Bid Process

An entire bid process cycle takes approximately six months. The first major step is to professionally prepare the insurance bid specification. Next, the bid specification is distributed to agents. Once our electronic bid forms have been completed by the agents, Insurance Bid Works analyzes the responses. Finally you (the insurance buyer) will receive a detailed report and comparison. This side by side comparison includes financial, coverage and conditions scores for each response and will indicate a clear winner for your insurance business. You may be amazed at the range of cost and quality of the coverages. As an informed insurance buyer you will learn that best quality coverage is not always the most expensive.

The process normally takes 5-6 months and needs to begin well before the current policy comes up for renewal. When the client is able to quickly provide the required documents and other information, we may be able to accelerate the process. By allowing additional time for the the bid response period, you can expect greater participation from bidders.