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 localized 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.
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/Benefits 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®).