How the Gen Re Perspective Can Add Value to Your Business
Many insurance companies enjoy long-term relationships with their reinsurer. This mutual commitment has many advantages to both parties, but one downside is the company can go for years without an independent view of its reinsurance program.
I recently worked on a proposal for a prospect that I thought would be interesting to share.
The company had been with its reinsurer for multiple decades. Its management had never felt the need to put the program out to bid at any point…ever. Because of the comfortable relationship and the complexity of the existing program, the company initially was not interested in getting a competing quote from me.
I respected the company's current situation, but suggested that it may be wise to seek a fresh look at the treaty. I offered that, at a minimum, a competing quote would confirm that the existing structure and pricing continued to be appropriate, at best it might reveal something better…a new structure, better pricing, or unknown services. Ultimately, the company's management saw there could be a benefit and put the program out to bid.
We quoted the existing program as well as less complicated structures and yes, we presented new and different services and concepts.
In the end the company stayed with its current reinsurer, but its management told me that they were very pleased with the process, the direct dialogue and the recommendations we made. In the final analysis, they felt more knowledgeable about both their business and about reinsurance as a result of the process. Like my customer, you might want to consider getting a competing quote from Gen Re.
- It costs nothing, except maybe a little extra time.
- You, the customer are the ultimate beneficiary of the process.
- A different perspective strengthens your knowledge.
- Our two companies know each other better in case something unforeseen happens in the future and you need help quickly.