Richard Ganz
Affinity Growth Leader, US
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United States
For many financial institutions, their third-party network of financial advisors and insurance agents plays a crucial role in their distribution and service delivery strategies. They enable extended reach, personalized service, and the cultivation of robust client relationships, leading to accelerated business growth and enhanced financial inclusion.
While these networks are an essential component of your overall business strategy, they come with their own set of risks. A simple oversight by an advisor or agent can have significant negative consequences. For example, if an agent fails to disclose important information to a client adequately or provides incorrect advice, it can result in costly litigation and damage the organization's reputation.
If a member of your network is uninsured or underinsured, your organization may be held liable for any damages or losses incurred, even if it was the oversight or negligence of the advisor or agent that caused the issue. Therefore, it is vital that they have adequate coverage so that both they and your company are protected in these situations.
Financial institutions can mitigate this risk by implementing an insurance program for their network members that provides them with easy access to coverages that will help protect them and you, such as Errors and Omissions, Cyber, Workers’ Compensation, and General Liability. When designing this program, you should also develop a streamlined process to monitor enrollment and continued participation of each network member.
Establishing and managing a well-orchestrated insurance program internally can be complex and burdensome. Fortunately, you don’t have to do it alone. Financial institutions can work with an experienced insurance broker to administer and oversee their programs.
As a growth enabler, Marsh offers innovative solutions, industry knowledge, and expertise in implementing insurance programs that help financial institutions mitigate the inherent risks associated with agent and advisor third-party networks. By leveraging Marsh's advisory and brokerage services and our advanced data and analytics capabilities, we can design and deliver cost-effective programs tailored to your organization's needs.
Some of the highlights of Marsh’s insurance solution for financial institutions include:
By working with Marsh, financial institutions can lessen their third-party risks, giving them the time and peace of mind necessary to focus on the continued expansion of their distribution and service delivery strategies.
This program can benefit any financial institution that contracts with third-party financial advisors or insurance agents and seeks to mitigate risk, streamline administrative processes, and strengthen its competitive advantage.
Marsh offers industry-leading solutions for financial institutions, with a comprehensive suite of insurance coverages for your third-party network, including Errors and Omissions, Cyber, Workers' Compensation, and General Liability.
Marsh's program for financial institutions offers a variety of flexible risk transfer strategies, including:
Whether you prefer a comprehensive approach or targeted coverage, our program provides effective solutions for managing risk.
We are an innovative broker that helps organizations digitally transform to meet the changing needs of their industries. Through investments in people and technology, we offer scalable digital solutions that seamlessly connect to ecosystems, enabling business growth, informed decision-making, risk mitigation, and increased profitability.
Affinity Growth Leader, US
United States