To better steward their missions and assets, nonprofit leaders must regularly review and enhance their partnerships with industry partners, including insurance professionals. Our Insurance Broker Selection Process will meet your needs if it’s time to review your relationship with your broker, or if you find yourself asking questions like:
- What specific services and expertise do we require from our insurance broker?
- Which brokerage firms have teams with the specific skills, relevant experience, market access and influence that we require in an independent insurance provider?
- Which providers bring substantive experience securing coverage for nonprofit organizations similar in scope or size to our organization?
- Which providers have strong track records as advocates on coverage acquisition and claims handling for large, complex nonprofit organizations?
- To what extent can our current insurance program adequately address our current and foreseeable insurable exposures? Are there additional coverages or changes in coverage terms, limits and conditions that we should consider at this time?
- What changes should be considered to improve the efficiency or quality of our insurance program?
- What risk management services, support and expertise do we require from our broker? What risk support would be beneficial to us and potentially free-up resources for mission-focused activities?
Our Insurance Broker Selection Process begins with a review of the details of your existing insurance program, which allows us to gain an understanding of your insurable risks. We then begin the process of putting your insurance program out to bid. This task involves the following steps:
- Develop a Custom RFP – We will develop a detailed, custom RFP for insurance and risk management services. We will present a draft for your review and make changes required or requested by you.
- Pre-Screen Bidders – We will identify five to seven reputable brokers who we know have track records providing insurance services to nonprofits like yours. We will consider your preferences as we develop the preliminary list. After you have approved the list, we will contact each prospective bidder to discuss the RFP process. We will narrow down the list to include only those companies that express a commitment to bid.
- Distribute the RFP, Collect Responses, and Prepare a Detailed Analysis – We will review the proposals submitted by bidders and prepare a detailed, side-by-side analysis of bids for your review. We will meet with you to review and discuss our analysis and answer any questions you may have. We will work with you to choose the finalists. After the finalists have been selected, we will schedule interviews with the finalists and design a format and questions for the interviews.
- Selection of Insurance Professional – We will plan, coordinate and facilitate interviews with the finalists. We will debrief your team after the interviews, present our recommendations for a new broker services agreement, and prepare a final bidding process summary.
This process ensures that you are partnered with the right broker: someone who cares about your mission, can get you the best deals on the right coverages, and offers the risk management support you need.
To discuss your needs or request a proposal for an NRMC-led insurance broker bidding process, contact Melanie Lockwood Herman at 703.777.3504 or Melanie@nonprofitrisk.org.
Base Price: $18,000