The nature of risk continues to evolve and grow in complexity – and it’s forcing insurance to become more and more specialized.
Clients across all industry sectors are starting to require a “deeper level of advice” than they might have received in the past. This has presented a “tremendous opportunity” for independent advisory companies such as INTECH Risk Management.
INTECH provides independent insurance and risk management consulting services to clients around the globe. It recently won the
iv3 Solutions Award for Excellence in Risk Management at the
Insurance Business Canada Awards 2017.
“Our company is unique in the insurance industry in that we have a strong commitment and dedication to technical expertise and customer service, which we deliver through an independent channel,” said INTECH CEO Fraser Roberts. “We don’t sell insurance and we don’t have a relationship with an insurance company or brokerage. We’re there to really help drive value for our clients, reduce their overall cost of risk, and ultimately optimize their insurance programs and risk management strategy.”
Roberts sees a strong future for outsourcing risk management companies, especially in the consulting services space. He attributes this to the changing nature of risk, which is also heightening the complexity and knowledge requirement of the broker role.
Over the past year or so, INTECH has been trying to change the nature of the relationship between a consultant and a broker. Roberts’ team has been working collaboratively with clients’ brokers and building a positive, mutually beneficial relationship with the
brokerage industry.
“We’re here to give our view and expertise where possible. We want to help brokers when they’re approaching new opportunities and we try to open some doors for them,” Roberts told Insurance Business.
“We can also help make brokers lives a little bit easier by advising clients to think differently about risk. We can help manage their insurance and take on an outsourced risk management-type role.”
All parties can benefit from effective risk management, according to Fraser. This includes the end-client, the insurance broker and the carriers within the industry.
“We want to get the word out more as to how we can help with risk management and make it more of a top of mind concern,” he added.
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