PolicySmart is the new ecommerce option for clients to use. Clients can still use CMR’s traditional concierge consulting model if better suited.
Frequently Asked Questions
How much time does it take to sign up for a benchmark?
The easy registration process will take no more than 10 minutes. You are 6-8 clicks away from your no-cost confidential benchmark.
How long does the benchmarking process take?
The benchmarking results will be available within two days.
How much money has CMR + PolicySmart™ saved clients so far?
PolicySmart™ has saved clients over $125 million to date!
What about the financial rating of insurance companies?
Our engagement letter will contain a written portion stating that any participating insurance company will have a minimum of A.M. Best “A – X” Category.
Will coverage remain the same?
Your coverage will either remain the same or improve; we guarantee that your coverage, deductibles, limits, etc., will be similar to or better than what you currently have.
Are the savings valid for more than one year?
Yes, we lock in the savings for three years. Furthermore, during our continual expansion of the The CMR Database®, it is likely that we will find additional broker specialist matches that will increase your savings and lower your premiums for policy year(s) 2, 3, and beyond.
Is the benchmarking confidential? Will my current broker be informed?
The benchmarking is completely confidential. We compare basic rating characteristics contained within your portfolio to what similar companies in your industry are paying both nationally and internationally. The results will expose how differences in geographical location/entry point result in pricing disparities on the carrier level.
My broker claims to have shopped my account aggressively – How could CMR + PolicySmart™ expand my options?
All brokers have different relationships with their insurance companies, and even the largest brokers tend to favor certain carriers. Our benchmarking process will optimize your search by providing an objective, national comparison of your quantitative rate ranges to that of other clients in your industry category.
Do I need to change my renewal date(s)?
No, many of our clients keep their original renewal dates if they determine that it is advantageous to do so. Some clients do choose to consolidate scattered renewal dates into a single master date.
Can I work with both CMR + PolicySmart™ and my current broker?
Yes, your broker always has the opportunity to respond to CMR + PolicySmart’s final report. By collaborating with incumbent brokers, CMR + PolicySmart™ is able to effectuate lower premiums, and improve both coverage and servicing.
What if CMR + PolicySmart’s recommendations are quantitatively superior?
There are usually three components to a satisfactory insurance program: price, coverage and service. If you decide to change brokers or carriers as a result of PolicySmart’s review, be assured that we will invest significant time in reviewing the details of what the new broker and/or carrier will be doing for you from a servicing standpoint. PolicySmart™ will commit to this in a written plan, complete with timelines. Additionally, PolicySmart™ will work closely with you on a quarterly basis to ensure the success of your transition or renegotiation.
Why can’t I rely on a broker for insurance benchmarking information?
Many clients use various methods to benchmark their existing insurance costs. One way is to go through the time-consuming process of interviewing and evaluating brokers. However, this is usually a localised effort that subsequently yields only local underwriting comparisons. CMR + PolicySmart™ extends that benchmarking effort regionally, nationally, and internationally by matching your company’s specific requirements to specialty brokers and direct writers. We taking the interviewing process off of your desk and put it onto ours. The insurance and retirement industries are very fragmented in the way they deliver product; our methodology makes the delivery process more efficient and beneficial for the client. CMR + PolicySmart™ matches a client’s NAICS code to a broker’s area of specialty (their industry categories) on an expanded geographic basis. For example, a publishing client in Manchester might be paying $1.78 per $1,000 of revenue for their Commercial Liability premium, whereas CMR + PolicySmart™ could source another non-local broker with publishing clients who are paying $1.25 per $1,000 with different insurance company options. PolicySmart™ has researched 13,000 Property/Casualty, Group/Benefit and retirement specialists, and direct writers in 120 countries. We have organized this data by criteria such as: NAICS codes, premium volume, profitability of premiums, deductibles, assets under management, limits, number of employees, group size ranges, self-funding expertise, TPAs, etc. To our knowledge, no one else has developed such an extensive research resource. Our database is a registered trademark (The CMR Database®).