Benefits of risk management and brokerage functions ~ Insurance Academy

The following are some of the benefits of risk management:

• protect the financial position and continuity of the organization
• Improved general business understanding
• Better decision making
• Increased business knowledge
• Improved corporate governance
• Protect stakeholder interests
• Increase employee engagement
• Better resource allocation
• Action plans become more focused
• Reduction of accidents, incidents and losses
• Improve your company’s reputation and image
• Improved business performance
• Facilitate and improve insurance placement
• Reduction in Total Cost of Risk (TCOR) (not just insurance premiums)

The risk management services that brokers can offer include:

• Risk Identification, Mitigation, Transfer and Risk Management
• Reviewing contracts and compiling risk provisions
• Production of underwriting presentations
• Relations and negotiations on behalf of our clients with Financial Institutions and Governments (if required)
• Designing a policy wording arrangement in a very broad form
• Selling risk
• Claims management and consulting
• Insurance Consulting
• Insurance/reinsurance market intelligence provision
• Construction Risk
• Management / Engineering