OUTSOURCED RISK MANAGEMENT

Exactly how significant is your insurance buying decision?

Did you know that insurance is usually an organization’s 3rd or 4th highest expense? When managed well, it can create a competitive advantage for your company. This requires deep industry expertise by someone who is hired and compensated exclusively by you based on a flat fee…not an insurance company commission. Our outsourced risk management services are 100 percent fee based.

CIC will develop and implement a customized solution by incorporating the most efficient mix of risk avoidance, transfer and financing tools available. These services go beyond traditional insurance programs to deliver strategies that can boost your firm’s revenues, increase net income and bolster balance sheets. Nearly all of our consultants have at least one industry designation based on their experience, knowledge and attention to detail so we can offer true specialization with all types and sizes of clientele.


Services

We offer the following outsourced risk management services:

Evaluation of Current Program
  • Provide an independent analysis of your current insurance program to include an assessment of appropriateness of carriers, coverage type and limits based on reported exposures.
  • Verify the accuracy of all property and casualty insurance policies to ensure coverage is provided as negotiated.
  • Request and verify the accuracy of all policy endorsements.         
  • Provide recommendations of any insurance not currently carried and any alternative risk transfer methods determined to be in your organization’s best interest.
  • Review any in-force or existing third party administrators (TPAs) and their contracts and offer recommedations.
  • Review and provide professional observations on historical claims.

Renewal Services
  • Identify and recommend prospective brokers (There are over 38,000 brokers in the U.S. We carefully vet all our recommendations based on a strict list of factors that indicate performance and integrity).
  • Formalize market assignment.
  • Develop and distribute a comprehensive Specification Document to the insurance marketplace.
  • Review, evaluate and summarize proposals.
  • Negotiating pricing and coverage terms and conditions.
  • Review coverage binders.

Claim Support Services
  • Provide an independent analysis of your current insurance program to include an assessment of appropriateness of carriers, coverage type and limits based on reported exposures.
  • Review of monthly loss reports and monitoring of large claim activity.
  • Establish quarterly Claims Review meetings to review progress on resolution of outstanding claims.
  • Coordinate with carrier Loss Control personnel to review your safety plans and sites while addressing any recommendations for improvement.
  • Assist in establishing a Safety Committee with effective communication with key organization staff members. This committee will be an integral part of the Outsourced Risk Management Team.

Invoice and Audit Support Service
  • Ensuring field auditors don’t miss any fine details that were negotiated in your insurance program.
  • Verifying premium audits.
  • Verifying premium invoices.

Ongoing Risk Management Services and Educational Support
  • Provide ongoing consultation and advice to ensure that your insurance program remains responsive to your needs.
  • Review contract language for insurance requirements, hold harmless and indemnification exposures. Make appropriate recommendations for changes to protect the interests of your firm.
  • Review all policies for accuracy.
  • Review any vendor certificates of insurance for compliance with contract requirements.
  • Provide risk awareness and management educational materials and information support.
  • Assist with any other requests, projects or initiatives that could give rise to risk management and insurance issues.


Next Step?
Contact us by email or phone so we can talk. Or click here to learn more about outsourcing risk management consultants.

FAQs and Resources

When Should You Consider Hiring and Outside Risk Management Consultant?

What are some of the industries that CIC clients represent?

When it comes to specific coverages, does CIC have any specialties?

Click here to view or download a single sheet .pdf summary on CIC’s Outsourced Risk Management services.

Click here to view or download a single sheet .pdf CIC Overview.


Upstate New York
5687 Main Street
Williamsville, NY 14221

T (716) 632-4442
F (716) 631-5728

Rochester Office
217 W. Main Street
Rochester, NY 14614

T (716) 632-4442
F (716) 631-5728
New York City
1251 Avenue of the Americas
42nd Floor, Ste 137 S
New York, NY 10020

T (212) 278-1050
F (212) 278-1733

                                                          

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