Risk and Insurance Management Consulting Services

Risk and Insurance Management Consulting Services

The expression “consulting services” defines services of an intellectual and advisory nature provided by consultants using their professional skills to study, design, and organize specific projects, advise  clients, conduct training, and transfer knowledge. Borrowers engage consultants principally for the following reasons:

Ÿ  Consultants offer Borrowers a more efficient allocation of resources by providing specialized services for limited amounts of time without any obligation of permanent employment on the part of the Borrower.

Ÿ  Consultants, engaged for their superior knowledge, transfer skills and upgrade the knowledge base of their client while executing the assignment. Knowledge transfer from consultants to the Borrower often forms an important part of the assignment.

Ÿ  Consultants can offer independent advice to their client on the most suitable approaches, methodologies, and solutions for their projects.

Consulting services in Insurance domain should satisfy the following requirements:

•         Meet the highest standards of quality and efficiency;

•         Be  unbiased,  that  is, delivered by a consultant acting independently from any affiliation, economic or otherwise,  which  may  cause conflicts between the consultant’s interests and those of the client; and

•         Be proposed, awarded, and executed according to the ethical principles of the consulting professions.

•         Types of Consulting Services Current consulting services used in Insurance Related projects may be grouped as follows:

Project services
Preparation services	Implementation services	Advisory services
Sector studies  Master plans  Feasibility studies Design studies	Tender documents  Procurement assistance Construction supervision Project management  Quality management  Commissioning	Policy and strategy Reorganization/privatization Institution building Training/knowledge transfer Management advice Technical/operating advice

Poorly handled insurance can have disastrous consequences, but few people enjoy dealing with insurance issues or feel qualified to do so they are Risk and Insurance Management Consultants. They provide clients with the objective expertise that the clients need to make informed decisions about insurance-related problems.  If we are retained as a consultant on an account and will not act as a Insurance broker.

The Service
Audit the client’s risk exposures and insurance program	Exposes uncovered risks and uncompetitive Premiums.  Recommends ways to reduce claims so that the client can reduce costs.  Determines when there are better solutions than purchasing insurance
Prepare specifications for an insurance bidding	Ensures that the client is provided the most desirable coverage and that all insurers are providing quotations on the same basis so that the client can make informed decisions
Analyze self-insurance options	Determines if a captives, pool, high deductible or other self-insurance program is advantageous
Analyze proposals and recommend the best program	Frees the client of this time consuming, conflict ridden and maddeningly complex task
Review insurance programs for possible mergers and acquisition	Determines if the insurance and risk management program of a possible merger/acquisition target exposes the client to hidden liabilities