In an industry where every competitor looks and sounds the same, KMRD’s use of a structured risk management process provides our clients a true competitive advantage, reducing their cost of risk and improving their operational efficiency.
Unlike other insurance brokers who just provide insurance quotations, KMRD utilizes an enterprise risk management approach to engineer the optimal solution for each client. KMRD’s diagnostic process, supported by our unique collaborative technology (), enables us to better understand business operations and identify the most effective way to add depth and breadth to risk management and insurance programs. Clients receive improved coverage that better supports and protects business interests and assets. Clients also gain a deeper understanding of coverage, further reducing the likelihood of an unpleasant, uninsured and expensive surprise. The end result is a greater value for the insurance dollars spent.
Assessment of Operational Risks
As a first step, we thoroughly assess operational risks along with the current cost of risk. We invest our time and resources to visit and inspect operations and gain a first-hand understanding of the issues. We identify areas of weakness in a program, exposing the uninsured loss before it occurs. We further assess risk needs and identify correctable deficiencies through a combination of risk transfer, engineering, training, and education.
After we complete our “on the ground” physical review of risk, we conduct a complete review of existing policies to determine where coverage supports operations and where, in many instances, a coverage gap exists. Utilizing our unique process includes:
KMRD’s Forms Analysis Database – Policies and pricing are compared to our ever-growing database of policy reviews to confirm the coverage and pricing provided by your carriers is competitive. There are no other brokers approaching this process in this manner.
Clearinghouse of Coverages Available in the Marketplace – We also compare a carrier’s coverage to our clearinghouse of information, assessing the program against what is currently available in the marketplace.
Typically our reviews uncover issues that cause concern and recommend a remedy. Many are no cost or low cost coverage corrections. Some risk issues are more intricate revolving around actual contract terms and conditions, applicable case law and engineering and regulatory requirements. This process also establishes a road map for future carrier negotiations, ongoing coverage improvements and quality control.
Contractual Risk Transfer Analysis
The most inexpensive way to transfer risk is through the use of carefully worded contracts. When contracts are used effectively, they protect loss experience and ultimately the overall cost of risk. At KMRD, we believe this is a critical piece of a successful risk management program.
Claims and Loss Analysis
Our claims advocates prepare an analysis of losses and summary reports that serve as a tool for better business decisions. Our reports enable executives to make informed decisions on which deductible levels to purchase. They will also give clear direction on where to improve loss control / safety / risk mitigation efforts and claims management strategies.
Risk Management Initiatives (RMI’s)
We believe it critical for our clients to understand what is NOT covered by insurance. This identifies where a company should focus their risk mitigation efforts. Our operational risk and claims reviews identify other areas of focus as well. Our RMI process includes a clear plan with individual accountability for each step, defined time frames, and a monitoring process to ensure success. We do not just make recommendations; we help accomplish projects that were not done in the past due to time and resource constraints. When initiatives become accomplishments, we show the carriers an improved risk profile resulting in better pricing and better coverage.
Coverages to Consider
No company purchases every available type of insurance policy in the marketplace. We discuss options for consideration. Our responsibility is to inform our clients of any new insurance products available.
We place our insurance plan and commitments in writing. Our clients can monitor our collective progress and success with . The days of over promising and under delivering are gone.
Our reputation in the insurance market is for providing more detail and more reasons “why” a carrier should aggressively quote on a KMRD client / prospect. Our presentations are designed to answer all of the underwriter’s questions before they are asked. This creates less of an unknown which enables them to provide better pricing and coverage. With a hit ratio far in excess of the industry average, carriers work hard to support the opportunities we present to them.
Our detailed proposals are designed to be easily read and understood. Never last minute, we help executives make better, more informed buying decisions.
Once received, we review policies in detail to ensure what is provided is what was negotiated. We invest a considerable amount of resources, often involving over 1,000 points of review. This quality control process further separates us from our competitors. The broadest negotiated coverage terms and conditions are no use if they are not included in the issued policies. Without it, our competitor’s clients are exposed to uncovered claims or expensive coverage battles. It is the most overlooked service a broker should provide a client.
This process is then repeated each and every year….creating a sustainable, constantly improving program.