SERVICES
Outsource Your Insurance Purchasing
INSURANCE PROGRAM ANALYSIS
Stress Test Your Program
BEFORE the Claim
Insurance contracts are complex financial instruments . What you attest to on your application often becoming a warranty ; becoming part of your policy , to be used against you when presenting your claim to the carrier. How you apply for the insurance along with how the program was ultimately designed can have a huge impact on your P&L ; often the final arbiter of whether your company lives or dies .
Let us stress test your insurance program to identify coverage gaps & cost inefficiencies.
You can’t manage what you don’t know!
INSURANCE PROGRAM MARKETING
Is Your Program Cost Efficient?
Most companies don’t have the band width or the internal expertise to properly market their insurance program. We get it , you hate the insurance shopping process . Further most times you don’t lower your costs or end up staying right where you are ; questioning is the squeeze worth the juice.
Outsource the insurance program design and marketing by having Metropolitan Risk build an RFP “Request for Proposal” process .
WE WILL :
- We will build a coverage blueprint for you ,standardizing the bid process.
- Select brokerage partners from our pre-qualified list.; including your list.
- Submit to the Brokerage Community for quotations.
- Level the quotations to remove coverage disparities & noise.
- Submit for your review the (2) best options for your consideration.
- Assist in binding the program.
- Managing the program for you until for following renewal cycle.
INSURANCE PROGRAM DESIGN
Are You Buying Too Much Insurance ?!
When you started the company all those years ago you had 10 employees; now you have exponentially more employees & revenue to insure. Yet your still purchasing insurance through the same methods , with the same coverage structures and retention levels.
By building a standard “RFP” process , ensuring consistencies in the quotes it becomes far easier to market your insurance program on the street. Further by analyzing your retention levels (deductibles); you can save over 40% on your insurance premiums. This allows you to be far more competitive in your overall cost structure simply by re-structuring your retention levels.
Find out if your buying too much insurance?
Risk Management Lowers Your Risk Financing Costs
Risk Assessments
Insurance Is A Trailer ; Never A Leader
Understanding what risk you are retaining versus what you are transferring to an insurance carrier , for a premium is the very first step into building a well designed insurance program.
Contingent on your industry, location, and goals we strongly suggest that we put you through our Risk Redi Review. The purpose of our proprietary risk assessment is to understand both your strengths & weaknesses as an organization in terms of your ability to retain or transfer risk based upon your goals and balance sheet.
The goal here is to prevent a “NET INCOME LOSS” . Income you would have had accept for a particular event.
Loss Control & Risk Management Engineering
The most effective way to lower claims costs is to prevent them from occurring in the first place.
We have a team of loss control specialists contingent on your individual industry & challenge. Auditing your safety & compliance raises your core performance without the big spend of a direct hire.
Not satisfied with your companies safety performance. Have us test it!
Vendor / Sub-Contractor Qualification
Ensure the pool of capital at risk is their’s NOT yours!
Our clients understand their insurance program is essentially a very expensive credit line in reverse. When you put claims in , drawing on that credit line , your future insurance costs sky rocket! That’s why we created our RISK ROCKET system .
Trust but verify before your education becomes expensive!
Risk Management Information System
Manage Policies
Spreadsheets Are Not A System
As your company as evolved over the years so has the list of insurance contracts. With different expiration dates, insurance companies, lines of coverage , premiums & ratable basis audits and policy changes ; who can keep it all straight? You can if you have our OODA Risk Policy Tracking System.
The Brokers want you to rely on them to manage your renewal; putting you at a distinct disadvantage.
Incident In-Take
Watch for Smoke To Avoid The Fire
The vast majority of companies either don’t track incidents in real time , or think they do. When we ask to see their incident reports they are either non-existent or woefully outdated. The key to tracking incidents or near misses is to always have up to the minute data that only takes a click to get to. The key to our incident intake is that it’s simple for the staff to use and log in new incidents; and your management team , safety, HR, C-Suite receive actionable information without spending a lot of time to get to it which gives it superior utility.
The goal for any safety driven organization is to identify the hot spots in the org; rush resources to those spots to suppress further erosion of your risk related results! .
Claims Management
Insurance Is A Trailer ; Never A Leader
Have you ever heard of insurance carrier / broker claim arbitrage? It’s a little game the carriers play whereby they artificially boost your reserves on your liability or work comp claims and hold it there through several renewal cycles. Then miraculously, after you have been surcharged inside your insurance premium renewals for several cycles the claim gets settled for a fraction of the cost. Meanwhile that claims surcharge you received on your last 4 renewal cycles , artificially surcharging you for that loss doesn’t get refunded to you. Instead the carriers pocket that surcharge to their bottom line. Nice!
When your premiums rise, so does your insurance brokers commission as they are on the same food chain as your carriers. It’s no wonder the brokers at best simply just set up quarterly conference calls to go over the claims , giving you the illusion they are on top of it. At worst they simply point to your claims and losses when they deliver your renewal with that double digit increase 48 hours before the policies expires , throwing up their hands , blaming your safety performance for the increase.
Bottom line every open claim should have an action plan between you, the broker, and the adjuster on how to get the worker back to work in it’s a work comp claim. If it’s a liability loss; build the defense file in partnership with Met Risk , our attorney partners. loss control partners so we can go into battle with a plan. Further, can we subrogate the loss and tender it elsewhere so it’s not your insurance that funds the loss. This MUST be a consistent & repeatable process to deliver results NOT outcomes.
CLICK HERE to see the Met Risk Claim Difference
Our clients understand the cost of their insurance program is a function of how well they prevent & manage claims; period.
