Houston, TX (PRWEB) October 1, 2008
The Market is an innovative free introduction service designed by the leading self-insurance information and service provider directory website, SpecandAgg.com The Art of Self-Insurance.
It's a groundbreaking platform that will enable companies ranging from the self-insureds to the professional service providers who include brokers, third party administrators and captive managers to send a targeted business enquiry direct to their potential new partners, without having to approach them individually.
The procurement and development of self-insurance programs has traditionally been a time-consuming process, particularly for the less routine types of risk. The Market allows businesses to target only specialist companies who, in turn, can choose to respond to the enquiries they are prepared to consider.
SpecandAgg.com Chief Executive, Dominic Higham revealed why The Market is the winning solution for self-insurance providers who are looking to find new partners quickly and easily.
"Today's self-insurance programs are sophisticated risk transfer arrangements that usually require the cooperation and partnership of several different types of professional service provider. For example, an employee benefits program might require a broker, a third party administrator, an insurer, a preferred provider organisation as well as various loss control providers. Similarly, a captive insurance program might include a captive manager, a fronting arrangement, a reinsurance intermediary and reinsurer along with legal advice and banking and investment services," said Higham.
He continued, "With so many potential partners in play, The Market provides a medium for service providers to contact only the specialist companies who can accommodate the risk involved."
Dominic is quick to point out that The Market is not an intermediary or trading platform.
"The Market acts as an introducer which allows businesses to sound out others by describing the type of risk they need help with. A key advantage of the service is that there's no obligation to divulge precise details regarding a specific risk in an initial enquiry and potential partners will only respond if they are interested," he said.
"Consider a workers compensation broker who needs to enquire whether excess insurers would consider an underground mining risk or a third party administrator who is looking for a new excess market for a particular type of risk. The Market enables companies with specialist enquiries like these to target specific risk retention groups instantly and, at the same time, provides them with a unique arena in which to develop new business relationships," he said.
There are currently just under 200 companies listed in 30 categories within the SpecandAgg.com directory and, as companies see the benefits of utilising this service as a unique marketing tool, The Market will undoubtedly see this number grow significantly.
The Market will be formally launched at the Self-Insurance Institute of America's annual national conference in Phoenix, AZ.
Visit http://www.specandagg.com/themarket for more information.
Notes to Editors
SpecandAgg.com The Art of Self-Insurance is an on-line service provider directory and information site for the self-insurance market. Information is provided on the main types of self-insurance and articles relevant to self-insurance are regularly posted on the site.
The service is primarily for US service providers operating in the self-insured employee benefits, workers compensation, captive and risk retention group markets.
The Market is an online service that allows companies to send self-insurance business enquiries directly to other companies. Instead of contacting service providers individually, The Market allows companies to canvas specialist companies at the same time, allowing them to provide a faster service to themselves or their customers.
Membership of the site costs $750, which includes one category listing. Additional categories can be included for just $250 per category. Companies registering prior to November 1st 2008 can receive a free year's membership.