OnSite Risk Manager

Delivering 24/7 risk management and insurance consulting services


Details About Option B


Option B: On-Site Risk Management Services – 24/7 consulting services for as long as you need us!
     
We will perform all the following functions and activities of an in-house risk management department:

 1. Insurance– the most expensive way to transfer risk. We’ll focus on enhancing coverage while reducing premiums.

  • We will evaluate the current insurance program (domestic and international) to determine what the company is required to insure by law, or by contracts with its customers and lenders.
  • We will perform a company-wide risk assessment to identify the company’s exposure to catastrophic losses.
  • We will meet with senior management to decide on policy limits and deductibles based on the company’s profitability and financial position.
  • We will review the company’s international insurance program to determine if local governments can provide better coverage at lower premiums.  
  • We will use the Insurance RFP©, our cloud-based ChancesR® software to transfer some of the risk of purchasing the wrong coverage to the insurance broker.



2. Claims Management– retained losses are the main driver of insurance premiums. Your company will have its own cloud-based RMIS to manage claims.

  • We will evaluate current loss retention levels and reduce them when possible.
  • We will evaluate the use of bundled and unbundled insurance programs.
  • We will audit your third-party claims administrator (TPA) and set the criteria to evaluate its performance.
  • We will use Insight Claims©, our cloud-basedChancesR® software to report, investigate, administer and litigate insured and uninsured claims.



3. Billing – who is checking those TPA invoices with 1,000+ items? We’ll provide you with the tools (software) and expertise to audit those TPA’s bills.

  • We will review all payments to insurers, agents, lawyers, and other service providers before they go for approval.
  • We will evaluate limits on bonds, LOCs and other financial instruments to collateralize retained losses or to comply with self-insured government funds. 
  • We will audit your TPA’s monthly funding and service fees invoices to analyze charges to service providers (payees), and look for wrong fees and duplicates.
  • We will process all payments in time to match the company’s payment schedule, and provide accounting with the right coding for the proper expense allocation.
  • We will use TPA Billing Auditor©, our cloud-based ChancesR® software to analyze your TPA’s funding, time and expense, and service fees invoices.



 4.  Contractual Risk Management -  each time we try to reduce our cost, we increase our risk. We’ll manage contracts with service providers and track its certificates of insurance.

  • We will implement a Contractual Risk Management (CRM) program to manage the risk of using outside service providers. The goal is to separate risk management decisions from those managing cost at the operations level.
  • We will setup new insurance requirements for vendors providing services to the company to ensure that they meet the minimum standards required by the company’s insurers. We will ensure that company’s contracts align with the vendor’s insurance to provide the necessary coverage.
  • We will track the vendor’s certificates of insurance and verify that they meet the company’s insurance requirements.
  • We will use Contractual RM©, our cloud-based ChancesR® software for operations to generate contracts with vendors, and for our risk management professionals to track the vendor’s certificate of insurance.



5. Budgeting – insurance is just a component of the company’s Total Cost of Risk (TCOR). We’ll prepare and monitor your company’s risk management budget.

  • We will prepare the company’s risk management budget to include all of the components of the company’s total cost of risk (insurance + retained losses + claims administration + others).
  • We will allocate the company’s TCOR to each business unit based on experience or exposure.
  • We will work hard to control the cost of insurance to meet the budget, while keeping or enhancing insurance coverage.
  • We will use Real-Time Budgeting©, our cloud-based ChancesR® software that uses historical data and links to future markets to provide forward cost.



 6.  Government Compliance – there are 50 worker’s compensation insurance laws in the US. We’ll do the filling and coordinate the payments to state and federal agencies.

  • We will file monthly, quarterly and annual reports with government agencies to comply with self-insured employer requirements.
  • We will process payments to government agencies and process bank guarantees (bonds, and LOCs).
  • We will evaluate the need to be a self-insured employer with the State or Department of Labor.
  • We will review insurance requirements in other countries to ensure compliance of local laws.