Contribution & Engagement

Insurers have underwritten a wide variety of exposures and risks over time. Risk advisors have had many clients over the years from various sectors. There is a body of practical, institutional knowledge of – what to do, what to avoid, what works, what does not, what shows up in claims more frequency, etc. 

In short, collectively they have seen more, done more. So, tap into their body of resources.

For example: How do you manage casualty risks? 

The underwriters see the trend in claims. They can tell you what to watch out for and how to avoid or mitigate. 

The risk advisors can help place insurance policies and collaborate with internal stakeholders to strengthen internal loss control. Risk transfer is one way to mitigate risk. Risk control is another. 

One way to manage the cost of risk transferred is to understand where to look in the body of insurance contract. Not just zero’s in the “insurance premium” but what are the deductibles? When and how is the deductible applied? When the deductible is applied, what is the impact to the organization?

A knowledgeable risk advisor would be able to help see across various offers and focus on the most critical components of the negotiations. 

Another way to manage the cost of risk transferred is to avoid costly decisions. The underwriters and risk advisors see a trend in claims. They can comment on where to avoid building, or if you build, what considerations /controls need to be in place. That kind of exercise is usually uncovered during the underwriting process and I find it’s helpful. In fact, the depth of the underwriting questions should be looked at as a proxy to the underwriters’ professional caliber both in technical and business acumen. 

Depth and breadth of any partnership does not show up on a particular schedule – on day 1, day 30, or day 100. Depth and breadth of a partnership shows up in interactions and problem-solving exercises. Such partnership is built over time. 

There is no other way. 

There is no short cut. 

There is no speed dating.