On average, I find more than 50 problems when I review a bank insurance program.
How many are in your policies?
Here’s a typical timeline for an unbiased insurance review:
Day 1 – The CFO of ABC Bank emails me. He is interested in a review of his bank’s insurance. We discuss his bank’s situation, current insurance, and his objectives. The call takes less than twenty minutes. In a few hours he has a proposal outlining costs, my approach, objectives, and value.
Day 5 – The CFO decodes to move forward. The bank emails me copies of the policies. I forward a survey of exposure questions to help me understand the bank. I start my review.
Day 15 – I email the CFO a copy of my findings to be used in our phone call later in the day. We review the issues and I provide my recommendations. The CEO, CFO, and SVP of the bank are on the call. We set action plans and accountabilities for each issue.
Day 16 – I send the call participants a summary of the issues we discussed clarifying my recommendations. The CFO calls me with questions as the issues are addressed. I often talk with the bank’s agent about my suggestions. We are all on the same team.
My clients get better insurance, better premiums, and easier insurance administration.
Imagine having confidence in the quality of your bank’s insurance.
Send me an email at Scott@ScottSimmonds.com or call 207-284-0085.
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