Outsourcing Services
Cardinal offers
outsourced risk management services. We bring a higher level of expertise
and
breadth of experience at a lower cost than internal functions. The dedicated
Cardinal staff becomes an extension of
your management team.
We tailor our services to your needs and can provide any or all of the following Risk Management functions.
Identify and Assess Exposures
Analyze and Recommend Risk Financing Alternatives
Administration
Reporting
Loss Prevention
Monitor
Consultation
Other Services
-
Periodically
meet with key business unit managers and corporate staff at least quarterly
in order to stay abreast of changing exposures. - Review all contracts, leases and similar documents recommending methods to eliminate or minimize liability.
- Provide risk management advice and counsel on acquisitions, divestitures and new business ventures.
- Develop integration strategy of acquisitions and divestitures.
- Keep abreast of new laws and regulations that affect the business risk and /or the financing methods employed.
- Review all reports of insured and uninsured losses.
- Based upon the client’s risk management policy, analyze and recommend risk financing alternatives that take advantage of the competitive pressures in the insurance marketplace and utilize the client’s financial ability to self- insure.
- Provide guidance on establishing retention levels.
Negotiate Insurance Coverages
- Serve as the client’s liaison, negotiator and handle all day to day contact with broker(s) and insurance carrier(s).
- Prepare insurance specifications.
- Manage the marketing of the insurance programs and negotiate the insurance contract terms and conditions.
- Make detailed comparisons of all coverage alternatives for review and discussion with the business units.
- Meet with the client, presenting alternatives and recommending a course of action. The client will have final approval for the placement of all insurance, and approval of all brokers and insurance carriers.
- Maintain records of all insurance purchased and supporting documentation.
- Receive, check for accuracy, and maintain all insurance policies.
- Secure and maintain exposure data including property values, automobiles, revenues, payrolls and claim histories.
- Develop internal risk management procedures.
- Coordinate policy audits.
- Prepare premium allocations.
- Prepare an annual insurance and risk management budget.
- Assist in the preparation of cost forecast and cost allocations.
- Review and track all certificates of insurance both issued and received.
- Prepare a written report and meet with the client monthly and at other times as circumstances warrant to discuss the status of the risk management programs.
- Prepare and deliver a written report, at least twice each year, to each business unit to update it on claims, loss prevention needs, the insurance marketplace and their performance under current and prior risk management programs.
Claims Management
- Act as the client’s representative in the management and settlement of all claims.
- Investigate major losses.
- Develop and implement claims reporting procedures.
- Facilitate the development of claims management strategies with business unit managers, insurance carriers and attorneys.
- Involve in settlement decisions the appropriate business unit representatives - No settlement will be made unilaterally.
- Review claims for subrogation potential and seek recoveries where appropriate.
- Review loss reports for developing trends and recommend loss prevention strategies.
- Conduct on site loss prevention inspections as directed.
- Monitor the loss prevention efforts of the business units.
- Monitor and report on the performance of all brokers, insurers, loss control, and claims processing vendors.
- Recommend the types and amounts of service, manage the selection process, and negotiate fees, contract terms and conditions.
- Recommend changes as necessary.
- Be available to plan risk management strategy and discuss risk management issues with business units and corporate representatives as necessary.
- Complete risk assessment of each business unit
- Validation of existing insurance program
- Archive old insurance policies and records
- Develop risk management manuals
- Develop strategic risk management policies and procedures