The objective of this guide is to provide advice to insurance buyers on how to run a broker tender and how to negotiate broker contracts. The guidance suggests a timeline and approach for running an objective tender and provides details of areas for discussion when contracting with a broker. Insurance buyers can use this guide to understand current best practice in this area, which will allow for a structured approach to competitive tendering for insurance services.
The guide will cover selecting a broker, and will not consider placement, market exercises or the implications of the Insurance Act 2016 on broker relationships.
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