This month alone, three different people asked me for broker quotes for three different companies. And every time, the assumption was the same: More broker quotes = better result. It sounds logical. But in insurance, that is not always how it works. In fact, in some cases it creates the exact opposite of competition. In this article (4–5 minute read): Why getting quotes from multiple brokers can backfire Why smart companies use an RFP When choosing a P&C broker (Business insurance)‌ When choosing a Benefits broker (Medical Insurance)‌ How to run a useful broker RFP Caution Request Help Building a Custom RFP Today 1. Why getting quotes from multiple brokers can backfire In P&C, the first broker to approach a carrier may block that market for everyone else. So instead of creating competition, you may actually be reducing it. Different brokers may also tell the story of your company differently, which can confuse underwriters and weaken results. In benefits, market access is usually less of the issue. The real difference is the quality of advice, service, communication, compliance support, and execution. 2. Why smart companies use an RFP An RFP gives every broker the same questions and the same playing field. It helps compare brokers on what actually matters, not just on who got to the market first. (1. service model, 2. team experience, 3. industry expertise, 4. compliance support, 5. analytics and reporting, 6. implementation process, 7. compensation transparency, 8. references and 9. examples of work and more) It forces more transparency around compensation, service team, deliverables, and implementation. It gives leadership a more defensible decision-making process. 3. When choosing a P&C broker (Business insurance) In P&C, the quote is only part of the outcome. Underwriters are not just pricing numbers on a spreadsheet. They are pricing the story of your business. That story includes questions like: How well are your operations explained? What makes your company a good risk? What safety controls, training, and procedures are in place? Why should a carrier want to write this account? This is where the right broker matters. A broker who truly understands your business can present it in a way that gives underwriters confidence. That can affect much more than just premium. It can influence: Which carriers are willing to quote How aggressively they price What exclusions or limitations show up How much flexibility they offer on terms and coverage Here is the part many companies miss: If 4 brokers go to the same 8 carriers, that does not create 32 real options. In many P&C situations, it creates the opposite: markets get blocked underwriters get mixed messages the account starts to look like a price-shopping exercise And when that happens, carriers are often less motivated to put forward their best coverage terms and pricing. That is why in P&C, the goal should not be to have as many brokers as possible quoting your business. The goal should be to have the right broker telling your story the right way. A strong P&C broker does more than ask for quotes. They help position your company to underwriting, explain the ins and outs of your operation, and match your risks with carriers whose appetite fits your business. At the end of the day, the best result usually comes from better representation, not just more competition. 4. When choosing a Benefits broker (Medical Insurance) - Medical quotes In California alone, employers may be looking at multiple major medical carriers (3-12), and each may offer HMO, HDHP/HSA, PPO, or other plan structures. Those plans are often available across Bronze, Silver, Gold, and Platinum tiers. On top of that, many carriers offer their own unique programs and bundled solutions. So even before getting into more advanced funding strategies, one employer may already be choosing from dozens of possible plan combinations. Here’s an example: input your ZIP code, the size of your family, and the age of each person, and ICHRA can show you how many plans are available for your family. redacted I entered my ZIP code and selected myself as a 37-year-old. I now see 69 plans available, and that’s just for me. Imagine doing this for each employee and finding plans that are actually available, affordable, and preferred by your team. - Medical quotes + Then add alternative funding models, such as level-funded plans, HRA structures, RBP, ICHRA, captives, and more. All alternative funding models see on page 10 - Funding Options redacted - Voluntary benefits quotes Add voluntary benefits lines: dental, vision, accident, critical illness, hospital indemnity, legal, pet, 401(k), and other workplace vendors, and you can start to see why employers in the U.S. use benefits brokers. The real value is not just getting a quote. It is understanding the company’s needs and aligning the right plans, funding model, and vendors. In most Benefits situations (unlike P&C), access to the market is not the main issue. At the quoting stage, brokers are often working with the same carriers and showing the same base pricing. That means quoting alone does not tell you who the better advisor is. - Services often not included in quotes More experienced CFOs and CHROs know that brokers bring MUCH MORE than insurance quotes. They often help evaluate vendors tied to HRIS, HCM, COBRA, leave administration, benefits communication, and other HR tools. Instead of leadership spending time trying to sort through all of this alone, the right broker can help run the process, compare options, and guide the company toward the right long-term fit. Services and Pricing both matter. But if you use quoting alone to choose a benefits broker, you are missing a big part (~50%) of what the broker actually does. 5. How to run a useful broker RFP Start with your goals. What are you trying to improve? Cost, service, risk strategy, compliance, employee experience? Include the right stakeholders early. Ask practical questions, not generic ones. Ask for examples, timelines, reporting samples, references, and service commitments. Score responses using clear criteria. Leave time for finalist presentations and follow-up questions. The Part Most Companies Underestimate: Time, Volume, and What Happens Before the Real Work Starts The process behind it is MUCH bigger. In most cases, the real work is not writing the questions. It is aligning leadership, managing responses, evaluating finalists, and making a confident decision before the next phase even begins. A realistic timeline often looks like this: 2 to 4 weeks to align stakeholders, define goals, and build the RFP. 1 to 2 weeks to release it, answer questions, and make sure brokers are working from the same information. 3 to 4 weeks for brokers to prepare and submit responses, sometimes longer for more complex accounts. 2 to 3 weeks to review responses, score them, and identify finalists. 1 to 3 weeks for finalist meetings, follow-up questions, references, and final selection. That puts the process at roughly 9 to 16 weeks before transition or the next phase even starts. In insurance, that next phase may still include the actual market process with carriers. So yes, the RFP file itself might only be 5 to 10 pages. But the responses can easily be 20 to 100 pages from each broker. And the bigger lift is not the document. It is the time, coordination, and internal work needed to do the process well. 6. Caution‌ - A full RFP is not always the best move for a smaller company with simple needs. In some cases, a more focused finalist process is enough. - An RFP also takes time, so it should start well ahead of renewal if you want real comparison and a clean transition. Insurance RFP guides commonly describe multi-week timelines for development, responses, and evaluation. - And most importantly, do not confuse a polished answer with a real capability. We all have ChatGPT. Ask for proof. 7. Request Help Building a Custom RFP Today If your company is thinking about changing brokers, the work should start before the search begins: align leadership and build one RFP around your goals, risks, and priorities. That takes time, and it takes the right questions. The kind that reveal fit, not generic answers. If you want help, reach out. We can often help with the upfront work at no cost, including leadership interviews, company data gathering, and building a custom RFP.