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Selecting and Working With a Broker - PDF Version

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As a risk manager, one of the most important decisions faced (if not the most important decision) is the selection of an insurance broker. Today’s brokers offer their customers much more than a simple avenue for the purchase of insurance products; they offer a complete menu of risk management services. For a growing number of risk managers, brokers serve as their actuaries, loss control engineers, risk management information system (RMIS) providers, and consultants on topics as diverse as alternative risk financing (ART) and enterprise risk management (ERM). The success of the selection process and subsequent broker relationship rely heavily on how clearly expectations are communicated. Brokers and customers each have unique expectations that must be clearly communicated and understood by both parties. The broker / risk manager relationship should be one such that both parties have identical goals, expectations, and principals. This assures the highest level of quality services are being provided in line with mutually agreed objectives and business practices. This recently updated book - by RIMS Member and Chapter Services Committee, is designed and written to assist risk managers and other business professionals (treasurer, chief financial officer, general counsel, or whoever is involved in decisions relating to the protection of company assets) in the critical decisions and processes involved in selecting and working with a broker Resources provided in this book include the following: sample forms, a broker scorecard, request for proposal form, and insurance glossary.

As a risk manager, one of the most important decisions faced (if not the most important decision) is the selection of an insurance broker. Today’s brokers offer their customers much more than a simple avenue for the purchase of insurance products; they offer a complete menu of risk management services.  For a growing number of risk managers, brokers serve as their actuaries, loss control engineers, risk management information system (RMIS) providers, and consultants on topics as diverse as alternative risk financing (ART) and enterprise risk management (ERM).

The success of the selection process and subsequent broker relationship rely heavily on how clearly expectations are communicated.  Brokers and customers each have unique expectations that must be clearly communicated and understood by both parties.  The broker / risk manager relationship should be one such that both parties have identical goals, expectations, and principals.  This assures the highest level of quality services are being provided in line with mutually agreed objectives and business practices.

This recently updated book - by RIMS Member and Chapter Services Committee, is designed and written to assist risk managers and other business professionals (treasurer, chief financial officer, general counsel, or whoever is involved in decisions relating to the protection of company assets) in the critical decisions and processes involved in selecting and working with a broker

Resources provided in this book include the following: sample forms, a broker scorecard, request for proposal form, and insurance glossary.

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