Risk Management Process
Our use of a structured risk management process delivers a true competitive advantage, reducing the cost of risk and improving operational inefficiencies for our clients.
Risk Management Process Information
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 risk management process, supported by XChange, our award-winning risk portal, 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 which 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.
- We assess your total risk
As a first step, we thoroughly assess operational risks along with a bench marking of losses and costs. 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.
- We review all your policies
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. Typically our reviews uncover issues that cause concern and recommend a remedy. Many are no cost or low cost high impact 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.
- We review all your contracts
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.
- We review all your claims and losses
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. We hold our claim advocates accountable for the big picture, a premise our peers overlook.
- We review risk that is NOT covered
We believe it is 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 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.
- We discuss options for coverage
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 create a service plan
We place our insurance plan and commitments in writing. Our clients can monitor our collective progress and successes. The days of over promising and under delivering are gone.
- We design the submissions
Our reputation in the insurance market is for providing more detail and more reasons “why” a carrier should aggressively quote on a KMRD client or prospect. Our presentations are designed to answer all of the underwriter’s questions before they are asked. This creates less of an unknown enabling 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.
- We present the proposal
Our detailed proposals are designed to be easily read and understood. Never last minute, we help executives make better, more informed buying decisions.
- We ensure quality control
Once received, we review policies in detail to ensure what is provided is what was negotiated. We invest a considerable amount of resources, 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 of no use if they are not included in the issued policies. Without it, our competitor’s clients are more exposed to uncovered claims or expensive coverage battles. It is the most overlooked service a broker should provide a client.
We repeat this same process year after year…creating a sustainable, cost-effective program that maximizes client results.
The KMRD advantage is more than a proven process. Learn more:
Have a question about our risk management process? Please use the contact form below or email us or call us at 866-957-KMRD (5673) to talk with one of our risk professionals.
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