Title
Vote on a request to award the bid for property and liability brokerage services to Surry Insurance.
Abstract
Action Requested: Vote on a request to award the bid for property and liability brokerage services to Surry Insurance Services.
Introduction & Background: Historically, Chatham County has utilized the services of an insurance broker to assist us in finding the best rates for property and liability coverage. For the last three years, BB&T has served as the county's insurance broker. The brokerage term was July 1, 2015 to June 30, 2018. Prior to the FY2019 budget development, a Request for Qualifications (RFQ) was advertised, and four qualified bids were received for our review: Surry Insurance, McB Group, Gallagher, and BB&T Insurance Services. The RFQ was a template that was used in the 2015 RFQ, and other jurisdictions have used over the last 13 years and customized to their own needs. The RFQ was customized extensively by us to meet our specific coverage and risk needs.
Discussion & Analysis: A comprehensive evaluation was done in four parts: 1) Review of the bids for completeness and timeliness; 2) Panel interviews conducted with each of the insurance brokers; 3) An evaluation matrix was completed that compared the bids on five (5) criteria; and 4) Reference checks were completed for top two bids received.
1. All bids were received and were complete.
2. All bidders were interviewed by a panel and asked a series of questions related to the bid and their services. The brokers were provided the questions in advance so that they had ample time to prepare answers.
3. A bid evaluation matrix was completed comparing the brokers on five evaluation criteria. This matrix is widely used for both RFPs (request for proposals) and RFQs, and assigns numeric value to the different criteria. The numeric totals help to quantify the rankings to assist in a recommendation.
The evaluation criteria are as foll...
Click here for full text