Broker Performance Review

Objective
To produce a balanced scorecard, which provides a comprehensive review of both the financial strength and operating performance of each broker.

The scorecard features a range of generic and client specific Key Performance Indicators (KPIs), which are based upon quantifiable operational and financial targets, and facilitates informed decision making on trading partners.

Our Service
We undertake to:-

• Obtain the most recent published report and accounts of each broker.
• Extract from the published accounts a set of key financial ratios
• Identify specific items of concern in the accounts and advise clients as appropriate
• From a download of our client’s data and, if subscribed, the new suite of market reports, produce client specific KPIs based on each broker’s premium payment performance for that client
• Apply our client’s weighting to their KPIs and incorporate them into the scorecard
• Provide an estimate of the ‘value at risk’ with each broker
• Produce a quarterly bespoke balanced scorecard
• Hold quarterly meetings with our client to discuss any issues arising from the quarterly scorecard
• Produce specific detailed broker reviews as required
• Visit brokers to follow up any issues as appropriate
• Report ongoing material developments in respect of brokers as appropriate

Benefits
Our production and maintenance of a bespoke quarterly balanced scorecard of brokers and ad hoc updates on significant changes in a broker’s financial strength provides:-

• Assistance with complying with policies relating to the management of credit risk
• Meaningful comparison of broker performance, based on quantifiable operational and financial targets and measured against those KPIs important to each client
• Tracking of performance over time and identification of material changes or gradual trends
• The ability to quickly respond to changing circumstances and make speedy but informed decisions
• Compliance with regulatory requirements
• Assistance with the setting of credit thresholds
• Elimination of any in-house expenditure on obtaining and analysing broker financials