Insurance Broker and Consulting Services

The Vendor is required to provide expert advice and serve as the State’s insurance broker, responsible for the design, implementation, and administration of appropriate risk financing using traditional insurance programs.
- The broker will advise office on methods of protecting the assets of the State and the values insured from catastrophic loss including risk transfer, catastrophic modeling, loss control, and any other suggested methods; and manage the placement of insurance for the State, including the property reinsurance program.
- The broker will market, manage, and service the existing coverages, as well as any coverages added in the future, present competitive quotes and recommendations, place the coverage, and service the coverage each year.
- Provide comprehensive brokerage, consulting, and advisory services in support of the State’s insurance and risk management programs.
- General Advisory and Risk Management Support
o    Serve as an extension of the State’s risk management function by providing ongoing professional support, guidance, and consulting services to protect the State’s assets and operations on behalf of its citizens and taxpayers.
o    Act as an independent advisor, providing unbiased recommendations in the best interest of the State.
o    Provide timely responses to all State inquiries, with a standard response time not to exceed forty-eight (48) hours.
- Program Review and Risk Analysis
•    Review, analyze, and evaluate the state’s insurance programs, including property and casualty exposures, claims data, coverage forms, and program structures.
•    Identify and recommend risk transfer, risk financing, and loss prevention opportunities to improve program efficiency and effectiveness.
•    Conduct exposure analysis, catastrophic modeling, property inspections, and probable maximum loss (PML) studies, as necessary.
•    Advise the state on property valuations, schedules of values, and provide risk management consulting to enhance the state’s property risk profile.
- Insurance Placement and Market Engagement
•    Serve as broker of record for part or all of the state’s insurance programs. Commissions shall not exceed a pre-determined and agreed upon percentage, as described in the cost proposal section below, per participating party involved in placement. The commissions greater than the agreed percentage shall be refunded to office or credited to the premium billed.
•    Develop, market, and place cost-effective and comprehensive insurance coverages in support of the statewide insurance program.
•    Identify, evaluate, and solicit competitive coverage options, programs, products, and markets that meet the state’s coverage requirements, limits, deductibles, and retentions.
•    Act as an advocate for the state in communications and negotiations with domestic and international insurers and intermediaries, including the negotiation of favorable premiums, fees, deductibles, and policy terms.
•    Develop and implement strategies to generate and maintain competitive market interest in the state’s insurance programs.
- Quotation, Binding, and Documentation
•    Deliver market quotations and recommended coverage programs by established deadlines and in formats specified by the state.
•    Upon authorization, bind coverage and provide accurate binders and confirmations.
•    Ensure that all coverage documents are complete, accurate, and consistent with negotiated terms.
•    Provide detailed placement and coverage data, including markets, policy numbers, layers, and limits, premiums, taxes, fees, and commissions, in a format acceptable to the state.
- Applications, Renewals, and Vendor Oversight
•    Lead the preparation and submission of coverage applications and related reports to underwriters, syndicates, and insurers, subject to state approval.
•    Prepare, complete, and submit all documentation required for policy renewals.
•    Ensure timely placements and renewals with reputable insurers and require vendors to consolidate coverage into a consistent renewal schedule.
•    Collaborate with the state to establish vendor requirements, including early-warning procedures for anticipated rate changes, coverage modifications, renewal issues, and exposure changes.
•    Implement and enforce pre-renewal strategy requirements, including early reporting on anticipated terms, market conditions, problem areas, and recommendations.
•    Initiate marketing, bidding, or broker-of-record changes when performance requirements are not met.
- Claims and Loss Management Support
•    Oversee the collection, analysis of loss data, and evaluate loss exposures to determine appropriate risk management alternatives.
•    Provide annual loss runs for each policy.
•    Coordinate with third-party administrators (TPAS) on controlled lines of coverage to streamline claims processing.
•    Conduct quarterly claims reviews and manage authority requests for claims exceeding established thresholds.
- Reporting, Recordkeeping, and Administrative Support
•    Track, maintain, and manage comprehensive policy records, including endorsements, coverage changes, premium adjustments, and over-authority requests.
•    Maintain accurate documentation of all active insurance policies and related transactions.
•    Support the state’s invoicing, budgeting, and departmental communications by providing accurate and timely insurance-related data.
•    Serve as liaison between the state and insurers and keep the state fully informed of all matters affecting coverage.
•    Respond in a timely manner to all coverage-related questions from the state, policyholders, and underwriters, and obtain clarifications as necessary.