Complex Casualty/Risk Management
Creating sustainable, strategic solutions.Complex casualty begins by understanding where you’re most vulnerable.
When addressing complex casualty situation, or developing any risk management solution, it’s not possible to wait and see how things turn out before taking action. Risks change, evolve, emerge, intensify and can appear with little warning. Because of this, crafting a complex casualty insurance policy is an ongoing process — a quarterly, monthly, weekly, even daily exercise that needs to form a part of your company genetics.
Creating a Robust Complex Casualty Policy
Retained Risk
Retained risk is controllable in many ways, and you can employ controls that manage retained risk costs. The process starts with a focused alignment of your internal metrics to achieve the desired outcome. Once we identify your business goals and the areas in which you’re retaining risks, we’ll work with you to align strategic goals with your overall risk plan and both insured and uninsured risks. From there, we can establish actuarial evaluations, consider alternative risk options, apply experience models and engage in other assessments as necessary to develop programs to better control strategically uninsured risk.
Claims Management
We’ll work to align safety, loss control, actuarial and analytics and remove any silos between these areas, and collaborate with your internal teams to ensure the claims management process is forward-looking. In addition to supporting you during a claim, we will work to help your business proactively counter risk. Real time monitoring identifies issues before they have time to manifest into costly risks. We’ll employ technology to speed up the monitoring of claims management and response time and help your company anticipate losses. Close monitoring is one of the best solutions for keeping claim costs in check.
Risk Transfer Premium
Getting the lowest possible cost and improving the risk management strategy depends on data. Our fact-based broking encourages the active participation of executive management in working with underwriters. From a safety and loss control perspective, a company in which direction and execution comes from the top makes underwriting decisions easy.
So does pre-pricing risk. Determining a likely price helps companies determine their success level, so that when the underwriting price comes in, they can get an idea of how well their internal efforts align with what underwriters see.
Simplifying the Complicated
Our complex casualty specialists work with customers to deliver highly customized multi-line, multi-year insurance packages that include integrated risk and structured risk programs. Our team consists of skilled, interdisciplinary professionals with years of experience in casualty insurance, management liability, finance and law. Their number one priority is helping and protecting companies with difficult, hard-to-place risks.
NFP’s programs are adaptable and incorporate elements of risk transfer and risk financing that meet the unique needs and log-term goals of our customers. In a world of constantly evolving risk, let us craft a solution that recognizes and evolves with that risk.
Reach out today to start a conversation about how we can work together to move you forward.