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.
THE ICE PROCESS
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.
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.
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:
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.
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:
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.
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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