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An analysis of the total cost of risk, coverage, contractual gaps and overlaps, as well as insights into a company’s risk management program and operational path, was the beginning of a risk management makeover for a multinational transportation and logistics company.
New York-based Corporate Risk Solutions, an independent risk and insurance adviser, was engaged to review the company’s insurance structures, which included a significant real estate portfolio. Within the resulting analysis, CRS unearthed various operations that had been discontinued or incorrectly protected. This resulted in adjustments to accurately reflect location values, thereby reducing insurance costs.
CRS also negotiated a reduction in the company’s collateral obligations, freeing up working capital.
“This is an example of the kind of results we can achieve for our clients,” Danielle Lenzi, senior vice president at CRS, said in an email. This is accomplished, she said, by working closely with and actively listening to clients’ needs and goals identified by executive teams and safety and risk experts.
The company also coordinates cost benefit analyses to advise on alternative risk transfer options such as risk retention groups, captive insurers or other structures “to allow clients to have greater control over insurance purchasing decisions to reap the rewards of loss control efforts,” Jim Fay, managing director at CRS, said in an email.
CRS’ approach also enhances market competition, he said.
“In this case, the client saved more than $15 million in premium expense on its casualty coverage alone and achieved other needed operational efficiency,” Ms. Lenzi said.
“Our goal in every engagement is to identify tailored strategies to streamline risk management, maximize protection and mitigate cost,” Mr. Fay said.
• BDO USA LLP — BDO assisted a client in selecting an insurance broker, restructuring its risk department, evaluating its risk management information system and other tasks that resulted in multimillion-dollar savings.
• Galway Strategic Solutions — This unit brings real-world expertise to Galway’s portfolio companies to develop solutions to problems, including creating a turnkey digital platform targeting the small-business commercial insurance sector.
• Paragon Risk Engineering — Paragon worked with steel industry clients to evaluate risks through a severity study that eliminated inefficiencies and drove improvements.
• Xceedance Inc. — Xceedance was tasked by a top specialty insurer to boost underwriting profitability and productivity by reducing work repetition and improving processes.
The 2022 Business Insurance U.S. Insurance Awards celebrate teams working across the insurance and risk management sector that are providing solutions to problems faced by commercial insurance buyers and supporting the industry.