How To Select an Insurance Broker

by : Bassey Effiom

As with any other professional adviser, it is vital that a company select an insurance broker with whom they feel comfortable in terms of capability, suitability, chemistry and cost. The absence of any one of these vital ingredients will not allow the friendship to grow. A broker should be viewed as an extension of the company's department and you must allow sufficient time for the selection exercise to be properly conducted.

1- Choosing the participants. The spread and nature of the company's business will be the determining factor in choosing a suitable insurance broker. If the company is in international business with overseas subsidiaries and assets, the management of the company should look for a broker with an international network of offices who can service their overseas subsidiaries locally. If the company is based locally, overseas servicing will not be a priority unless foreign expansion is contemplated in the short or medium term.

It is by no means rare to find international businesses using one or more brokers to handle their local risks and a totally different broker or brokers to handle their overseas risk. The nature of the risk that a company is facing or exposed to might also turn the company towards brokers who can demonstrate knowledge and experience in a particular industry.

2- Clarifying the broker's role. Before embarking on the selection of a broker, a review should be undertaken of the company's insurance program. The role the broker is expected to play must be clarified. The broker's responsibility will naturally include:
- Placing cover
- Documentation
- Invoicing
- Maintenance and reporting
- Claim handling

3- Inviting and selecting the broker or brokers. A selection committee should be formed to drive the selection process. In particular, the financial and operational areas of the business should be represented.

In inviting broking firms for interview, a manageable number should be invited. An invitation letter should be sent to each contestant offering them the opportunity to participate and setting down in the letter information that the company will need. Such information may include:
- The nature of the business
- The insurances to be reviewed
- Current insurance register
- Time table which sets out the date by which the report must be submitted; the date in which it will be submitted to the committee; and the date of appointing the successful broker

4- Involving the insurance market. Extreme care must be taken in allowing competing brokers loose in the insurance market to obtain premium quotes. It will be counter-productive if they are allowed enough room to hawk the company's portfolio in the market; it makes sense therefore to select only one finalist or two so that this finalist will go to the market.

However, the time commitment should not be under-estimated. The target should be to achieve better cover, cover costs and enhanced service.

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Craigslist?

Nearly any business that wants to sell more services or products will find Craigslist a useful tool for advertising. It makes no difference if these are currently being sold online or in a physical location. Adding Craigslist to an advertising budget adds another source of potential profits.

One of the major appeals of Craigslist, compared to other advertising, is the low risk associated with posting. This is because it is free to post on Craigslist (real estate and job listings are the exceptions). When you post ads you have to follow the proper guidelines. Because listing on Craigslist is free, the business owner doesn't have to worry about the return on their investment. Any sales can be considered pure profit.

Finding Your Customers on Craigslist

One other fact why posting ads on Craigslist is such a good idea is the existence of numerous potential customers. According to its own reports Craigslist pages have around four billion views on a monthly basis. The estimates are ten million monthly visitors. It's obvious that ads shown on Craigslist are going to get some notice from potential buyers.

With such a big amount of people visiting Craigslist every month the possibilities for advertising are virtually unlimited. Of course, this doesn't guarantee that the visitors will automatically consider what you have to offer. The rules of effective marketing still apply on Craigslist. Your ads have to create curiosity, convey the right information and be in the right place for your prospective customers to see it.

Connect With Your Target on Craigslist

As mentioned, there are millions of visitors to Craigslist every month. But you have to use targeted advertising to make the most of those numbers. If you use a scattershot approach your results will suffer. In simple terms, anyone who has an interest in what you are offering is your target.

One of the main features of Craigslist is the fact that it has different categories for posting. Think of it as a super-powered version of the newspaper's classified section. After determining the people who would most likely have an interest in your product you need to find the corresponding category on Craigslist. If you are offering guitar lessons post in the music area, as opposed to automobiles. There may be times when posting in more than one category makes sense, as long as they are relevant you should be okay. If you overdo it, it could be considered spamming.

It's possible that your offer will not fit into a specific section. If that happens you can post in the small business ads section. And you can hope it will be spotted by anyone searching the same category. Another option is to suggest new categories by contacting Craigslist. This isn't a sure bet, but if they see value in it they may add a category.