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Cost Reduction Plan

We work hard to understand your organization, as this then allows us to be a valued resource to you regarding insurance and related risk management issues.  In considering how to best reduce your total cost of risk, and how to best service our clients, we use the following protocol:
  • Risk Identification - We work to recognize and understand potential sources of loss to the organization.  We accomplish this by our professionals using our industry specific survey tools and checklists that force a deeper understanding of what can affect the organization.
  • Risk Measurement - Quantifying the financial cost that loss can be to the organization.
  • Loss Review - Organizing, summarizing and evaluating historical insured and uninsured loss data.  We do this to identify commonalities and possible trends, so that we may then choose to take corrective action.    
  • Pro-active Strategies - Using what we've learned and the facts gathered as a basis for discussing non-insurance risk management strategies, which serve to reduce your cost.
  • Submission Package - Develop an Operations Narrative Document (OND) for presentation to interested underwriters.  This includes photo, graph and chart summaries.  Also included is a premium loss projection, or from an underwriters standpoint an account profitability projection.  
This step is important, as underwriters will most aggressively pursue the new business that they understand the best, and with which they can get the greatest comfort level.  Our function is to present your organization in a thorough, correct, and appropriate manner, so that underwriters are able to put together their best terms and most competitive pricing.  Commercial insurance is a relationship and largely qualitative business, and we focus on that.  The most important part of our sales process, is to the underwriter.
  • Underwriting Community - Through our status with ADP/Statewide Insurance Agencies, we enjoy direct relationships with national carriers, regional carriers, and niche carriers, and have the ability to blanket the market.  We have long standing productive relationships, and we know their appetites and interests.  We have preliminary discussions with them to determine if they can compete for us. We work to set expectations, and develop three to five underwriters who want the account.  We then upload our submission package to those that we have identified, and work with them on an ongoing basis to underwrite and rate the account. 
  • Presentation of Solutions - After completing negotiations with our underwriters, we put together a program summary document that includes the following:  underwriter quotes, coverage options, pricing and coverage comparison with your existing policies, review of non-insurance strategies, and our recommendation moving forward.  You decide what you want to do moving forward.
  • Account Service Plan - We then review any ongoing service requirements that we've identified, along with longer term desired projects, and expectations for the next twelve months, and develop an Account Service Plan with related schedule.
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