Armstrong Company clients receive customized coverage options that have been created specifically for their business. We recognize that every organization has a different risk profile, specific appetite for risk retention and a unique set of factors that will determine the type of Risk Management program that is best suited for them. Our service includes year round monitoring and support of the program.
- Identification of Exposures
- Selection of optimum Risk Management Techniques
- Insurance Coverage Procurement
- Implementation of the Program
- Ongoing monitoring of the Program
THE SERVICES WE PROVIDE:
- Risk Analysis Studies – We can provide statistical data on your industry by region of the country and where you are in comparison. We can supply loss trend information for exposures that may not have yet materialized in your operation so you can implement actions to prevent them. We can provide similar data on any new field you may consider entering. The information can provide you a snapshot of potential risks so you can adequately weigh entry into the new venture.
- Claims Reserves And File Handling Quality Audits – This function is important for controlling costs and to insure that any Letters Of Credit or other collateral you have put up against reserves are accurate.
- Loss Forecasting – Third Party Administrator Evaluation, Selection, and Auditing – A Third Party Administrator is the single largest factor that will affect your loss control program. The administrator must have a clear understanding of what types and which levels of claims that you want them to manage aggressively. They need to understand which types of trends require monitoring and they should provide you with monthly updates. Lastly the Third Party Administrator must have the resources and systems to handle multiple carriers as you change over time.
- Workers’ Compensation Cost Containment Studies – Our staff works closely with the insurance company’s loss control and claims departments to identify trends or areas that may be contributing to your losses. Early implementation of loss control programs can result in a positive influence on workers’ compensation claims. The results will have a clear impact on your Experience Modification and may reduce the amount of any collateral attached to large deductible programs.
- Insurance Processing Organizational Studies – Your largest expense on insurance is time! Whether it’s your Human Resource Department, Risk Management Department or the CFO directly, how you set up the reporting, monitoring and processing of insurance is important. We can provide you with the most efficient way to handle these crucial steps.
- Collateral review of Letters of Credit
- Self Insurance Feasibility Studies and Support – The decision to self-insure your risk involves several factors other than the pure cost/risk of loss. There are accounting, legal and tax issues that also need to be considered before deciding to self-insure.
At The Armstrong Company Insurance Consultants we work with our clients in the establishment of their Risk Management Program. Together we set the objectives, implement the program, and determine the appropriate monitoring schedule. An important component of any successful Risk Management Program is engaging the insurance company’s claims department as a partner in the program. Our office establishes specific procedures so our clients are part of the claim process from the initial reporting through final payment.
We also offer our clients guidance and the subsequent implementation of Alternative Risk Financing techniques, Self-Insurance Programs and Offshore or domestic Captive Insurance Programs.
Let us help you establish your Risk Management Program today. Contact us