MBG Insurance Philosophy

1. Knowing your Client

It is critical a broker fully understands a client's activities, operations and industry. We become dedicated to knowing all of these before we commence any appraisal of our client's risk and insurance program, or begin negotiations with relevant insurers.

By performing this assessment, we can accurately advise our clients on risk management, appropriate contracts of insurance, and correctly represent our client to the insurers to ensure the right cover is being placed for the right premium.

Furthermore, we listen to our client's needs, and obtain from the outset what they wish to achieve from us as their broker. This ensures everyone's expectations are clearly defined.

2. Bringing back "goodwill" to business relationships

Our views on business relationships are not dissimilar to personal ones. Trust, commitment and honesty are pertinent qualities required for success and longevity. We add business ethics and goodwill to the list, as we believe 'ethics always prevail', and the 'goodwill' still means something with businesses in Australia.

An example of our goodwill being practiced is our 'Total Transparency Policy'. This involves us providing original insurers documentation to the client at both the new business and renewal stage of policy negotiations, thus verifying the markets we have sourced and the prices obtained.

3. Technicians of Insurance

Knowing the principle intentions of cover of an insurance policy is important. However, we find it is pertinent to know and understand the 'exclusions' of a policy, and appreciate the application in the event of a loss. More often than not we modify the insurer's standard policy wording to be tailored to the individual client's operations and risk exposures.

Becoming passionate about the technical side of insurance assures us and our client that the right cover has been placed, before a claim occurs.

4. The Insurance Market

The Insurance Industry is a market place of continual change and to keep abreast of its moves requires perpetual monitoring. As a company we become dedicated to knowing and understanding the mechanics, pressures and cycles of the insurance market, while also keeping updated on the future directions of individual insurers and the Industry as a whole. This enables us to efficiently approach all the relevant insurers with client's risks.

Furthermore, knowing the direction of the market means we can educate the client on what's to come and discuss strategies of how to avoid major impacts on the client's insurance cover or future premium costs.

5. Question Tradition, Consider Innovation

Some common methods of innovative broking are the introduction of split excesses, sub-limits of liability, policy wording amendments, and of course risk management initiatives. All are aimed at optimising the balance between cover and price.

In addition to the above, we are passionate about questioning the traditional methods of insurance placement. For example, we like to introduce the insurer to the client before commencement of the policy. We believe a client can describe their operations and commitment to quality assurance better than we can, therefore ensuring their policies are being underwritten accurately by the insurer. In the majority of cases, this process results directly in cheaper premiums, or better cover, or both, but it always results in a stronger relationship with the insurer, proving to be invaluable at the time when insurance is called upon - a claim!

6. Tenacious with Claims

We realise that a broker's value is not just in the advice and placement of a client's insurance program, but also in claims management. We have adopted a "tenacious" approach to claims management. Clients experience our value on claims in the following areas:

accurate claim instructions when the loss is first notified to us;
constant follow up with the insurer and assessor on the claims progress;
assistance on obtaining any outstanding information or documentation necessary for settlement; and
regular updates on the claims progress to the client

The principles of a claim are the same for every loss, that is, establish indemnity (is loss covered) and establish quantum (value of loss). Once these two principles have been established, there should be no reason for delays in the settlement of a claim and we take great pleasure in reminding the insurer of this.

MBG Insurance is regarded as one of the niche market players in corporate and commercial insurance broking. See how we can help your business today.