Risk Management Services
Does the risk management service level you receive correlate with the amount of commissions / fees you pay?
One Risk Group, LLC's compensation alternatives align client objectives, program costs and services provided to achieve the most value and performance for your organization.
Alternative methods of compensation include:
- Commission for insurance program / policy placement by appointed insurers
- Flat fee for services paid by client
- Performance based fee or range based on activity standards or performance standards
- Commission and fee based combination
- Multi-year fee based engagement
Determination of appropriate commissions and fees includes the following:
- Commensurate market commission rates paid by insurer
- Coverage placement and premium levels
- Degree of marketing
- Certificate management
- Loss Control service levels
- Claims Management service levels
- Additional required advisory or account management services
Our service delivery standards are founded on communication and accountability.
The annual Service Timeline, developed at inception of our engagement, is your assurance that we will fulfill our service commitments throughout the term. This methodical approach to account management ensures our accountability and your continued satisfaction with the partnership.
The Service Timeline is a structured, proactive, program management tool that keeps you informed of agreed upon commitments by our organization and the insurance carrier, assignment of team members responsible for specific deliverables and the time period when items will be performed / completed.
Our Customer Contact Strategy is based on our organizational commitment to proactively address areas where we can be more integrated with your program. Our focus will include providing industry related information and contact regarding areas where improvements in coverage, cost or service may be achieved.
Contact initiated by our client services teams will be diaried, frequent and value driven. The focus will be to bring awareness to a variety of areas that may have impact on your business and management of risk. Several of those areas include:
- Insurance industry news and updates on a variety of topics
- Issues specific to your industry
- Ongoing evaluation and assessment of your coverage, limits and services provided by us or others
The One Report provides an annual summary of achievements and results accomplished. Activity and results are measured. Value received from our representation and relationship with you and your organization are featured.
The One Report provides your management team with a stewardship over the term of our engagement. Elements of our stewardship include:
- Progress on activities outlined in the Service TImeline
- Monitoring of the effectiveness of program activities and process changes
- Measurement and comparison to individual, peer and industry benchmarks
The One Risk Group, LLC approach to Risk Management is founded on the premise of "knowing as much about your business as you do" and then adding our knowledge of managing your risk. We will perform a detailed operational and risk transfer analyses founded on your corporate needs and stated goals. Three elements comprise the process:
- Qualitative and Quantitative Analysis – "what and how much?"
- Risk Mapping – a visual tool to identify and measure impact of risk
- Risk Assessment – a management tool to guide strategic decisions
Qualitative and Quantitative Analysis
The Qualitative Analysis or "what?" includes those risks that have a potentially harmful impact on your organization and are characterized as Critical, Important and Less Important. Areas of scrutiny include:
- Management's Appetite for Risk – "Risk Tolerance"
- Innovation, Product Development and Marketing
- Compliance and Regulatory
- Social Responsibility
- Internal Policies
The Quantitative Analysis or "how much?" attempts to measure risks from relative numerical values with a focus on analysis of losses, exposures, costs, benefits and financial statements. The net result addresses the financial impact of risk and risk treatment measures.
A visual analytical tool from which all risks of an organization can be identified and the potential impact understood. The One Risk Map™ will support each area of decision making by your organization.
Our in-depth study of your operations culminates in the One Risk Assessment™, which provides an executive summary of findings and recommendations that your management team may use as a guide to manage risk and make informed strategic decisions.
- Identification of threats facing your organization
- Analysis of exposures, historical data, operational reviews, interviews and site visits
- Control strategies are evaluated to avoid, reduce, retain or transfer risk – this includes a detailed review of findings and recommendations within insurance policies and other contracts
- Financing of Risk alternatives are evaluated
- Implementation and Monitoring of the chosen programs
To effect meaningful improvements in your program, cost of risk components must be evaluated. One Risk Group, LLC's team will implement a plan of action to achieve improvements in each of the components that will result in significant total reductions in cost. Reducing risk and its associated costs requires much more than a transactional, product driven focus; ongoing scrutiny of Total Cost of Risk (TCOR) components will ensure positive long term results.
Total Cost of Risk (TCOR) components include: