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Property & Casualty
Beyond Brokerage.
How does our role go beyond brokerage alone? At Laurus Strategies, our specialists safeguard our clients’ assets, lower their liabilities and enhance their profit margins. Our clients rely on us to answer their questions, solve their problems, meet their needs, balance their risks and educate their employees so that their companies can function in a stable business environment. This is because:
- Our role goes beyond brokerage alone;
- Our goal is to reduce the operational risk to our clients;
- Our process provides a constant in quality and value; and
- Our services ensure that the desired result is achieved for our clients.
Our professionals carefully assess client risk management issues in order to launch the resources necessary to address them. These resources include Legal Counsel, Safety Consultants, Premium Auditors, Actuarial Consultants and other Risk Management Professionals.
We focus on reducing a client’s operational risk. Insurance premiums represent less than half of a client’s cost of risk; yet most of those in the market for commercial insurance assume that their cost is driven by the amount of the insurance premium. The “other half” includes costs of insurance premiums, uninsured or underinsured claims, premium audit errors, excessive open reserves, overpaid liability/workers compensation claims, preventable claims, legal fees, OSHA penalties, lost business opportunities and the costs of insurance administration.
Our process to reduce Cost of Risk:
- Identification of Risk and Process of Analysis
The first step requires understanding our client’s biggest concerns, naming and analyzing risk exposure and unearthing their largest potential for risk management savings.
- Program for Savings Potential
By honing in on potential cost saving measures specific to our clients’ needs, we can produce a Program for Savings Potential that shows unrealized savings that we can make available to risk management and insurance programs.
- Program for Strategic Risk Financing
Whether our clients seek traditional insurance or an alternative risk program, we will design and carry out a risk management and commercial insurance program that is tailored to that client’s particular risk concerns and designed to achieve the best available opportunities for savings.
- Quantitative Results Delivered
We constantly measure and provide strategic results to our clients’ risk management programs. We report those results to our clients on a yearly basis.
Please review our portfolio of products and services:
Products
- Aircraft & Watercraft
- Automobile
- Boiler and Machinery
- Accounts Receivable
- Bonds
- Builders Risk
- Cargo
- Commercial Liability
- Computer Equipment & Software
- Crime
- Directors & Officers Liability
- Employment Practices Liability
- Environmental Impairment
- Fiduciary Liability
- Fine Arts
- Foreign
- Internet Liability
- Kidnap & Ransom
- Product Recall
- Professional Liability
- Property
- Representations and Warranties
- Umbrella Liability
- Valuable Papers
- Workers’ Compensation
General Services
- Certificate of insurance holder review
- Photographic documentation
- Premium audit planning
- Flood insurance zone identification
- Future loss pick analysis
- Employment risk evaluation
- Insurance policy reviews
- ISO property rate & sprinkler grading reviews
- WC payroll classification and limitations review
- NCCI WC experience modification reviews
- Premium audit verification
- Premium financing
- Property & machinery appraisals
- Request for proposal development
Account Management
- Account service plans
- Stewardship reporting
- Pre-renewal marketing strategy planning
- Communication strategies
- Relationship development with insurers & service providers
- Monitor risk profile changes
Claim Management
- Proactive claims management
- Mid-term claims review meetings
- Quarterly loss reviews
- Large claims review process and settlement authority limits
- Loss experience benchmarking
- Loss run coding, data points and distribution frequency
- Loss trend charts and graphs
Communication and Education
- Communications: Legislative, coverage and marketplace changes
- Data organization & sharing
- Periodic update meetings
- Educational seminars
- Corporate governance issues & compliance
- Legal compliance - HIPPA, OSHA, WARN, FMLA
- Management team training
Risk Management
- Detailed exposure analysis
- Contract review
- Credit risk analysis
- Cyber operations liability
- Determine risk implications of business partners
- Disaster contingency planning assistance
- Employment risk evaluation
- Environmental risk assessments
- Mergers and acquisitions due diligence
- Political risk analysis
- Revenue stream analysis
- Risk identification session with management
- Risk management objective meeting with management
- Risk retention threshold analysis
- Transportation risk analysis
- Uninsured loss exposures review
- Utilities interruption exposure analysis
- On-site risk evaluation inspections