Spring’s risk management consultants work closely with employers of all sizes to identify, evaluate and actuarially quantify risk. Risk financing often involves the placement of individually customized insurance programs and increasingly includes the use of various alternative risk transfer techniques, such as captives, risk retention groups, or structured reinsurance solutions. These techniques constitute the core of a property and casualty conceived risk management strategy. Our solutions include:
Strategy Development Including Enterprise Risk Management Strategy
Enterprise risk management (ERM) is a process by which risks are identified, quantified and when necessary diversified in an effort to fully understand the liability and make complex decisions surrounding loss control and management. Spring understands that all organizations have a different appetite for risk, but risk tolerance is only one part of the ERM process. Our risk management experts will lead your organization through a full risk audit and work collaboratively toward mutually beneficial solutions for all areas of your business. This will include assessment of risks within a captive insurance company or other alternative funding options. We will ensure those alternative risk vehicles continue to meet the changing needs of your organization, and that they are operating as efficiency as possible from a premium, fee and tax perspective risk.
Risk Retention Funding Analysis and Implementation
Ideally a thorough risk analysis involves assessment of both property and casualty as well as employee benefits insurance risks; however, in some organizations the focus may be more targeted.
Spring’s analysis includes:
- Review of current risk
- Gathers risk history
- Assesses risk tolerance
This allows us to pinpoint the level of confidence in the risk management program and benchmark those findings against similar situated employers. Having the benchmark we can then forecast and predict future claims, volatility and the appropriate retention level to implement.
Our comprehensive analysis allows a detailed review of insurance programs and risks. This helps us construct a strategy roadmap so that informed decisions on the appropriate course of action can be selected to address risk.
When ready to execute the strategy Spring, we’ll be right here. Our experts can work with you to implement the solutions having a full understanding of the original organizational goals. We have the ability to lead the implementation efforts as the project matter and subject matter expert or can act as a resource to review project milestones to ensure that strategy is being executed as it was intended loss.
Loss Control Services
Regardless of how sophisticated and efficient your risk financing program may be, the absence of effective loss control and prevention protocols can sink even the best-laid financial plans. Spring has the ability to design and coordinate effective loss control services tailored to your industry and unique circumstances.
Spring helps employers identify potential risks and provide innovative solutions to manage those risks on a daily basis. By evaluating your loss exposures and developing safety measures to minimize your risk we have helped many organizations mitigate these exposures through proactive loss control services.
Insurance Program Design and Risk Transfer Review
It’s critical for risk managers and insurance buyers to understand the risk and rewards associated with each insurance program. Designing a cost-effective insurance program will allow the rewards to be reaped and the risk to be mitigated.
Insurance is designed to allow an organization to transfer a readily identifiable group of risk from its balance sheet to an insurer. In the insurance transaction there are many pitfalls – coverage exclusions, potentially onerous conditions in the event of a loss and counterparty risks are only a few. At the outset, it may appear that the program satisfies its intended purpose; however the true effectiveness of an insurance program becomes clear when a loss occurs.
Our experts understand the pitfalls and develop insurance programs that identify and eliminate the weakness before they’re revealed. Spring guides clients through the complexities of these transactions so that they may reap the rewards of a cost-effective insurance program. Please contact us for more information about our property & casualty risk management services.