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Risk Solutions, Inc.

Services

  • Develop and implement a superior risk management program
  • Identify opportunities for overall cost reduction
  • Improve coverage terms and conditions
  • Negotiate pay-for-performance compensation plans where feasible
  • Negotiate broker service agreements which have quantifiable and measurable value to your organization


Outsourcing/Cost Reduction

  • Identify opportunities to reduce costs, improve your overall program, increase profitability and provide balance sheet protection
  • Establish benchmarking and best practices to quantify and measure the effectiveness of your risk management program
  • Provide professional oversight of the insurance risk management program and vendors
  • Outsource or eliminate low value-added processes allowing you and your associates to focus on core competencies and business strategies


Areas of Cost Reduction

  • Insurance premiums and administrative costs
  • Retained (planned) losses
  • Vendor compensation
  • Carriers/Brokers/TPAs
  • Internal expense
  • Management/Administration/Claims/Processes


Services/Typical Projects

  • Retained as the “outsourced” risk/insurance manager
  • Conduct Broker/Third Claim Administrators Request For Proposals
  • Captive Feasibility Studies
  • Independent analysis of insurance programs
  • Negotiate Loss Portfolio Transfers
  • Audit claim files


Insurance and Risk Management Audits

  • Review historical risk management strategies (insurance, loss financing, vendor agreements, policy coverage terms and conditions, etc.)
  • Compare your program to Risk Solution’s Best Practices Database
  • Overall improvement of your insurance and risk management program


Captive Feasibility Studies/Implementation

  • Identify opportunities for cost savings
  • Analyze and recommend the most effective captive program structure
  • Research and recommend the most favorable captive domicile
  • Identify exposures and corresponding insurance coverage to be placed in the captive
  • Conduct a risk retention analysis to determine the amount of risk to be transferred into the captive
  • Interview and select captive vendors (captive manager, broker, actuary, TPA, etc.)
  • Assist with captive filings (license application, certificate of incorporation, captive management agreement, etc.)


Loss Portfolio Transfer

  • Preparation of underwriting submission used for pricing of loss portfolio transfer
  • Negotiate program pricing as well as coverage terms and conditions
  • Analyze and compare program alternatives with overall cost reduction objectives
  • Implement procedures to recoup payments from the pre-payment claim fund
  • Monitor the management of open claims transferred to the loss portfolio program



Examples of Range of Service

Standard Consulting Services

    • Assistance with insurance renewals
    • High level insurance coverage review
    • Verify the accuracy of all deliverables prepared by brokers and claim administrators
    • Attend semi-annual meetings (renewal/stewardship)
    • Assist with catastrophic claim review
    • Minimal high level assistance with M&A transactions
    • Develop renewal strategy


    Intermediate Services

    • All of the previous consulting services
    • Comprehensive insurance coverage review
    • Negotiate service agreements with brokers and claim administrators
    • Quarterly meetings with client
    • Prepare cost of risk report
    • Comprehensive assistance with M&A transactions
    • Assist with claim disputes with insurers
    • Estimate liability accruals for retained claims for GAPP purposes


    Significant Level of Services (Full Outsourcing)

    • All of the previous services
    • On site presence, (typically weekly/monthly) includes voicemail access to corporate Internet site, etc.
    • Visit key operating locations
    • Review corporate policies relating to risk management
    • Review corporate legal agreements for insurance and risk management issues (as requested)



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