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评价文档：Welcome to&our full service agency web site for&risk management!
Business owners most value an insurance agent who completely understands their individual business and helps them assess and manage their risk. The factors our clients find most satisfactory are:
1.& Interaction with you
2.& Policy offerings tailored to your
3.& Confidence that you are properly insured.
How does this come about?
Start by reviewing the tab.
Then take a risk assessment exercise at the to find out your risk tolerance.
Review the survey of your choice on the left hand tabs&for more points to consider.
We provide you with quality information so that when you have a risk management need, you can discuss that need with knowledge. We work with you to create&an insurance program to protect what you most value. When you work with our agency, you get much more than just insurance coverage. You get instant availability to risk management. We provide a variety of products designed to protect your assets, as well as the expertise to design these products to your individual needs.
What is the cost of risk management?
Whether it&s computing injury claims costs or &inventory shrink& due to employee theft, the cost of both pure and speculative risk affects the price of your risk management program. That&s why we take a total cost of risk approach by tailoring your risk management program to look to the end game & cost effective risk control.. To reach that goal, we help you:
Analyze your exposures
Implement control measures to those exposures
Determine risk transfer or financing options
Manage current and future exposures
As part of our risk management interview process, we look to confirm that your risk management approach supports your overall business objectives. As a business owner, what keeps you up at night? If that concern happened, how would your income or cash flow be affected if there were unforeseen depletions of capital or a shutdown in production or supply? Discussing the qualitative aspects of your business provides the important details needed to solidify the game plan to your end game. Exposures are both qualitative and quantitative. Analyses into both offer the foundation for developing forward-thinking approaches to those exposures.
What is your viewpoint on risk? Is your company risk-averse? Is it in a financial position to take on more risk versus transferring that risk to another party or contractually to a carrier? To help determine your risk aversion, it helps to assess your company history. For example, if you are a start-up company, cash flow and funds are typically tight, so you are more likely to be adverse to risk to protect the financial viability of your start-up organization. Conversely, if your company has a 20-plus year history, there are also risks, including becoming obsolete, stagnant or too conservative with your business plan.&
Additionally, we consider your industry, market position and competition in positioning your risk management solution to the changing needs of your business.&
Quantitative analysis supports the qualitative interview. We look at the &hard numbers& and prior losses to identify trends in your performance. We also analyze top loss drivers to illuminate areas of concern, such as:
Average incurred costs per loss
Total incurred trends
Locations with high frequency issues
Fraud behaviors
Reporting lag time
Frequency vs. severity ratios
OSHA recordable incidents
The results of our in-depth analysis will reveal opportunities to approach the critical areas driving your total cost of risk. We will isolate the root causes of these problematic areas and look to implement control measures to mitigate this exposure.
Implementing Control Measures
Identifying exposures directs us to focus our resources on delivering the best control measures.& An estimated 75 percent of commercial insurance expenses are claims-driven. We look to control and reduce this percentage through pre- and post-loss control measures.&
A comprehensive loss control evaluation uncovers your strengths and weaknesses. One may have strong management leadership behind his or her initiatives but have no employee buy-in or participation.& We have the solutions to establish a safety committee, delivering a comprehensive employee safety education campaign to address your exposures.&&
There are also many post-loss or cost containment strategies. A proactive and effective return to work program is one strategy that positively affects your bottom line. &
Fraudulent claim behavior can drive the cost of risk out of control. Anti-fraud tactics include educating employees on the effects of insurance fraud through payroll stuffers and worksite posters, and offering safety incentives for solid performance.
An active loss control program and post-loss procedures are elemental to cost containment. Our agency offers comprehensive resources to employ the most appropriate strategies for your business.
Risk Transfer/Financing
Once we have identified exposures and created control measures, we can focus on the remaining exposures to transfer and/or finance. You will want to address questions such as:
How much risk can I afford to assume in-house?
How can we assist in contractually transferring that risk to a third party?
What portion of the exposures do I want to finance through an insurance policy?&
&Addressing these questions offers a direction as to how to approach the financing of your risk. Think about current cash flow needs. Are account receivables current? If there is a lag, how long is it, and are there resources to correct it?
Considerations involve self-insured retentions if you have a mature loss control program and the financial reserves to cover those shock losses that occur. Therefore, a combination of insurance and non-insurance strategies should be considered.
Managing Your Exposures
Roughly 25 percent of businesses that sustain a major catastrophe are no longer in business within a year&s time. If there is an interruption in your operations, are you prepared?
We have the resource for you to develop a comprehensive business continuity plan. This involves backing up your policies and procedures..
Our Cost of Risk Resources
To develop the most appropriate risk management program for your organization, we approach insurance through a variety of strategies, such as:
Identification processes (qualitative and quantitative)
Loss analysis tools to uncover exposures
Implementation of pre- or post-loss initiatives that Address cost containment
Business continuation planning/disaster recovery
Risk financing options, retained losses or transferred
Regulatory compliance issues
We work with you to develop a strategic action plan, assist in the execution of the designed risk management program and are committed to the monitoring and support of these initiatives. If you are interested in reviewing your risk management strategies, contact me today.
Experience modification review
Workers& Compensation experience modification ratings (EMR) are complex formulas, but understanding how they are calculated can go a long way in helping a company keep Workers& Comp premiums in check.
By performing the same evaluation of the experience modifier as a regulator, we can determine calculation accuracy and forecast future financial impact on a premium. Inaccurate EMR calculations are typically the result of errors in payroll amounts, inaccurate job classifications, improper claim reserves and open claims that should be closed.
Example: A large service provider that performs work on both public and private contracts had its Worker&s Compensation payrolls analyzed and an EMR calculation conducted after having difficulty qualifying for new projects because of its 1.16-EMR. A review of the company&s open claim reserves determined that many of the open claims were excessive and needed to be negotiated down with the insurer. This accounted for nearly 20% of the experience modification calculation.
The improved reserves were reported to the National Council on Compensation Insurance, resulting in a reduction in the company&s EMR to 0.94, which allowed the company to bid on and win several contracts worth more than $15 million. The company also realized a premium savings of $264,000 over a three-year period.
I am currently working with two new clients on modifier reviews.& One has been calculated at a 10% error over four rating periods (years) that we expect will return $200,000 or so in overbilled premium.& Another new client has only two of the three prerequisite three years information filed.& Our preliminary calculation is a 25% overcharge on a $400,000 per year policy.
Plan on our reviews of insurance protection to feature this added service.
If you have business associates you think might value this process, please ask them to give me a call.
Bob Turner | Risk Management Consultant
INSURICA&&& / Joe West Company
406 S. Boulder Ave., #600 Tulsa, Oklahoma 74103 P 918.346.6973 | F 918.660.0836
Bob Turner Agency, Inc.
Bob Turner - Risk Management Consultant406 S Boulder, Suite 600
Tulsa, OK 74103
(918)-346-6973 Phone&&&& (918)-660-0836 FaxBusiness Insurance
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At Fidelity Insurance Service, we see clients, risk, and insurance solutions as opportunities for security and excellent service.
Our approach to insurance and customer service ensures that when it comes to protecting your family or business, you'll find no one better prepared.
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