Risk Management and Insurance Consulting Strategic Plan
Risk and Insurance Management Audit
- Assess significant risks and exposures, including:
- Loss magnitude
- Loss impact
- Evaluate the current insurance program, including:
- Protection afforded
- Adequacy of limits
- Cost competitiveness
- Determine if optimum deductible and self-insured retentions are being applied.
- Evaluate outside services, including:
- Quality and effectiveness of service
- Cost reasonableness of brokers, insurers, claims administrators and other service providers
- Examine risk transfer exposures, procedures and requirements in agreements.
- Address the internal administration and function of the risk management program, including:
- Personnel
- Functions
- Responsibility
- Reporting Relationships
- Authority relationships
- Prepare a report of findings, conclusions and recommendations
Insurance Renewals
- Assist in the selection of one or more proposers.
- Allocate insurance and reinsurance markets to proposers.
- Prepare written insurance specifications with minimum protection requirements.
- Negotiate with and monitor the proposers' activities during the marketing process.
- Analyze proposals and present a report of conclusions and recommendations.
Financial Analysis
- Conduct self-insurance and high deductible feasibility studies.
- Facilitate the projection of actuarial estimated losses and recommend self-insured funding amounts.
- Conduct captive insurer, risk retention group and other alternative risk financing engagements, including:
- Feasibility studies
- Facilitate selection and implementation
- Monitor the program
- Assess the impact of maintaining occurrence vs. claims made insurance coverage.
Employee Benefits
- Evaluate insured and self-insured program's cost efficiency and plan design.
- Design programs which meet client objectives.
- Negotiate program structure and cost of renewal insured and self-insured programs.
Other Consulting Services
- Address risk management and insurance due diligence, acquisition and other issues.
- Evaluate and assist in designing risk management information systems.
- Assist in claim settlements.
- Implement continuous consulting services to minimize clients' exposures and Cost of Risk.
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