Insurance Consulting Experts
Insurance Consulting Experts

Advising clients on risk and insurance management methods to reduce cost of risk arising from operations, transactions, and the transfer of risk to insurers.

Insurance Consulting Experts (ICE) is an independent insurance and risk management consulting firm located in NJ offering a wide range of services to clients in various industries.

Our Services include:


An organization's “risk profile” is ever-changing as the organization modifies its operations to adapt to the current business environment. Sometimes when a company is deeply involved in the process, it can be difficult to identify and measure material risks from those that have a minor impact on operations. ICE can help to assess and document a company's “risk profile” and determine whether the current insurance and risk management program provides adequate and cost-effective protection.

ICE can also examine alternatives available to fund and manage risks, insurance being just one of many available. If the company has fairly consistent loss experience, it may be beneficial to assume a specific level of risk rather than trading dollars with an insurance company. ICE has the ability to determine the level of risk along with its anticipated cost and empower the company to determine what level of risk to retain, while assisting in the design of the appropriate insurance protection to guard against a catastrophic event that could ravage a company's balance sheet.

Certain circumstances favor the use of a captive insurance company or some type of formal alternative risk transfer mechanism. These transfer options may be useful in allowing a client to benefit from the financial advantages each option presents. ICE can help determine which risk transfer method is most constructive for the client, while assisting them with the design and implementation of the chosen option.

ICE can be an effective part of a company's due diligence team to evaluate potential acquisitions and divestitures. By focusing upon operational risk associated with a transaction and estimating client costs to be incurred managing that risk, ICE provides valuable insight into purchase price valuation and lowering the future cost of risk form the acquisition.

ICE will take an aggressive and innovative approach in the design and implementation of our client's insurance and risk management program. A consultant experienced in addressing the needs of a specific industry knows the protection that should be in place and is aware of how the program should be structured. An experienced consultant should also have the ability to determine the anticipated cost of the protection and to examine and qualify the agents and brokers who will bid to handle the account. ICE's founding partners have a combined 45 years of experience in risk management, with over 10 years specifically spent as consultants.

Risk management requires strategic planning, an element often missing in many companies. This may cause a company to be reactive, as opposed to proactive, in addressing problems and anticipating needs as the company moves forward with its strategic initiatives. We can assist with the design of the appropriate immediate and long-term strategy, along with plans to support that strategy, while developing appropriate timelines and milestones, which will allow management to evaluate the implementation process.

Risk Management and Insurance Audit

The first step in the ICE process in assisting a client is to understand the client risk profile and assessing the current management of the risks revealed in that profile. ICE will work with both senior management and operational managers to develop the company profile enabling ICE to qualify and quantify company risk.

The ICE insurance audit process assesses the current program in place and the quality and cost of the risks transferred through the company's insurance program. Program deficiencies will be identified and recommendations for correction will be offered.

The following are the analyses and output of an ICE audit.

  • Company Risk Profile Analysis
  • Claims History Analysis
  • Exposure Analysis
  • Risk Administration Process Analysis
  • Insurance Coverage Analysis
  • Comprehensive Written Audit report

Risk Management Plan

ICE will assist our clients in creating a risk management plan that will contain objectives, timelines and responsibilities. We will take the information that has been uncovered in the Risk Management Audit and incorporate it into a plan reviewed and approved by company management. The plan should contain the following elements:

  • Risk Management Team
  • Administrative Processes
  • Claims Management Processes
  • Loss Control & Safety Program
  • Risk Transfer Strategy
  • Risk Retention Strategy

Broker Agent Selection

Brokers and agents offer a vast array of services, causing an evaluation to be difficult. ICE can assist their clients in identifying service needs while guiding them in the selection process.

  • Broker Agent Qualification
  • Development of a Request For Proposal Document
  • Analysis of Written Proposals
  • Completion of the Broker/Agent Selection Process

Insurance Placement Process

Competitively tendering a company's insurance program every few years ensures that the company will obtain the broadest coverage at the most economical cost. The technical abilities of ICE greatly support this endeavor. Among the steps in an ICE-managed tender process are:

  • Development of the tender strategy including lines of coverage to be tendered and broker/agents to participate in the tender
  • Preparation of insurance coverage specifications for each line to be tendered
  • Development of alternative risk financing strategies and specification of insurance financing options
  • Compilation of all required underwriting information in conjunction with operational departments and senior management
  • Assembly and distribution of the tender package to participating broker/agents
  • Analysis of Proposals received
  • Review of options and recommendations with Client
  • Directions to successful broker/agent on placement
  • Review of binding documentation
  • Review of Issued Insurance Policies for Accuracy

Claims Management

Management of claims is a critical element to achieving the intent of insurance in keeping the company whole while minimizing cost to the company. ICE can assist the client in developing internal claims management processes and also can train staff to implement that process. ICE can also act as liaison with insurers or advise clients when claim denials or reservation of rights letters are received from insurers in response to a submitted claim. Proper claim management and insurer communication has a direct & significant impact on both loss settlement and future insurance costs.

Risk Management Department Outsourcing

ICE can serve as an organization's outsourced risk management department, providing advice to coordinate a Client's entire risk management program. We can design, administer, maintain and monitor the risk management and insurance program in conjunction with senior management to achieve the results as set forth in the agreed plan.

Premium Audits

Insurers have the right to audit policies. This is most common with the General Liability and Workers Compensation lines of coverage. ICE has an established process for the review and certification of insurer audits to make certain that the final premiums paid are accurate. Insurers frequently miscalculate the amount of return or additional premium due.

Mergers and Acquisitions

Companies generally fail to adequately value the impact proper risk management and insurance due diligence may have on a transaction. ICE has experience in reviewing the risks posed in any transaction and also can perform a review of the insurance program and loss history of the target. Past efforts have resulted in significant savings for our clients as a direct result of ICE's findings. Critical to the success in transaction due diligence is the inclusion of the risk management and insurance review early in the process and as a member of the team.

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The links below offer specialized information geared toward some of the client points-of-contact that we typically work with.