Services | Insurance Benchmarking

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Insurance Benchmarking

We use the RIMS Benchmark SurveyTM to prepare benchmarking tests for our customers.  The survey, which has been conducted annually since the 1980s, is being continuously refreshed on-line by thousands of contributing risk managers, brokers and consultants like us.

Insurance Benchmarking is available as a component of our other services -- or stand-alone. Once you have sent us all of your information, it takes us as little as a day to turn around the results.

We perform this survice for most clients for a fee of $1,000. Anyone can purchase the report by paying $650. However, we utilize our expertise and knowledge to interpret the results.

For more information about the RIMS Benchmarking Survey TM, visit the Risk and Insurance Management Society.

Insurance Benchmarking is useful when you:

  • Don't know how your premium rates compare to the businesses with whom you compete.
  • Are uncertain how much in umbrella or product liability insurance limits you should buy.
  • Have been offered a form of insurance that you do not buy and want to know how many others in your peer group carry that kind of coverage.
  • Are looking for a methodology to monitor your insurance premium and self-insured loss costs.
  • Think you might reduce you costs by increasing your deductibles.

Our Insurance Benchmarking Includes:

  • Compiling your insurance premiums, deductibles and limits for each insurance policy dating back three years or more.
  • Submitting this information, along with your annual revenues and other exposure information, to the RIMS Benchmarking Survey TM.
  • Preparing a concise report that compares your premiums, limits, deductibles and types of policies to organizations in your peer group.
  • Conferring with you about your renewals.

Benefits:

  • Quantitative information to weigh against any anecdotal information you have heard or read.
  • A methodogy for monitoring your insurance costs.
  • Benchmarks to make you program best in class.
  • An objective strategy for your renewals.

 

Analysis, Strategy and Advice = Solution

Problem » A manufacturer of medical and surgical supplies was unsure whether they were purchasing enough product liability insurance limits. Additionally, they had relied on their insurance broker to provide them anecdotal information about premium rate trends.

Solution » We provided them survey information that assured them that they were not over-buying or spending more than their peers per $1,000 of revenues.

Problem » A manufacturer of industrial products, a private company, did not purchase directors & officers liability insurance. A prospective outside director inquired as to whether or not they purchased this coverage.

Solution » According to the RIMS Benchmarking Survey TM, they were in the minority of of companies in their peer group. The survey data indicated how much in limits they should buy and approximately how much it would cost.