For all our clients, we work hard to ensure they are getting the maximum value from their insurance and claims programs and drive down your risk exposures and “Total Cost of Risk” (premiums + uninsured losses/deductibles +broker/consultant fees + loss control expenses, etc). We have never been interested in working with those who just want to save money – it is simple enough to water down your cover, use a lower-rated insurer, raise deductibles, or other well-worn tricks just to lower the spend on insurance. Those tactics almost always come home to roost over the long term in the form of uncovered losses, an insurer placed in receivership or accumulation of losses below a deductible that is too high.
We are interested and passionate about long-term partnerships with those who understand that a robust risk management program adds value to the bottom line of the organization that pays dividends in the form of meeting obligations to customers, employees and other stakeholders and provides leadership with the confidence to take the right risks that lead to larger profits.
Below are a few simple examples of how we are helping current clients:
Global Manufacturing Company
- Serve as “floaters” to fill gaps in and extension of global team of 17;
- Review/edit indemnification terms and insurance requirements of customer contracts;
- Develop & enforce insurance requirements for suppliers & distributors;
- Lead risk assessment of new products, services and technologies;
- Support for M&A activity;
- Support for risk registers and Enterprise Risk Mgmt;
- Training and workshops for Legal, Purchasing and Risk teams;
- “Troubleshooters” for claims, compliance and other issues;
US Construction
- Serve as front line risk management, insurance and claims team
- Handle all aspects of insurance renewals, data collection, coordination with the broker, analysis of options, ensure coverage timely bound;
- Review & ensure accurate & complete binders & policies;
- Report & manage claims (all lines) and ensure TPA drives to closure;
- Measure & drive down Total Cost of Risk.
Multiple industries
- Insurance policy archaeology (locating evidence of old, lost insurance policies);
- Managing latent mass tort claims (asbestos, pollution, etc)
- Tender to insurers;
- Response to Denials or Reservation of Rights letters;
- Strive for full cover for defense & indemnity – in most cases direct payment rather than reimbursement
Business Risk Assessment
- Our process involves a series of site visits and interviews with managers in Finance, Human Resources, Legal, Operations (all major business segments), Compliance, Safety, etc., as well as, at your option, third parties such as outside counsel, accountants, and broker service teams. The objective is to begin with an understanding of your entire business operations, and the risks they present, from the perspective of your newly hired Risk Manager.
- The second phase is to compare your current insurance program with our findings from the first step. We will thoroughly review your insurance policies to confirm that coverage conditions of insurance company/broker proposals match those delivered in binders and the issued insurance policies (they rarely do!).
- The final phase is a report that overlays our findings, itemizes any discrepancies or inconsistencies found, and recommends corrective actions. It will also delineate your hierarchy of risks (frequency vs. severity) and offer cost effective recommendations to reduce or eliminate any deficiencies we found in accordance with sound risk management practices.
- Among others, our report will address these questions:
- Are your business risks being recognized and appropriately handled by the insurance program?
- Are there gaps or overlaps in the insurance coverage?
- Are the terms and conditions favorable to you?
- Are deductible and self-retention levels optimized and appropriate?
- Are internal premium funding allocations to business units effective and appropriate?
- Are internal and external lines of communication open and clear on matters involving risk management (property, liability, claims, safety)
- Are there any non-insurance means to address the risks?
- Are unnecessary insurance coverage being purchased?
- Are the insurance costs appropriate for the current insurance market and the risks posed by your business exposures and claims history?
- Are risks transferred to other parties whenever possible?
- Is incoming evidence of coverage from third parties checked that it matches contract conditions?
