As a senior level business manager and buyer of Property and Casualty Insurance you are called upon every day to make decisions that have a profound effect on the future of your organization. Would you find value and peace of mind in knowing that your organization’s insurance and risks are being thoroughly analyzed and managed by the industry’s most respected personnel who are working in YOUR best interest, not for the insurance company, an agency, or a commission check? With Insurance Audit & Inspection Company’s wide array of consulting services you can expect the most accurate professional advice on-call, customized to your needs, schedule, industry, and budget.
Risk Managment Audits
An audit is like a yearly physical for your insurance and risk portfolio. It is a comprehensive process to identify and evaluate our client’s exposure to risk and loss in various areas and a determination of ways to minimize or effectively manage that risk. Organizations find our audits essential to getting a top-down view of your current risk strategy, insurance portfolio, how those risks are being managed in and out of the offices, and where how to proceed as the organization grows and faces new risk.
Below are the steps we follow to help you manage risk more appropriately:
Learn more about your company’s current risk management strategy
Conduct an on-site survey to identify and analyze exposure to loss and liability
Scrutinize your property / casualty insurance portfolio for validity and correctness of all provisions
Measure current risk management methods against the exposures identified in the survey
Examine insurance expenditures for maximum cost effectiveness
Prepare a comprehensive written report of our findings, including methods of improvements
• Portfolio Marketing and Bid Specifications
You can rely on us to collect and combine all the necessary underwriting data and develop technically correct bid specifications and guide the process from beginning to end. Rely on us to give you an "apples to apples" comparison in a spreadsheet format along with our recommendation as to the best combination of coverage and cost for any proposals you might have.
• Continuous Risk Management Services
Insurance Audit can be a key addition to your management team. By customizing our services, we provide on-call services and support for your risk management functions throughout the year. Many organizations outsource their insurance and risk management duties to Insurance Audit. Our clients receive top-notch experience and intellectual capital often at a fraction of the cost to employ a full-time risk manager – often times saving them much more than our reasonable fees. When it comes to managing something as technical and complex as your risk strategy and P&C insurance it is always of value to call in Insurance Audit.
• Insurance Broker, TPA and Service Provider Evaluation
You can count on us to analyze your internal structure, assess your needs and give you our objective opinion of whether you are receiving the appropriate level of service for the commission or fee charged. You can have us develop a comprehensive Request For Proposal (RFP) for risk management services, analyze the responses and assist you in the selection process.
• Merger, Acquisition and Divestiture Consulting
In the event of pre-merger due diligence, we can help you by identifying undisclosed or "glossed over" self-insured liabilities, prior years where insurance was inadequate or nonexistent, unresolved disputes over coverage or claims, liability exposures assumed through previous mergers or acquisitions, potential products liability problems, lapses in coverage, prior insurers that are now insolvent and other situations that can have a negative impact on shareholder value.
• Feasibility Studies
Assessing the economic implications of employing an alternative risk financing structure, such as self-insuring certain risks, creating a "captive" insurance facility, joining a multi-owner captive or pool, or participating in a rent-a-captive is no small task.
• Litigation Support / Expert Witness Services
• Claims Reviews and Audits
• Establishing a Risk Management Structure within the Organization
Insurance Audit & Inspection Company has never sold insurance. This ensures our clients complete objectivity when providing counsel.