We Compare and You Save!
Get smart with independent risk management advice for commercial insurance, group benefits and retirement.
Overview:
PolicySmart makes it easy for organizations across industries to analyze, audit and shop their insurance, group benefits and retirement plans.All on one platform.
Our proprietary tool, the CMR Database® gives access to over 13,000 Property & Casualty, Group Benefits, Retirement specialists, and direct writers with over $4T in Premium and $24T in retirement assets so organizations can find the right vendor for your organization's needs and budget
We analyze client policy & plan data against 600,000 datapoints including: NAICS codes, premium volume, profitability of premiums, deductibles, assets under management, limits, number of employees, group size ranges, self-funding expertise, TPAs, etc.
Once policy documents are uploaded for analysis, our system will get to work sourcing specialty brokers/vendors with the best coverage, price and service for your organization.
We have achieved a 95% success rate of reducing our clients premiums
We have saved them over $130M to date.
Whats clients say:
Clients Success Stories by Industry Sector:
Client Saving Data:
Costs & Fees
Our fee is 100% performance based.
If we don’t save you money while maintaining or improving your coverage, you don't pay!
Ready To Get Started?
Book a call and begin assembling policy documents. See section 7 for details.
Book a Call and one of our team members will be in touch to discuss your confidential risk assessment. Before the call, please organize all documents into one folder on your computer, google drive, or dropbox so we have them ready on the call.
Book a callRequired Policy Documents
Below is a breakdown of the documents we need for P&C insurance, Group Benefits and Retirement.
- Property & Casualty Documents:
Schedule of Insurance for all insurance policies. This is usually prepared by the broker-of-record or copies of current policies or a recent broker proposal.
Will include: policy type, policy dates, premiums, limits, insurance carrier names, deductibles.
*This is usually prepared by the broker-of-record.
- Group Benefit Documents:
Copy of the most recent insurance carrier medical renewal letter the CFO received from the insurance company (e.g., Blue Cross, United Health Care, Aetna, etc.). Usually, PDF format
Copy of the broker proposal that included the renewal (last years or the current year), showing terms/plan designs, co-pays for medical, dental, disability and life.
Self-Funded Medical: Copy of the current “stop-loss” agreement. Also referred to as the “ASO” (administrative services only) agreement that the CFO and/or CEO signed.
- Retirement / 401(k) Documents:
Copy of the 408(b)2 fee schedule that plan vendors are charging (e.g., Empower, Fidelity, Schwab, CHASE, etc.). Every year clients receive this fee schedule. Either the CFO has or HR has it. Usually a PDF file.
Listing of assets under management (AUM)
Copy of any recent vendor or advisory proposal.
Frequently Asked Question
How much time does it take to sign up for a benchmark?
The registration process will take no more than 10 minutes to secure basic information.
How long does the benchmarking process take?
The benchmarking results will be available within two to three days.
How much money has PolicySmart saved clients so far?
PolicySmart has saved clients over $130 million to date!
What about the financial rating of insurance companies?
Our engagement letter will contain a written portion stating that any participating insurance company will have a minimum of A.M. Best “A–X” Category.
Will coverage remain the same?
Your coverage will either remain the same or improve; we guarantee that your coverage, deductibles, limits, etc., will be similar to or better than what you currently have.
Are the savings valid for more than one year?
Yes, secure savings for five years. Furthermore, during our continual expansion of the The CMR Database®, it is likely that we will find additional broker specialist matches that will increase your savings and lower your premiums during the terms of our consulting engagement.
Is the benchmarking confidential? Will my current broker be informed?
The benchmarking is completely confidential. We compare basic rating characteristics contained within your portfolio to what similar companies in your industry are paying both nationally and internationally. The results will expose how differences in geographical location/entry point result in pricing disparities on the carrier level.
My broker claims to have shopped my account aggressively – How could PolicySmart expand my options?
All brokers have different relationships with their insurance companies, and even the largest brokers tend to favor certain carriers. Our benchmarking process will optimize your search by providing an objective, national comparison of your quantitative rate ranges to that of other clients in your industry category.
Do I need to change my renewal date(s)?
No, many of our clients keep their original renewal dates if they determine that it is advantageous to do so. Some clients do choose to consolidate scattered renewal dates into a single master date.
Can I work with both PolicySmart and my current broker?
Yes, your broker always has the opportunity to respond to PolicySmart’s final report. By collaborating with incumbent brokers, we are able to effectuate lower premiums, and improve both coverage and servicing.
What if PolicySmart’s recommendations are quantitatively superior?
There are usually three components to a satisfactory insurance program: price, coverage and service. If you decide to change brokers or carriers as a result of PolicySmart’s review, be assured that we will invest significant time in reviewing the details of what the new broker and/or carrier will be doing for you from a servicing standpoint. PolicySmart will commit to this in a written plan, complete with timelines. Additionally, we will work closely with you on a quarterly basis to ensure the success of your transition or renegotiation.
Why can’t I rely on a broker for insurance benchmarking information?
Many clients use various methods to benchmark their existing insurance costs. One way is to go through the time-consuming process of interviewing and evaluating brokers. However, this is usually a localized effort that subsequently yields only local underwriting comparisons. PolicySmart extends that benchmarking effort regionally, nationally, and internationally by matching your company’s specific requirements to specialty brokers and direct writers. We take the interviewing process off of your desk and put it onto ours. The insurance and retirement industries are very fragmented in the way they deliver product; our methodology makes the delivery process more efficient and beneficial for the client. PolicySmart matches a client’s NAICS code to a broker’s area of specialty (their industry categories) on an expanded geographic basis. For example, a publishing client in Manchester might be paying $1.78 per $1,000 of revenue for their Commercial Liability premium, whereas PolicySmart could source another non-local broker with publishing clients who are paying $1.25 per $1,000 with different insurance company options. PolicySmart has researched 13,000 Property/Casualty, Group/Benefits and retirement specialists, and direct writers in 120 countries. We have organized this data by criteria such as: NAICS codes, premium volume, profitability of premiums, deductibles, assets under management, limits, number of employees, group size ranges, self-funding expertise, TPAs, etc. To our knowledge, no one else has developed such an extensive research resource. Our database is a registered trademark (The CMR Database®)
Have questions?
We're here to help! We can be contacted at the emails and phone numbers below.
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