How To Choose The United Insurance Company Reinsurance?

How To Choose The United Insurance Company Reinsurance?

What factors affect the insurance companies in the United States in choosing a reinsurance company? Values whatever they use as a guide? How does the role of broker?

It turned out that the factors most dominant are:

1. Re companies are financially secure
2. Easy to work with
3. Competitive Pricing
4. Good grades by Rating Agencies
5. Credible underwriter
6. Authority underwriters
7. Consistency of underwriting decisions
8. Open to negotiation
9. Always provide choices
10. Genuine attention
11. There is no guarantee settlement of claims
12. Consistency prices
13. Underwriter accessible
14. Speed in the handling of documents
15. Low interaction costs
16. Superior in Casualty business
17. Programs have a creative and innovative
18. Having a large capacity for businesses Casualty
19. Respected brokers
20. Having the quality of a good resolution of claims
21. Has a staff of skilled and flexible
22. Facultative ability high
23. Have the ability to do all the programs
24. Providing solutions that are not common
25. Has a capacity of multi-line
26. Can provide a turn-key products
27. Have the capacity to provide Integrated Products
28. Has a high capacity for Property business
29. Having qualified actuary
30. Data have good actuarial
31. Having a large capacity for the Property Catastrophe
32. Have a great capacity for business property
33. Modeling ability
34. Have the capability of dynamic financial analysis
    

What is interesting is the six of the top fifteen factors closely related to inter-personal relationships, proving that the market for the already very complex even inter-personal relationships remain an important factor.

Ranking becomes very important in America because it will affect the position of the enterprise in the capital markets which will lead to financial performance.

The sixth factor related to whether the underwriters Re has sufficient authority or she is still too often seek approval from his superiors.

The order of the sixteenth to thirty are factors about Re's ability to produce products that may be required by the insurance company. Innovations including new programs (17) and provide solutions that are not common (24).

About the role of reinsurance broker, was only 19% of insurance companies that will always use a broker in placing reasuransinya, 25% would rather do it myself and found that nearly 30% of insurance companies in America have no preference whether to always use a broker or not the placement reasuransinya business.

Amid the conditions under which reinsurance broker Broker-merged and consolidated, they showed increased role in the American market. But an increasing number of reinsurance premiums channeled through these brokers are not lacks the increasing role of brokers as the advice to

insurance companies. Insurance companies more in need of a broker because they know well the reinsurance market, not because of their ability to give advice on how to run an insurance company (one of the functions is a trend that brokers in the USA).

One of the most desirable condition by insurance companies in America is a condition in which the reinsurance companies are willing and able to understand the philosophy of underwriting, claims and their corporate objectives. And this may be obtained if the approach taken by the reinsurance companies conducted in an atmosphere of the approach as a valuable partner rather than as a seller and buyer.