Insurance Broker and Risk Management Services

The Vendor is required to provide insurance broker and risk management services including the marketing and placement of insurance coverages and consulting on coverage issues and self-insurance operations.
- Risk management insurance services
• Assist with maintaining a cost-efficient risk financing structure, utilizing the most effective risk transfer mechanisms available.
• Competitive insurance programs and market coverages in the best interest of the university and provide detailed coverage comparisons when submitting insurance proposals.
• Conduct annual stewardship meetings summarizing all brokerage activities, marketing efforts, carrier performance, claims trends, program improvements, and strategic recommendations.
• Prepare market analysis and forecast by insurance line.
• This summary will include information on trends, market availability, pricing, and long-term market directions.
• Keep the university apprised of all market trends, available products, and possible compliance issues.
• Consult with the university rim staff on non-routine agreements, as requested.
• Verify the accuracy and adequacy of all binders, policies, policy endorsements, invoices, and other insurance related documents as needed.
• Assist in the preparation of underwriting data, statements of values, specifications, and other data required by insurers.
• Implement and monitor all required coverage changes and provide complete copies of all policies within 90 days of binding.
• Must meet with the university rim staff and other university personnel as deemed necessary.
• No additional fees or expenses shall be paid to the respondent for such participation.
• Coordinate engineering and loss-control services associated with property insurance carriers, including assistance responding to recommendations and improving property risk profiles.
• Prior to marketing the university's insurance program, provide the university with a draft of all market submissions for review and approval.
• Upon authorization by the university, solicit quotations from qualified insurance markets and negotiate favorable terms, conditions, deductibles, and premiums on the university's behalf.
• Provide comprehensive coverage comparison summaries identifying enhancements, restrictions, exclusions, endorsements, pricing differences, and other material changes between current and proposed coverage.
• Maintain records supporting all compensation received in connection with the university's insurance program and cooperate with audits conducted by or on behalf of the university.
• The respondent shall not accept contingent compensation or other undisclosed remuneration related to this contract.
• Obtain prior written approval from the university before utilizing any wholesale broker, intermediary, or managing general agent.
• All associated compensation shall be fully disclosed.
• Maintain tracking reports identifying policy placements, renewal status, premiums, invoices, pending endorsements, and coverage expiration dates, and provide such reports upon request.
- Claim services
• Assist the university with the reporting, administration, and resolution of insurance claims, including preparation of claims documentation and coordination with insurers.
• Serve as the university's advocate on disputed, complex, or high-severity claims, facilitating communication with insurance carriers and other applicable parties to support timely claim resolution.
• Monitor claims to ensure timely handling by insurance carriers and provide claim status updates, including claim numbers and carrier contact information, upon request.
• Loss runs and claims reports, including open and closed claims, reserves, payments, recoveries, and incurred losses, at least annually and upon request by the university.
• Analyze claims and loss data to identify trends and provide recommendations for loss prevention and risk management improvements.
• Participate in periodic claims review meetings, claim audits, and file reviews with the university and insurance carriers, as requested.
• Claims-related meetings with insurance carriers, adjusters, contractors, legal counsel, and university personnel as requested.
• Guidance regarding coverage interpretations and claims-related questions and assist in developing or updating claims reporting procedures and documentation.
- Risk management consulting services
• Provide risk management consulting services to identify, evaluate, and mitigate the university's risk exposures, including recommendations for alternative risk financing and risk transfer strategies.
• Assist the university with risk management presentations, training, and educational programs as requested.
• Assistance with reports, analyses, and other information requested by governmental or regulatory agencies related to the university's insurance or risk management programs.
• Annual stewardship report, or more frequently upon request, summarizing services provided, program accomplishments, upcoming initiatives, and strategic recommendations.
• Annual benchmarking analyses comparing the university's insurance program and major coverage lines to peer institutions and industry best practices.
• Review and provide recommendations regarding insurance provisions, indemnification language, and other risk-related terms contained in contracts and agreements.
• Advise the university of Emerging Risks, insurance market developments, and legislative or regulatory changes that may impact the university's risk management program, and provide recommendations for compliance and implementation.