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Expertise

Financial Institutions

We curate insurance programs that protect you and your third-party network.

Risk mitigation

Reduce organizational risk and burden with insurance verification and compliance monitoring.

Digital platform

Provide your network with a seamless, on-demand digital insurance experience.

Licensed specialists

Support your network with a dedicated team to answer insurance-related questions.

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.

How Marsh can help

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:

  • Account management team: Marsh understands the complex challenges of managing your insurance operations. As your primary point of contact, your account management team works closely with your insurance services and risk management teams to streamline processes for enrollment, renewal, and issuance of endorsements or certificates of insurance for various coverages.
  • Seamless digital enrollment: With Marsh's proprietary, cloud-based platform, your network can verify enrollment eligibility, view insurance quotes, provide payment details, select premium billing frequency preferences, purchase coverage, and download certificates of insurance.
  • Dedicated, licensed specialists: Acting as an extension of your brand, Marsh’s team of dedicated, licensed specialists support your network’s insurance-related questions, emails, and non-automated portal requests. This frees up your internal teams to focus on growth-centered tasks.
  • Flexible placement solutions: From competitive risk transfer vehicles to innovative captive solutions tailored to your specific needs, Marsh offers a range of flexible risk management strategies designed to meet your business's unique requirements.
  • Risk mitigation and compliance verification: Marsh actively tracks insurance compliance within your network, helping ensure that all agents and advisors adhere to the latest state regulations and meet your organization's specific insurance requirements.

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.

FAQs

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:

  • Captive: With this option, an independent captive insurance company is established to underwrite and manage the insurance needs of the financial institution's network. Unlike traditional insurance options, where premiums are paid to third-party insurers, a third-party network of agents and advisors owns and controls the insurance company.
  • Master policy: With this option, an insurance contract is issued to the policyholder that combines what would have been several separate policies into one. Instead of issuing a separate policy for each location or operation, a master policy combines them. Master policies can be a cost-effective way to manage an insurance program.
  • Competitive panel: This option involves a group of insurance carriers who work with a broker (Marsh) to provide a financial institution's network with more than one carrier option for their insurance. With multiple carriers within a single panel, this is often a more cost-competitive option for the end insured.

Whether you prefer a comprehensive approach or targeted coverage, our program provides effective solutions for managing risk.

 

Why Marsh

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.

Our people

Richard Ganz

Richard Ganz

Affinity Growth Leader, US

  • United States

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