. “Our clients entrust us with placing their most complex risks in the international insurance market, and securing competitive packages on their behalf.”
The research, which was undertaken by independent research firm FWD, surveyed underwriting decision-makers in Bermuda, Dublin, London, Miami, Sao Paulo, Singapore and Zurich.
Source: Bowring Marsh
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