3 Steps to Maximizing Cost Reduction

Reducing expense load is crucial for businesses, and a significant portion is likely inside your risk management program. Beyond the price of your insurance and out-of-pocket deductibles, unbudgeted claims costs erode your financial position.

Here's how it works:

Claims cause business disruption, including productivity gaps, additional hiring and training expenses, and brand/reputational damage to your organization. Unfortunately, your insurance carrier won't cover these expenses.

Your profit margin absorbs them.

Here are three steps to reduce their unwanted impact:

  1. Identify the total amount of your claims expenditures, including your out-of-pocket expenses AND the indirect costs of those incidents. Knowing current and historical trends is a critical first step in creating a workable plan.
  2. Develop a long-term strategy to mitigate the impact of claims. You'll need to work with a knowledgeable broker to deploy specialty resources and programs designed to lower the frequency and severity of claim events inside your business.
  3. Quantify the efficacy of your program. Attacking these expenditures requires keeping a score on the results. You'll want to work with a broker who can measure precisely how well a program is working to improve your financial position.

As a Certified Analytic Brokerage™, we partner with our clients to achieve the above. We improve our clients' financial positions with our data-driven approach to claims cost reduction and measure our performance on the KPIs that matter most to their organizations.

To assess what we can do for you, please get in touch with us for a no-obligation review.

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