To guarantee a better quality of service, DERAYA adopted a policy of signing agreements of understanding with insurance companies; as such agreements preserve the interest of all parties (clients, insurance companies, DERAYA). Subject to this, clients’ right to receive an unprecedented quality service is maintained; DERAYA’s promises to its clients are lived up to; and finally a positive image of insurance companies is conveyed. Such agreements address core issues, such as turnaround time (TAT), and the time an insurance company consumes to address clients’ requests. For example, it takes 3 to 5 days to obtain a quotation form insurance companies.
At this negotiation phase, under the broker of record letter issued by clients, insurance companies relations department studies existing insurance policies, in terms of coverage, exclusions, rates and conditions, then compares all of that to clients’ actual needs. In order to adopt the final version of an insurance policy, which fulfills clients’ needs, DERAYA formulates an initial draft of an insurance policy based on agreed upon needs by the client.
Insurance Companies Relations Department diligently starts contacting a range of insurance companies to obtain competitive quotations. At the end of this phase, a comparison study is carefully prepared to highlight coverage, major exclusions, conditions, and rates. Insurance consultants at this phase are ready to present the comparison study to clients with a great deal of elaboration on the content. In addition to providing an expert advice to guide clients in reaching an informed decision supported by facts.