Depending on which website you are visiting, risk management can take on a lot of different meanings. Adding layers to the confusion, Insurance agencies and brokers spend a lot of time in developing and branding their own spin on what risk management is and what it should mean for you. They use assessments, questionnaires, big data, AI, or maybe nothing at all? They may ask your entire leadership team to spend multiple hours or days answering questions and filling out forms in hopes of finding the answer.
Is risk management a one-size fits all approach? Certainly not. The complexity or size of a company requires scrutiny. The location, products or services sold, Industry type, and individual experience or history are all considered when addressing risk management. For example; a 10 bed Critical Access Hospital in Rural MN is quite different than a Level 1 Trauma Center in Chicago, IL. So how do you know which approach is the right one for you?
NewDay Risk Consulting simply defines risk management as improving the perception of your risk as seen by underwriters and insurance companies; also known as your Risk Profile. The more favorable an underwriter perceives your risk, the lower your insuring costs will be. We accomplish this by focusing on your unique and individual Risk Domains:
Operational – Your internal processes, people, that affect operations and cost.
Strategic – Focus and direction of organization – Reputation
Financial – Decisions that affect the financial sustainability of the organization
Human Capital – Your workforce
Legal/Regulatory – Compliance, OSHA
Hazard – Prevention and Management
Most people don’t know or realize that insurance companies often have several underwriting companies or options available to them within the same company – different tiers, rates, and pricing for underwriters to choose from based on their comfort level of the business and operations. Could two separate medical clinics located Minneapolis, MN have different risk profiles? Absolutely.
NewDay Risk Consulting will help you identify and correct the areas which are underperforming in the eyes of underwriting. We will do the heavy-lifting, create a path to obtaining lower rates, and help you achieve the results that you are looking for without a disruption to your business. Contact us today to learn more.