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Dear Fishes, I am switching for the ist time in my life in 8 years.Need guidance on which will be better in terms of wlb,job security and learning wise.offered compensation is nearly same in all 1.Harman(product) 2.Hitachi Vantara 3.Banking captives:-Deutsche,UBS, HSBC Yoe:8 Techstack: java,Microservices,Devops,AWS,Azure Harman Harman Connected Services Hitachi Vantara Deutsche Bank UBS EY Deloitte PwC Tata Consultancy Wipro Capgemini Cognizant HSBC HSBC India
33 M in NYC. Open to chatting!
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I guess the answer depends on the level of revenue your program will provide to your selected broker. In a middle sized agency (100+ employees, who will have people with international experience) a customer bringing in $200k revenue will be a large account. To the Marsh/AON/Willis of the world, $200k is something they win and lose every day. It is nothing special to them. I pulled $200k out of thin air. I would suggest you give a couple of the top 10 agencies, as well as a couple further down the list a shot at your account. Good luck with your selection process!
I’m a risk manager, and I changed brokers. I moved to Baldwin Group and am very pleased with their service and prices. There is a difference between Marsh and Aon and a small brokerage. It’s the service. The whole client team at Bald knows my account, and the broker letters and certificates come faster and more accurately. I have had issues with certificates from the big brokers in the past, and the service made me feel like my company was another number to them. I need my due diligence to verify quotes from different brokers, etc. The big brokers give me beautiful PowerPoint presentations, but not the service and time that my company needs, especially when dealing with lenders and other parts of the business. I appreciate the service I have now.
I agree with the above coming from the Broker side working with 2 of the top 4 and personally dealing with another as co-broker. Before we did the big split into Service, Advocacy and Brokers then carving out other specialty areas like Claims, Risk Management and analytics you would have seen more hands on and collaboration. I just left to work for a smaller but still one of the top 10 Brokers and there is a huge difference. I sadly do not have the large and complex I enjoy but larger accounts in Middle Market and already see I will have more control over service with a good group of people to collaborate with and make sure things are being delivered timely and accurately. I am also seeing a huge issue with having so many administrative tasks like invoicing and billing being sent to overseas groups that in some cases are employed by the Broker so not a third party but still a huge divide in communication and delivery to the client. Many times these are coming in very late and wrong so holding up the process to get what is needed to the client. Good question to ask is the exact process of the day to day items that really keep your organization running. Do not let them fool you with all their powerpoint and big talk! They are good at selling it but not delivering it. Make sure to do your due diligence and ask around and ask for references.
Give Marsh a shot if they are already your team I understand the need to shop every so often.
I guess Marsh is your current broker?
Marsh and Aon are leaders in international construction.
It's all about the service team and their expertise and connections (internally and externally).
My key recommendation is that it's often difficult to compare their fee structure, so make sure to fully understand it.
Do you use a captive? Make sure the brokering team understands how you are using it.
It is also not uncommon to split the line of business between different broker (construction vs financial line for example)
Smart!
I have shopped and changed CIP brokers, but I have never shopped brokers for our practice program. I might have some advice if I knew what your motivation is for this change. The brokers that you listed are all in the top 10 US insurance brokers, revenue-wise. If the reason you are moving has to do with your current level of service from another high-revenue broker (a Marsh, AJG, HUB, etc.), your issue will probably resolve initially, but will return once the honeymoon phase with your new broker is over. As you said, your operations warrant an elevated level of expertise, so your choices are definitely narrower than most.
I would love to hear how this turns out for you.
It helps a lot if you can be as specific as possible about what specific types of support and results you're looking for. What are your KPIs? How do you measure "goodness"? Is it more important to you to have expertise in specific coverages and policy forms? Are there specific goals for the coming 3 to 5 years that need extra focus? The more you know your own priorities, the easier it will be to communicate them to the brokers and to evaluate their responses.
Hi, this is unrelated to the above questions, however I am really interested in moving into the Risk Management space. Would you be able to give me any pointers on the industry/Career pathway? It would be so helpful!
Happy to share my email address with you :) I am based in near London
This is something I need to do but I've been putting it off for a few years. It's so much work.
Why these four? Marsh and Aon should provide the broadest "owned" network on ww basis. Identify what you hope to achieve through the broker selection process ? Challenge Brokers to solve your big issues!
Complex - is this by design to protect status quo. Encourage proposals to streamline / simplify. Has insurance programme been restructured to fit current scale of operations or simply evolved with the company.
Is one Broker the ideal solution?
Servicing a global portfolio with locally admitted policies is an administrative challenge - evaluate global presence and capabilities to consolidate reporting of local policy issuance / claims, overall exposure summary, total cost of risk etc.
Let your current broker know that should they not be selected, they are expected to turn over all proper documentation to the new broker in a professional manner. Most brokers understand that your business will look at other firms form time to time, but make sure to set the terms of the potential handover before changing. Also, make sure that you set the terms of what you expect from the new broker in writing, especially any KPIs