Risk & Business Magazine Benson Kearley IFG Fall 2015 | Page 7

Today’s Insurance Broker
Looking at Risk Beyond Insurance

BY: JOSHUA KEARLEY, COMMERCIAL ACCOUNT EXECUTIVE, BENSON KEARLEY IFG

T

he Blue Jays are on top of the
AL East making a pennant run,
Shania Twain is touring the nation,
and the Canadian dollar is hovering
around 70 cents. Feels like the 90’s …
Is your insurance broker doing business
like the old days?
In 1993, offering competitive premium
and comprehensive coverage fulfilled
client expectations. That expectation
limited innovation to insurable
coverage only, and did not address
overall risk management. The broker
relationship was measured only
by the containment of insurance
premiums and claims costs - limited
contributions, limited expectations,
and limited outcomes. Being more of
a broker meant offering additional
policies or coverage enhancements.

Can your broker be more in 2015? We
certainly believe so. Today’s insurance
broker must provide greater value. This
philosophy is integral to the way we
partner with our clients in managing
their risks beyond insurance.
What should you expect
from your broker?
• An understanding of your
risk profile in 2015, both
traditional and emerging.
• Identification of risk-associated
costs that are leaking from
your financial statements.
• Effectively linking risk
management to your KPI’s.

The Process:
Pick your broker first, not your insurer.
Audition brokers to see who the right
candidate is. Who understands your
business model, and can provide what
you need to stop financial leakage?
Who can help you attain your KPI’s?
Do not have multiple brokers approach
the marketplace in order to award
the business to the broker with the
most competitive premium. That
is 1993 thinking, and very limiting.
You may not even like the broker!
Looking at risk beyond insurance:
4 key areas that will help a business
understand and mitigate its risk
beyond insurance policies are:

RISK & BUSINESS MAGAZINETM FALL 2015

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