Why Use an Insurance Tender Manager?

The success of the tendering process relies on the expertise of the people handles and manages it. Contracting Insurance Tender Managers allows a company to access their market knowledge and experience for the whole tender process and relieves the company of the otherwise grueling paperwork, analysis and research and constant communication. Most of the problems that companies generally encounter can be avoided by using a tender manager. 

How it works: 
 

Determining Goals and Selection Criteria

An initial meeting occurs between the tender manager and the company to discuss expected outcome of the tender process based on the company’s needs and determine the key selection criteria.  A shortlist of relevant brokers based on the discussion is created. The Tender Manager’s knowledge of the market and the major players in the industry ensures that the shortlist is relevant and the most favorable.

Request for Tender Document (RFT) and Compiling Information Memorandum 

Using the outcomes discussed and agreed upon the tender manager will develop an RFT that will clearly outline the requirements This would ensure that the outcomes are achieved using the key selection criteria as a guideline. An Information Memorandum is compiled with all the information necessary to get necessary tender response including underwriting information and company profile. This reduces the amount of time spent further into the process responding to questions as well as ensuring that all parties have the means to put forward their best tender. 


Managing the Tender Process

The Tender Manager represents the company as a project manager. The main task is to ensure that everyone involved are provided with the same information and expectations that all timelines are met on both sides. Much of the correspondence is also handled by the Tender manager.

Analysis of Tender Responses 

All responses are then compared and analysed and filtered through to distinguish which ones are relevant to the company based on the key criteria. Probable presentations are also
screened and evaluated considering most presenters are sales people and not brokers themselves.

The Favorable Outcome

The client company is then presented with choices that are considered to be the best insurance policy the market has to offer based on the company’s needs and priorities. And outcome is delivered in a timely manner leaving the company to choose wisely.

About Insurance Tender

Is a team insurance consultants who have an in depth knowledge or both insurance market and personalities in Corporate Insurance booking. They aim to find the right combination of cost savings and insurance coverage for the purpose of reducing cost risk and uncertainty in your business.