Services | Insurance Advisory and Risk Management Outsourcing

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Insurance Advisory and Risk Management Outsourcing

Executives responsible for property/casualty insurance often turn to independent insurance consulants to be their risk manager. Independent consultants are not paid by commissions on the sale of insurance products. They work only for you!

You might need this service if:

  • Your business has grown or you have ventured into new product lines or services -- and you need a risk management professional to assure that you have identified your exposures to loss.
  • You don't have a full-time insurance manager to coordinate the activies of your insurance brokers.
  • You have a lot of insurance policies that renew at different times throughout the year, possibly delivered by more than one insurance broker, and are weary of always reacting to last-minute insurance proposals.

Outsourced Risk Management Scope of Services

  1. Set up a strategy and diary for the renewal of each insurance policy.
  2. Compile your workers compensation payroll, building and business personal property values, insured automobiles and other exposure information to be submitted to your insurance companies.
  3. Analyze each newly issued insurance policy, if necessary, sending them back to the broker for correction.
  4. Be your advocate on matters pertaining to claims, insurance policywording, premium cost, commissions and insurance broker services.
  5. Perform other tasks normally performed by a risk manager.

 

Analysis, Strategy and Advice = Solution

Problem » A distributor of surgical instruments acquired two new manufacturing facilities. In the middle of this transaction, the financial executive handling insurance went out on disability due to illness. We were called in to design a new insurance program and managed its placement. Later in the year, when their health insurance came up for renewal, we helped them with this, too. We remained in their service for three years.

Solution » Through consolidation we strengthened and simplified their insurance. Competitive bidding saved them 20%, despite rising premiums in the property/casualty market.