MMC is a global professional services firm that helps clients identify, plan for and respond to critical business issues and risks by providing analysis, advice and transactional services.
MMC’s subsidiaries:
Marsh
Guy Carpenter
Mercer
Oliver Wyman
Marsh Global Energy - Locations
300+ employees helping c. 1,750 clients globally
Placing approx. USD 1.8 Billion in insurance premiums into energy insurance markets, significantly more than any other broker.
Integrated Global Practice, headquartered in Houston, Texas
Energy practitioners in many more locations around the world
Large Commercial Insurance Involves 3 Key Parties….
The Client
The Broker
The Insurer
In a world with no brokers…..
So why the “Middle Man”?
The Broker is an impartial advisor – not an Agent
The Broker is able to best assimilate the risks faced by the Client to the products available from various Insurers
Certain key criteria will define the most likely candidates
They are then asked to present a conceptual proposal based on a set of service and/or program requirements particular to the needs of the individual client
Sometimes selection is made on an “assigned markets” basis
The decision whom to appoint is usually both subjective and objective…..
Having been appointed there is a great deal to be done before approaching Insurers: