Risk Assessments

Good Morning,

We are currently developing risk assessment for our various vendors. Being in the insurance industry we consider our independent agents a third-party. We already utilize the 2020 SIG Lite questionnaire. However, for independent agents this type of questionnaire will not suffice. Where would I be able to find examples or what are other insurance companies using for a risk assessment for agents? Thank you.

I am also interested in finding out what other insurance companies are doing in regards to their independent agents.
Original Message:
Sent: 04-23-2020 11:06 AM
From: David Medina
Subject: Insurance Independent Agent Assessment

Good Morning,

We are currently developing risk assessment for our various vendors. Being in the insurance industry we consider our independent agents a third-party. We already utilize the 2020 SIG Lite questionnaire. However, for independent agents this type of questionnaire will not suffice. Where would I be able to find examples or what are other insurance companies using for a risk assessment for agents? Thank you.

I am also working with an insurance company and would be interested in scheduling time with other individuals at insurance companies to share what you are doing from a vendor risk perspective.  We're currently implementing venminder and I think some practice sharing would be really helpful.  I am happy to set that up if there is interest. 

Thanks!
Original Message:
Sent: 04-24-2020 10:20 AM
From: Jeff Bater
Subject: Insurance Independent Agent Assessment

I am also interested in finding out what other insurance companies are doing in regards to their independent agents.
Original Message:
Sent: 04-23-2020 11:06 AM
From: David Medina
Subject: Insurance Independent Agent Assessment

Good Morning,

We are currently developing risk assessment for our various vendors. Being in the insurance industry we consider our independent agents a third-party. We already utilize the 2020 SIG Lite questionnaire. However, for independent agents this type of questionnaire will not suffice. Where would I be able to find examples or what are other insurance companies using for a risk assessment for agents? Thank you.

In the past, any time I have a particular vendor type that doesn't quite fit with the rest of the standard vendors (onsite consultants or law firms, for example), I've found it beneficial to create a separate questionnaire that covers what would be applicable to that vendor type. Now, this wouldn't be practical for every one off, sometimes you just have to meet a vendor where they are and decide on a case-by-case basis what is and is not applicable to ask/collect. However, if you have a decent inventory of insurance agents, it might be helpful to take the time and pull which parts of the SIG would apply, or would be practical to use. Then create a template to use moving forward. If you have to use the SIG format and if your questionnaire is weighted, then you might just be able to have a set list of which questions to mark NA. 

With that said, seeing how other organizations implement this is a great idea. Has anyone else had success or hardships taking this route?
Original Message:
Sent: 05-01-2020 09:23 AM
From: Allison Slager
Subject: Insurance Independent Agent Assessment

I am also working with an insurance company and would be interested in scheduling time with other individuals at insurance companies to share what you are doing from a vendor risk perspective.  We're currently implementing venminder and I think some practice sharing would be really helpful.  I am happy to set that up if there is interest. 

Thanks!
Original Message:
Sent: 04-24-2020 10:20 AM
From: Jeff Bater
Subject: Insurance Independent Agent Assessment

I am also interested in finding out what other insurance companies are doing in regards to their independent agents.
Original Message:
Sent: 04-23-2020 11:06 AM
From: David Medina
Subject: Insurance Independent Agent Assessment

Good Morning,

We are currently developing risk assessment for our various vendors. Being in the insurance industry we consider our independent agents a third-party. We already utilize the 2020 SIG Lite questionnaire. However, for independent agents this type of questionnaire will not suffice. Where would I be able to find examples or what are other insurance companies using for a risk assessment for agents? Thank you.