A tendering procedure to select the insurance service supplier is not as simple as it may seem.
Traditionally, the offering with the lowest price is considered the most advantageous. This makes sense and is, indeed, appropriate in some cases. However, it should be remembered that insurance is a complex product whose cost is affected by many parameters.
When inviting an insurance broker to participate in a tender procedure, customers may find themselves with just a number of quotations from insurance companies or, in some cases, with some sort of a broker’s summary comparing the costs and covered risks. This kind of service is useful in itself since it saves the potential policy holder’s time on gathering information and researching policies. This may be not sufficient, however.
To perform a quality comparison of offers made by various insurers, one needs to consider not only differences in cost or evaluate the set of risks covered, but also review wording, extensions, exceptions and additional provisions, as well as to formulate a set of criteria to evaluate the conformity of the offerings to the customers’ needs.
Insurance Broker Belopolis is engaged with international partners through a cooperation network, and employs a team of highly skilled professionals with hands-on experience of cooperation with businesses of all the industry sectors of the Republic of Belarus that specialize in private insurance of vehicles, property, liability and employees.
Our Company’s experts arrange corporate procedures of “turnkey insurance” that cater, above all, to interests of our clients, that is, policy holders.
Our established approach is to arrange a tendering procedure as part of a full cycle of services – from counseltations and formulation of policy provisions to providing support in cases of insured event occurrence.
In certain cases, we may conduct tendering procedures as a stand-alone service which involves assistance in preparing Terms of Reference based on client’s inquires, as well as providing an independent report on the conformity of the bids made by insurance companies to the declared targets.