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.
"If You Always Do What You've Always Done, You'll Always Get What You've Always Got."
How does a firm honestly know if their compliance provision is up to par and covering the full range of issues that should be addressed? How can a firm know if they are better or worse than other brokers in the market?
Any insurance broker that has, year on year, relied upon a set approach to compliance and conduct standards will have a good understanding of regulatory requirements and the steps they must take. Still, the fixed nature of a framework approach may unwittingly have given rise to weaknesses and risks in unforeseen areas.
Adopting a new mindset or taking a new approach often reveals fresh insights and ways of thinking.
Gilchrist Standard is not an exhaustive compliance audit – it is a highly-selective and refined set of questions designed to measure conduct standards and professionalism and highlight areas of potential concern. The questions are a 'fixed yardstick' against which all brokers are measured. Should issues be identified, the Gilchrist Standard report provides the firm with an ideal starting point to address the concerns.
As the famous quote attributed to Henry Ford suggests, "If you always do what you've always done, you'll always get what you've always got."
If you would like to better understand your firm's performance against peers and validate your existing compliance provision, Gilchrist Standard provides a new approach which should overcome the issue of always getting what you've always got.