Gilchrist Standard is a ratings agency that allows insurance brokers to benchmark themselves against peers and an industry 'ideal'. It helps them better understand the suitability of their operation and to quickly identify and mitigate potential risks.
Drive Commercial Growth
Firms use Gilchrist Standard to drive commercial growth
Put simply, Gilchrist Standard provides firms with a means to benchmark their operational quality and compare themselves against the scores achieved by peers. Once rated, the firm has a better idea of areas they need to focus on, but, moreover, they have a rating, which serves as an indication of their operational excellence.
Whether that rating be an A, B or C, undertaking the process and proactively seeking improvements demonstrates a clear commitment to good practice. Achieving a C grade places the firm within the overall bell-curve of rated firms. Those that achieve a B are going the extra mile and firms that manage to achieve an A rating can rightfully be proud of their achievement. Suffice it to say, receiving an A grade is not an easy task.
Once rated, the firm can use their Gilchrist Standard rating themselves but the real advantage to firms is in being entered into the platform’s search engine.
The Gilchrist Standard Search Engine
Amongst the biggest commercial challenges facing brokers are access to deals and gaining the attention of insurers. Throughout the development of Gilchrist Standard, we spoke with brokers who said that “getting a seat at the top table”, or, “simply getting a response from insurers” was top of their agenda. This ambition has been at the heart of the initiative from the very beginning.
Any broker that submits their details to Gilchrist Standard, and those that are rated, will be entered into the platform’s search engine, which is used by leading insurers and industry associations, collectively referred to as stakeholders.
Unless prior agreement has been given by the broker, all results within the search engine are anonymised, as we don’t want brokers being inundated with approaches. We also wanted to create a system whereby the broker always remains in total control of their identifying information.
Stakeholders must request access to the search engine and once approved, they can search for brokers that meet their commercial appetite, whether that be based on quality, GWP, region, speciality etc. Once the stakeholder has found brokers they wish to approach, they submit an enquiry via Gilchrist Standard. Our team then contacts the broker to ask for permission to release their details to the stakeholder.
At this point, Gilchrist Standard steps aside and leaves the broker and stakeholder to pick up the threads of the enquiry.
In a world of highly advanced CRMs and databases, some may argue that stakeholders have all the necessary contact information and commercial data, but the one link that has been missing, until now, is a clear indication of quality and it’s higher quality GWP and better conduct risk practices that make all the difference.
So, the message to brokers is clear. Put your hand up and demonstrate operational excellence and you may well be discovered by insurers or stakeholders who are very keen to speak with you. The rest, as they say, is up to you…