Why Become Rated?
Gilchrist Standard has been designed to provide a comprehensive indication of the quality of an insurance broker in the form of a rating, which allows brokers to demonstrate their excellence in an instant. This rating will allow stakeholders to easily understand the profile of prospective partners.
The rating process is broadly applicable. It does not discriminate based on the size of an organisation, its age or available resources. The process is also objective and standardised, which means that all organisations are measured against the same framework.
Why become rated?
Brokers that undergo the Gilchrist Standard rating process will benefit from:
- A clearer understanding of their operation, strengths and risks, relative to industry peers and an agreed ideal standard.
- An action plan, highlighting the areas of greatest concern, which allows the organisation to mitigate risks before issues arise.
- A chance to demonstrate operational excellence to prospective stakeholders and clients.
- The ability to build longer-term value into the organisation by maintaining or enhancing the rating overtime.
- Increased prominence and stakeholder visibility via addition to the Gilchrist Standard search database; this will potentially lead to greater attention from leading insurers.
The Gilchrist Standard search database
Organisations that undergo the rating process will benefit from increased visibility, as Gilchrist Standard enables stakeholders and insurers to search for prospects that meet their commercial appetite. Once a broker has become rated, they are added to the Gilchrist Standard database, at which point they become ‘searchable'.
Gilchrist Standard handles initial enquiries and introductions arising from the search database to ensure that brokers do not become overwhelmed. If an insurer identifies a broker they would like to contact, they first request a copy of the self-assessment report from Gilchrist Standard; our account management team will then contact the broker to request permission, prior to responding to the insurer.
Should an organisation agree to be contacted by an insurer, the interaction is handed over and continued outside the platform.
While the stakeholder/insurer market may focus upon large opportunities and existing relationships, the reality is that growth relies upon breaking new ground. Gilchrist Standard allows all parties to move forward in a more informed manner, regardless of their size, age or existing relationships.