4 Differences Between a Standard Insurance Broker and Concertiv Insurance Procurement

May 31, 2024

Discover how Concertiv can elevate your insurance strategy beyond the typical broker experience

Mid-market financial firms need an insurance partner who understands their unique challenges and priorities. Concertiv offers a proactive and supportive approach that surpasses traditional brokers. While brokers often act as generalists with conflicting interests and limited carrier options, Concertiv's industry-focused expertise, client-centric decisions, and unbiased carrier-agnostic stance ensure you receive the best possible insurance solutions tailored to your needs. We are not looking to replace existing broker relationships but to help you make better-informed procurement decisions, enhancing the value and effectiveness of your current insurance strategy.

Here are 4 differences between your typical insurance broker and Concertiv: 

1) Brokers are generalists who lack expertise in certain products.

Traditional brokers often act as generalists, providing a wide range of insurance products without deep specialization. This lack of nuanced understanding and tailored solutions for specific industry needs can lead to potential gaps and less effective coverage.

Concertiv is industry-focused; we stick to our core competencies and expertise areas.

Concertiv distinguishes itself by concentrating on mid-market alternative asset managers and other financial firms, developing deep expertise and bespoke solutions for each client. Our focused approach ensures that clients receive specialized, highly relevant data and information that address their sector's unique challenges, thereby allowing for better-informed decision-making.

2) Brokers are focused on maintaining relationships on both sides of the transaction.

Traditional brokers often balance their responsibilities between clients and insurance providers; they act as a distribution channel for insurance carriers, which can sometimes lead to conflicts of interest. Their primary goal is maintaining strong relationships with all parties, potentially compromising the client's best interests.

Concertiv’s decisions are always made with the utmost consideration for the client's best interest, making you our top priority.

At Concertiv, we prioritize our clients, ensuring every decision is made in their best interests. Our client-centric approach means we are dedicated to providing optimal solutions that address our client's unique needs and goals.

3) Brokers serve as distributors for the carrier and are paid commissions based on volumes.

Traditional brokers typically act as intermediaries for insurance carriers, earning commissions based on the volume of policies sold. This commission-based model can create incentives to prioritize sales volume over clients' specific needs and best interests.

Concertiv is both broker and carrier-agnostic.

Concertiv takes a neutral stance, independent of any specific brokers or carriers, ensuring unbiased recommendations. Our agnostic approach allows us to focus solely on finding the best solutions for our clients without any conflict of interest tied to commission structures.

4) Brokers focus on a set number of carrier relationships.

Traditional brokers often maintain a narrow network of carrier relationships, which can restrict the range of options available to their clients. This constrained approach may not always yield the most competitive or suitable programs for clients' unique needs.

Concertiv is focused on procuring best-in-class policy regardless of carrier.

At Concertiv, our commitment is to find the highest-quality solutions for our clients without limiting them to specific carriers. We evaluate various options to ensure our clients receive the best coverage tailored to their unique requirements.

Partnering with Concertiv means gaining access to specialized expertise, unbiased recommendations, and bespoke insurance solutions that truly prioritize your firm's needs. Let us help you navigate the insurance landscape with a focus on your best interests and optimal coverage.

Concertiv's Insurance Advisory:

At Concertiv, we believe that smart insurance purchasers should go beyond just considering premium retention. It's crucial to focus on factors such as favorable policy language, appropriate counterparty risk, program structure, and strong broker partnerships. This comprehensive approach ensures that your insurance contract is robust and provides the coverage you need when it matters most.

The true effectiveness of your insurance product is only revealed when a claim is made. Therefore, it's essential to ensure your policy is written as broadly as possible to guarantee maximum protection.

Contact us today to get an independent assessment of your firm's insurance including coverages, coverage limits, carriers, premiums, language, and retention details.