Broking Strategy
Monteith is transparent, thorough, and committed to negotiating hard with insurers to secure the best outcome for your business.
We understand that insurance is often viewed as a sunk cost on your balance sheet. However, a common misconception among insurance buyers is that only the largest brokers can secure the best rates. This isn’t true.
As former underwriters, we know exactly how insurers think. The best rates go to businesses that insurers understand inside and out.
That means details matter: your trading activities, financials, risk exposure, fire & security preventatives, health & safety measures, contractual liabilities, and even lessons learned from past claims. If your broker is just submitting a standard underwriting presentation, you’re likely paying more than you should.
A generic underwriting presentation from your broker could result in a generic premium. When was the last time you reviewed the insurer presentation submitted to underwriters on your behalf? How much effort did your broker put into representing your business to insurers?
At Monteith, our broking strategy is built on hard work and diligence. We conduct extensive insurer tenders to uncover competitive terms, rather than relying on a panel of preferred insurers like larger brokers do. With wide insurer access, we create a customised, unbiased broking strategy tailored to your business’s specific needs.
Importantly, we keep a close eye on market trends, so you’re always in the best position to make informed decisions. With Monteith, you’re not just buying insurance — you’re investing in a smarter, more cost-effective way to protect your business.
OUR STRATEGIC RENEWAL TIMELINE
We follow a structured and proactive approach to ensure you receive the most competitive and well-suited insurance coverage for your business, this can be fluid and tailored to your own time pressures:
90 Days Before Renewal
We conduct a thorough fact-finding exercise to gain a deep understanding of your business operations, risk profile, and specific insurance needs.
60 Days Before Renewal
We engage with insurers, effectively presenting and advocating for your business. Where appropriate, we facilitate tri-partite discussions, giving insurers the opportunity to pitch their propositions directly to you.
80 Days Before Renewal
We collaborate with you to define a tailored broking strategy, selecting the most suitable insurers from both local markets and the London Market.
70 Days Before Renewal
We prepare a comprehensive Risk Presentation, including a business overview, detailed risk management insights, and a full claims analysis, ensuring insurers have a clear and compelling understanding of your risk profile.
30 Days Before Renewal
We enter negotiations, leveraging our expertise to secure and, where necessary, renegotiate terms to achieve the most favourable outcome for your business.
14 Days Before Renewal
We present the final terms and our recommendations, ensuring all policy documentation and verification of insurance letters are issued promptly and accurately.
This timeline applies not only to new clients but is consistently implemented for our existing clients, ensuring ongoing, proactive insurance management.
Remuneration
Many insurance buyers aren’t always made aware of profit shares, hidden commissions, or pay-to-play arrangements, that are charged by brokers and can drive up costs. At Monteith, we take a fully transparent approach to remuneration because we believe you deserve complete clarity. As part of our onboarding process, we will complete a broker remuneration review to illustrate the total fees and commissions taken by your pre-existing broker.
For most larger clients, we remove commissions from premiums altogether — this not only reduces costs but also provides an additional Insurance Premium Tax saving. We then agree on a fair and reasonable fee for our services, ensuring you get the best value without unnecessary markups.
Our fee-based model also eliminates any conflict of interest. Unlike brokers who may be incentivised to place business with certain insurers based on commission rates, our sole focus is finding the best solution for your business.
For clients who would rather we are remunerate via a commission, we will inform you exactly how much we are paid.
Most importantly, you always know exactly what you’re paying for and can be confident that our recommendations are based on what’s best for you — not what’s best for us.