In order to better align your risk management strategy with your corporate objectives, we first take a deep dive and perform a comprehensive risk analysis of your firm. This quantitative and qualitative analysis will allow us to understand your risk profile and tailor the proper treatment for your exposures in alignment with your overall strategy.
Our risk analysis provides the basis for analyzing the various risk financing alternatives available.
As a baseline measurement for your overall risk profile, we determine your overall historical cost of risk to use as a benchmark for future business decisions. This metric can be shared across the organization to help impact the culture and broaden the awareness and understanding of your risk management strategy.
By exploring your claims experience over time, we’ll help you identify the elements driving your losses. We’ll take a detailed look into various factors which may be related to the frequency of the losses, and their severity. It’s through these correlations—both historically and predictively modeled—that we’ll develop recommendations geared towards improving your loss performance.
While we get an understanding of your cost of risk and your loss trends, we’ll also chart elements of your business profile, including the exposures your insurance program is built from. By understanding these exposure trends, we’ll quantitatively understand how your organization has changed over time—and we’ll be equipped to both analyze your cost of risk and align your insurance program with the overall trajectory of your business.
Benchmarking can be both internal and external: Using your own historical data to develop trends and then setting goals to “bend the trend” is one example. Another method is reviewing peer data and applying comparative analysis so the data makes sense for your business. We can do both.
Forecasting is a means of level-setting: What happens if we do nothing and keep getting what we’re getting? What could happen if we commit to changing our behavior—and subsequent risk culture—to improve results? Seeing the possible future can help you make the right decisions.
