Businesses exist to provide products and services that its clients want and need. And for businesses to continue to exist, they need to operate in ways that are profitable.
Risk Analysis Services is in business to help its clients become more profitable. This is done by creating and using its tools to analyze clients’ historical data, providing a better understanding of what actionable steps will likely lead to greater profits.
Below are some of the leading groups that can benefit from Risk Analysis Services’ RiskMap® software and services.
INSURERS: Profitably Write Lines of Business by Utilizing RiskMap® to Understand the Changes in Loss Trends. Use RiskMap® to get ahead of changes in an industry or class of business.
RiskMap® will speed automation of underwriting processes. RiskMap® can be customized with output that will suggest pricing. It expedites the process of rating and pricing the risk, including integrated audit trails.
CAPTIVE MANAGERS: Use RiskMap® for Improved Placement and for Negotiating Reinsurance. Also use to enhance and refine analytical support for collateralization.
Captive managers use RiskMap® to help set reinsurance rates. With the power of RiskMap®, captive managers have greater control and credibility in the reinsurance market.
SELF-INSUREDS: Use RiskMap® for Budgeting and Trend Analysis. Also use to incorporate assessments of changes in procedures to reflect their impact on loss trends.
Self-insureds use RiskMap® to gain better insight into the claims experience within the SIR, and also to run hypothesis testing on the impact of raising or lowering the SIR. It also helps to determine which lines of coverage should either stay in the commercial market or retained as self-insured.
We are available to build risk pricing models for unique and specialized risks. (see Nuclear Power White Paper)
BROKERS: Use RiskMap® to Turn Loss Runs into an Analytical Report for Shopping the Risk as well as shopping an entire portfolio from one carrier to a different placement.
RiskMap® enables sophisticated regional and local agents/brokers to compete on an equal playing field with the major brokers. It will enable you to understand, comprehend and manage all of your clients with one carrier, to negotiate changes on that book of business. For certain clients and prospects, RiskMap® will also facilitate finding more appropriate carriers for each particular risk.
ACTUARIES: Use RiskMap® to Run Hypothesis Testing to Deliver Greater Insight Into the Risk. Actuaries use RiskMap® to certify the reserves on their client’s balance sheets.
TPAs: Use RiskMap® as an Independent Third-Party Platform to help win business from Self-Insureds and Insurance Carriers.
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RiskMap® Also Helps these Groups
School Districts, Police Departments, Transportation Departments, Archdioceses (e.g., Archdiocese of LA), Manufacturers, Automobile Dealerships, Government Entities (e.g., Illinois State Toll Highway Authority), Non-Profits AND MORE…
Enhanced Analysis of Risk Management Data produces and drives additional value for your organization, when you can mine hidden patterns and trends which to reveal actionable strategies. Underwriting, Loss Control and Marketing will each be better informed by the insights gained for RiskMap® analysis.
For Example: In a case where a client had acquired and merged a different sort of industrial service operation into its portfolio, the new operation’s frequency and severity patters were obscured by being pooled into the aggregate. Only when we able to apply RiskMap’s® unique multiple iterative analysis were we able to understand and deal with the otherwise conflicting trends and educate the underwriters to appropriate it (instead of penalizing the overall risk as before).
Information is Key – the more relevant, meaningful data you have available, the more likely you can take positive steps to better manage your potential risks. With our decades of experience, we can transform your data. Far too often, we encounter “cookie-cutter” “solutions” to complex risk rating. RiskMap® makes it possible to reasonably deal with otherwise overly opaque analytic challenges.
For example, working with risk managers to aggregate and then dis-aggregate different segments of their overall data, we have been able to provide them a path to options that benefit their company’s operations and improve the bottom line.
The Risk Management Paradox: Ironically, it is still rare for otherwise well-managed companies, public entities and not-for-profits to do all they can and should do to optimally manage their risks. For example, they often don’t have available Loss Development Factors based on their own data and experience. Nor do they often do recurring Loss Forecasting Analyses. One of the benefits of these RiskMap® analyses is that they allow management to routinely perform hypothesis-testing across various aspects of its operations, in an extremely cost-effective manner, often revealing otherwise hidden patterns and actionable insights.
