The Top 27 Marsh Interview Questions To Prepare For

With over 65,000 employees and annual revenues of over $17 billion, Marsh is one of the leading global insurance brokers and risk advisors. Landing a job at Marsh can launch your career in insurance, risk management and consulting.

But with competition high, you need to come prepared to the Marsh interview to stand out from the crowd. This comprehensive guide covers the 27 most common Marsh interview questions that assess your knowledge of insurance products market dynamics technical skills and ability to communicate and problem-solve. Mastering these will prove your suitability for Marsh and unlock new opportunities.

Let’s get started!

Insurance Concepts

Q1: What are the main types of insurance policies that Marsh deals in?

The primary insurance offerings from Marsh include:

• Property insurance – Covers damage to property due to natural disasters, fires, theft.

• Casualty insurance – Covers legal liabilities related to injuries, accidents, negligence.

• Marine insurance – Insures cargo, freight, ships and liabilities from marine mishaps.

• Directors and officers insurance – Protects legal liabilities of company directors and executives.

• Errors and omissions insurance – Covers liabilities arising from professional advice and services.

• Cyber insurance – Provides protection against cyber risks like data breaches, hacking, malware.

Q2: What factors are considered when determining insurance premiums?

Key factors that determine insurance premiums are:

• Risk profile – higher the risk, higher the premium. Depends on factors like location, industry, past claims.

• Coverage amount – higher coverage equals higher premiums.

• Deductibles – higher deductibles reduce premiums.

• Adverse selection – attracting high-risk customers increases premiums.

• Reinsurance – transfers risk to other insurers to limit large payouts. Lowers premiums.

• Competition – more players in market leads to competitive pricing.

Q3: What is the role of an insurance broker like Marsh versus an insurer?

• Insurers take on risk by providing insurance policies. Marsh brokers policies between insurers and clients.

• Marsh advises clients on policy types, coverage, risk solutions. Negotiates rates based on client risk profile.

• Marsh compares different insurer products to find the optimal policy for each client.

• Ongoing account management and claims support by Marsh.

• Provides insights using data analytics on risk, emerging exposures, and market trends.

• Acts as trusted advisor guiding clients through the complex insurance landscape.

Industry Knowledge

Q4: What major trends are shaping the insurance industry today?

• Climate change increasing frequency and severity of natural disasters.

• Transitioning risks related to move towards renewable energy.

• Cyber threats leading to increased cyber insurance coverage.

• Rising healthcare costs driving demand for health insurance.

• New risks like nanotechnology, genetic engineering, drones requiring innovative policies.

• Digital disruption from insurtech startups with advanced analytics and AI.

• Increased mergers and acquisitions between insurers to drive growth.

Q5: How can Marsh differentiate from competitors like Aon and Willis Towers Watson?

• Leverage Marsh’s superior data assets from being the largest commercial broker.

• Focus on delivering superior client service and consultative advice.

• Pursue emerging market segments like small business, private clients.

• Offer holistic risk management spanning insurance broking to claims support.

• Invest in insurtech innovations to improve risk analysis, prediction, and prevention.

• Pursue strategic mergers and acquisitions to quickly obtain capabilities and talent.

Q6: What are the various distribution channels used to sell insurance policies?

• Agents who represent one or more insurance companies.

• Brokers like Marsh who offer products from multiple companies.

• Direct sales to consumers online, via call centers.

• Banks cross-sell and bundle insurance with loans and accounts.

• Affinity groups like unions, associations offer insurance to members.

• Carriers with employed sales reps or independent marketing organizations.

• Retail establishments like car dealerships.

• MGA’s that underwrite specialized programs.

Consulting Skills

Q7: How would you advise a client looking to purchase business interruption insurance?

• Analyze their operations to identify potential vulnerabilities and estimate maximum potential loss.

• Review their current insurance coverage to determine gaps.

• Explain key policy terms like waiting period, indemnity period, coverage triggers.

