At some point, nearly every firm is faced with a major business decision that they have not experienced before. Examples of this could be the opening of a new office domestically or internationally, a possible merger / acquisition, or the setting up of a new practice area. These decisions can be made in an ‘Information Void’ creating severe repercussions and sometimes even leading to a firm’s demise.
Our Specialist Service Providers include a number of Professional Management Consultants who have a wealth of experience, both domestically and internationally, on these issues and who can offer invaluable advice.
Actuarial Consulting firms can provide an independent analysis of your firm’s claims records and the effectiveness of its loss prevention procedures. They can predict where claims are likely to come from and the likelihood of claims being made against your firms. They can analyze your financial situation and your ability to pay losses within your self insured retention. This can allow you to make critical management decisions and also challenge some of the assumptions insurers make in terms of risk profile and exposures.
Benchmark information is a useful tool to demonstrate the most common claims patterns and trends.
Many large claims settlements are confidential and not in the public domain. This information is often anecdotal. With our close relationships with all the main global commercial insurers and supervisory counsels, we are able to build a picture of where the largest claims emanate in terms of type of practice and principal cause of the claim.
Our objective is to provide you with details of market trends and patterns that may materially effect your insurance buying decisions. We can compare your limits and retentions to other firms of similar size and areas of practice (without revealing the identify of the similar firms).
This information constantly evolves and we will continue to monitor closely the most current trends to achieve a solid base of information. This will enable you to support and validate future decisions regarding your insurance program and risk management practices.