JLT's Hamish Roberts on the tender trap

hamish roberts JLT

Let me tell you some interesting facts about the tender process. The average tender costs a broker around £40,000, including man hours, travel, expertise and printing – and I’ve seen some tenders cost over six times that amount. This cost is borne by the broker. Yet, despite this, they’ll win around three times out of 10. Clearly, there will always be a cost in speculating for new business, but it’s hard to justify such large amounts of money and resource when you’ll end up losing most of the