• Recommend appropriate coverage limit based on their risk exposure.

• Suggest add-ons like contingent business interruption to expand protection.

• Advise on risk mitigation strategies to reduce premiums.

• Provide comparison quotes from multiple insurers.

• Negotiate optimal terms and pricing. Handle entire purchase process.

• Offer ongoing support with claims and renewals.

Q8: What criteria would you use for evaluating an insurer’s financial stability?

• Check their AM Best credit rating which assesses ability to pay claims.

• Review premium growth, profitability and combined ratio. Rising ratio indicates instability.

• Analyze reserves levels and reinsurance – are they adequate to pay major claims?

• Assess investment portfolio – are assets liquid and diversified?

• Check management quality looking for prudent stewardship.

• Evaluate if company has been disciplined in underwriting or too aggressive.

• Benchmark against competitors on pricing, market position and reputation.

Q9: How can you demonstrate customer-centricity when supporting a client?

• Actively listen and seek to understand their unique needs and constraints.

• Proactively inform them of new regulations or market developments that may impact them.

• Offer tailored solutions customized to their risk profile. Avoid one-size-fits-all.

• Build personal rapport and regularly connect to strengthen the relationship.

• During renewals or claims, review their current situation for potential optimizations.

• Get feedback on how we can provide better service. Ask for referrals.

• Have patience and empathy when explaining complex policies. Go the extra mile.

Communication Skills

Q10: How would you convince a prospect meeting competitor’s lower price?

• Avoid getting into a price war – highlight value not just cost.

• Outline additional services and expertise that Marsh provides.

• Share case studies and testimonials demonstrating our superior outcomes.

• Explain dangers of choosing an insurer purely on price. May deny claims over loopholes.

• Remind them of intangible benefits like peace of mind.

• If needed, explore offering incentives like multi-year discounts. But focus on long-term trust.

Q11: How would you explain a complex insurance concept to a business client?

• Use relatable analogies and examples they understand.

• Visual aids like diagrams, flowcharts simplify complex policies.

• Break down into simple terms avoiding unneeded jargon.

• Check their understanding periodically and rephrase if required.

• Provide specific use cases on how the policy would work in practice.

• Emphasize practical benefits most relevant to their needs.

• Be open to questions. Follow up with written summary for reference.

Q12: How would you respond if a client was irritable and impatient?

• Hear them out fully, don’t interrupt. Be empathetic.

• Apologize for their poor experience and take ownership.

• Remain calm and professional, don’t react emotionally.

• Understand reasons for their dissatisfaction and offer specific solutions.

• Provide reassurance that you are there to help resolve the issue.

• Follow up with actions demonstrating we addressed their concern.

• Build goodwill and rebuild trust through consistent excellent service.

Analytical Skills

Q13: What metrics would you track to measure an insurance portfolio’s performance?

• Loss ratio – losses incurred vs premiums earned. Target below 100%.

• Combined ratio – sum of loss ratio and expense ratio. Goal under 100%.

• Reserves ratio – reserves/net premiums, indicates ability to pay claims.

• Renewal rate – policies renewed over total up for renewal. High is good.

• Premium growth % – demonstrates portfolio health. Benchmark to industry.

• Market share within segment. Rising is positive.

• Customer retention rate. High indicates satisfaction.

Q14: How could data and analytics be used to benefit Marsh’s insurance clients?

• Predictive modeling to more accurately forecast client risks and losses. Allows right pricing.

• Identify risk factors through correlation analysis. Enables targeted mitigation.

• Sentiment analysis on social media to assess reputation threats.

• Evaluate economic, weather, and demographic trends influencing clients.

• Analyze claims data to recommend policies with ideal coverage levels and deductibles.

• Automated underwriting using machine learning for faster quoting.

• Detect fraud patterns across millions of claims.

Q15: What are some best practices for creating an effective insurance customer dashboard?

• Tailor metrics to client goals – sales, risk, efficiency etc. Avoid cluttering with non