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Redefining Brokerage

Insurance brokers endured a crash course in risk management over the past several months--particularly the kind that deals with reputational risk. Now, the largest are ...

By Pat Wechsler | Updated on July 05, 2005

Insurance brokers endured a crash course in risk management over the past several months–particularly the kind that deals with reputational risk. Now, the largest are attempting to rise out of the public relations muck with not only a cleaned-up profile but a redefined mission, which seems far better suited to help companies cope with the elevated risk environment in which they function these days. Sure, brokers will still be best known for the great deals on coverage they manage to negotiate, but in recent interviews with Treasury & Risk Management, the CEOs of the nation’s largest insurance brokerages seemed determined that the value-added brokers should be bringing to the table in the future will involve much more risk quantification and mitigation. This certainly would be a silver lining to the scandal, which at the end of the day could translate into fewer nasty corporate surprises in the future. At least, one can always hope.

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