David Leng, CPCU, CIC, CBWA, CWCA, CRM
Best Selling Author | Speaker | Certified Risk Manager | Certified Work Comp Advisor
Author of #1 International Best Sellers
Laws of Insurance Attraction & Turning Premiums Into Profits
GOING BEYOND INSURANCE . . . THE PROCESS
During this crucial phase, we will invest the time to understand every facet of your business in order to help you and your team identify the risks which face your business. We focus on risks facing your business’ property, its employees, liability from third parties, and impact on company income and its balance sheet.
If these risks to loss are not identified, how else can a business determine the most appropriate way to control and insure their losses.
During the implementation process, we put in place specially tailored programs and strategies designed to protect your assets while reducing insurance costs. A strong belief in our Risk Profile Improvement Process motivates underwriters to offer much lower insurance costs on your behalf.
We will also look at alternative finance arrangements, such as captives, high deductibles, contractual transfers, and other alternative strategies of risk transfers.
By evaluating the effectiveness of your risk management programs, practices and resources under “real world” conditions, we assure that your assets receive precisely the right type of protection.
Risk Management is an ongoing process, if you do not continue to Identify new risks, Analyze those risks, Control them, and Implement new programs, you are subject to those risks controlling you!
During this phase, we determine what Risk Control Programs and Processes will be most effective to reduce your potential Frequency and Severity of losses, and ultimately reduce the Total Cost of Risk on the organization. By truly exploring a spectrum of proven alternative strategies to minimize risk, we can dramatically reduce insurance costs.
Underwriters determine the premium you pay based on their perception of the risks in your organization. By reducing, minimizing or eliminate those risks, you will dramatically drive down your insurance costs.
Once we have developed a thorough understanding of your business, including your industry, corporate culture and operating procedures, we are ready to move beyond insurance.
Here we determine what the potential impact of those identified risks will have on an organization, so collectively we can prioritize how to best handle each risk.
A business' premium is based on what insurance underwriters perceive the risks in a business to be. Driving down insurance costs requires businesses to go beyond insurance, beyond its broken shopping process, and focus on managing those risks that drive insurance companies to want to charge a business more premium.
Risk Profile Improvement requires using the five-step Risk Management Process to identify, control and reduce the risks, inherent in any business, that drive the Total Cost of Risk to a business' bottom line and jeopardizes a business. This is the process that Improves Risk Profile and dramatically drives down insurance costs. Here, we briefly examine those five steps, simply hover your mouse over each to lean more.