Risk Managment

Captive Insurance Programs

The Insurance Archaeologist™ experts have experience in setting up captive insurance companies which are domiciled offshore. While the original idea in offshore captive formation was for tax savings, there are other more compelling reasons for setting up a captive. One of these reasons is to retain control over the reserving and handling of claims.

Corporate Acquisitions (Insurance Due Diligence)

Our expert Mr. Underdown, as the Risk Manager for Rural/Metro Corporation, was part of an acquisition team that completed 60 acquisitions ranging in size to $60 million in a 40-month period. In each case the acquisition target’s insurance program was reviewed and the programs were then folded into the Rural/Metro corporate program.

Cost of Risk Allocation

The Insurance Archaeologist™ experts have experience in cost allocation of corporate risk management programs. As Risk Managers they have been responsible for allocating the corporate insurance costs through the corporate budget. As part of budget teams, they worked closely with accounting departments, and in some instances data from the risk management departments was used to design and operate safety incentive programs, as well as management bonus programs.

Departmental Operation

As experienced managers, our experts have set up and organized several risk management departments which included the selection, hiring and training of the professional staff such as compensation claims supervisors, liability claims supervisors, safety supervisors and analysts.

Loss Control Programs Design

Often the loss control or safety function reports to the risk manager. This is a good fit from a management point of view as the risk management function interfaces with the loss control function in many ways. It is important to position the loss control function as part of the operational management team.

Risk Performance Measurements

As part of a well-designed risk management program, it is important to develop a method of capturing loss and claims data for metrics to measure the risk performance of operating units.

The risk performance statistics can be used for a variety of purposes, from budget allocations to safety incentive programs. Therefore, risk performance metrics are important; and it is necessary for the information to be maintained historically.

Safety Interface

The safety or loss control function often reports to the risk manager. This is a good fit from a management point of view, as the risk management function interfaces with the loss control function in many ways. It is important to position the loss control function as part of the field management team and not to be regarded as the corporate policeman.

Another design element for an effective loss control program is to use any and all incentives appropriate for the specific target employee group. The incentives will vary considerably depending on the employee group.

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