Better Risk Control Leads to Improved Profitability

The overall performance of your risk control program impacts far more than the price of your insurance. The frequency and severity of your claims may negatively impact your business outlook, profitability, and strategic goals.

Yes, you pay out of pocket for premiums, deductibles, and any self-insured program costs, but additional and significant expenses exist inside most programs. These expenses negatively burden your financial performance and shrink your margins.

What are these unwanted expenses?

Financial leakage occurs when a claim event happens in your organization. The carrier will cover a portion of the incident, but your business will absorb the remainder. Lost productivity, brand damage, and the costs of hiring and retraining employees (to name a few line items) erode your growth potential.

So, how do you measure and reduce this unwanted impact?

  1. Work with a broker who can analyze your entire cost structure, including the financial leakage. They need to identify the recapturable capital and pinpoint the areas for strategic improvement.
  2. Devise a strategy to reduce the claims frequency with specialty resources, projects, and processes that are proven to mitigate incidents.
  3. Keep measuring outcomes! Identifying and putting together a plan is only the first step. To meet your program’s ultimate potential, you need to quantify the impact to fine-tune the cost-recapturing process.

Where to start in this critical process?

We’re here to help.

As Certified Analytic Brokers™, we’re uniquely qualified to help quantify your entire cost structure. We’ll provide you with a no-obligation assessment of your existing program, what it’s costing you, and how it impacts your KPIs. Next, we’ll offer you some suggestions on how to improve your results!

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