Like most markets in the service sector, the insurance business is not static; it can fluctuate in cost and in coverage. Proper marketing and maintenance of insurance policies serve as key components to the success of a business procuring and maintaining competitively priced insurance policies with a wide breadth of coverage. Keeping abreast of the insurance market and focusing on the particulars and nuances of the effective insurance policies will ensure optimal coverage and avoid coverage surprise.
Our team has earned a distinguished reputation for its excellence in insurance marketing and policy maintenance. We take a lead role in purchasing and negotiating clients’ insurance policies, be it putting new policies in place or reviewing and assessing their existing ones. Where warranted, we will spearhead a marketing exercise with multiple insurance brokers competing to ensure our client receives the best product – from pricing to breadth of coverage – in the insurance marketplace.
Insurance Policy Procurement
Our consultants perform an instrumental role in the procurement of all insurance policies and their renewals. Actively involved in this important function, we help gather and analyze underwriting information, present it in a manner most favorable for our clients, discuss marketing strategy with brokers and steer the process through the binding and review of all policies on an annual basis.
Insurance Program Marketing
By overseeing and spearheading insurance policy marketing, we provide guidance and direction to the incumbent broker or lead the broker selection process when, in collaboration with our clients, we determine that their situation warrants competition. We manage the comprehensive marketing process to ensure optimal outcomes in coverage, pricing and servicing of all existing policies and those to be placed.
Our team proficiently reviews and evaluates policy binders to ensure that the policy terms, conditions and pricing upon which all parties agreed are confirmed. This important, but often underrated process, protects against errors slipping through and potentially resulting in the denial of a claim during the policy period. We pride ourselves in catching and correcting policy mistakes to avoid trouble down the road.
Invoice Verification and Reconciliation
Errors can also appear on invoices. As part of our menu of services, we review every invoice to identify and fix any mistakes to conform to the negotiated and agreed-upon pricing and billing schedule. The reconciliation of bills can often take time, effort and energy – a painstaking endeavor that sidetracks a company’s ability to focus on its core operations, run its business and boost its bottom line. We help clients avoid that burdensome task and potential consumption of resources.
Our consultants review and analyze insurance carrier loss-control recommendations to determine if those suggested preventative actions are feasible and reasonable. We will also collaborate with clients on compliance and introduce resources to strengthen loss-control procedures.
We explore alternative resources and techniques to reduce insurance costs, including loss control, claims analysis, flood zone determinations, workers’ compensation retroactive recovery, specialized and industry-specific risk assessment and regulatory guidance.