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Due Diligence Enables Banks to
Select the Right Bank Insurance Partners
MWA helps banks select appropriate insurance partners and products.
Part of that process includes performing due diligence on insurance marketers and underwriters and their products and services.
MWA helps
clients complete
the due diligence process by:
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designing Requests for Proposals
(RFPs)
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helping
choose prospective vendors to receive RFPs
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examining responses to RFPs
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making
recommendations
Banks use MWA RFPs to evaluate and judge each vendor (agency, third-party marketer, and insurance company) to determine whether it meets due diligence standards and is fit to be a strategic partner.
Requests
for Proposals (RFPs):
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Organize the evaluative process and comparative selection-criteria, systematizing and standardizing the data and information requested of
vendors.
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Examine a vendor’s sales, operations, administration and technical infrastructure and reveal its financial stability and
viability.
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Identify the competitive features and benefits of a vendor’s products, product delivery capabilities, and performance and service
standards.
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Ensure the serious level of investigation necessary to enter a new business realm like insurance and conduct that business in a profitable and responsible
manner.
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Enable a bank to evaluate and judge a vendor’s strategic, tactical and cultural fitness as a partner and product
provider.
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Provide essential documentation for federal and state regulators who question the criteria and processes on which the bank bases its insurance-related
decisions.
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EMAIL
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