Tomorrow we present a 66% reduction in P&C costs to a lower mid-market company where the CEO has insisted that the broker, his personal friend, would always be the broker even if we found savings on premiums.
I hope the CEO doesn't shoot the messenger when he sees the report and the competing quotes showing a $100,000 per year savings.
I guess there is some very close broker relationship somewhere that has objectively verified best pricing but I haven't seen it yet.
I can honestly tell you that altho our coverage is provided by a close personal friend of the CEO, we do get competitive quotes from other brokers to make sure the premiums are competitive every few years.
Unfortunately, for someone in your position, historically when the competitor has come in with a lower premium, the current broker lowered his to beat it - which seems to keep them honest for a few years. (Hope this doesn't happen to you today).
But to be fair, having just suffered a catastropic claim due to a major midwest hail storm, it's been helpful to have a close, long term relationship with our broker.
Given the confidential nature of my posting, I'm signing as anonymous, but I am the
The meeting starts in two hours, will let you know....
We showed the client a 68% reduction in premiums!
So what would you do if an outside analyst proved that your premium which is $152,0000 could drop down to $49,000?
Client will decide in 7 days.
By the way, I am not a broker.
