Like any business owner meeting the challenges of today, you know the importance of monitoring your cost expenditures while restructuring your operations.
Improving and protecting your margins during these difficult times requires making informed financial choices with decision support.
Additionally, you need business intelligence to dig deeply into the costs of your Risk Control Program to find and recapture the wasted capital therein.
Did you know that leakage inside your Risk Financing and Risk Control Program can add an additional 40% of your premium cost? It’s true.
These controllable costs need to be identified, contained, and recaptured as soon as possible to protect your business from unnecessary expenditure.
As an Analytic Brokerage, we are among the select few insurance brokerages in North America that can help you identify and measure these unwanted expenses.
Furthermore, we’ll offer solutions designed to recapture them over time.
So, contact us today! We offer a complimentary cost assessment of your existing Risk Management Program that will fully demonstrate how financial leakage is impacting your organization and what you can do about it!
In these uncertain and evolving times, your largest source of unchecked profit drain lies in your controllable Financial Leakage. These expenses are absorbed by your business when an insurance claim of any type occurs.
Here are a few ways they manifest:
- Lost Productivity
- Hiring Expenses
- Reputation Damage
- Business Disruption
Your profit drain actually sits right inside your business, and it costs you tens, hundreds, or (with larger organizations) millions of dollars if left unaddressed. Insurance carriers don’t cover it, either, so you’ll need a qualified partner to address it.
Here’s what we can do:
- Measure your Financial Leakage. We have the data and business intelligence to help you pinpoint areas for cost reductions.
- Develop a plan of action. We are uniquely qualified to provide your organization with a targeted plan of attack to reduce these claims expenses.
- Measure the results. We’ll keep score of our progress and tie our results directly to the key performance indicators you care about (profit, budget, EBITDA).
How much is YOUR unchecked profit drain and Financial Leakage?
You deserve to know so you can make informed decisions about your business and operations. Contact us today for a complimentary Financial Leakage Report that will show you exactly how much money is draining from your organization.
As a Certified Analytic Broker™, we'll answer these questions and offer REAL SOLUTIONS to help control your costs during these challenging times.
Contact us today for a complimentary Financial Leakage Report. You might be surprised to see how much wasted capital you’re currently leaving on the table.
If your organization is like most, you’ve had to make some tough decisions during the COVID-19 health crisis. Like most, uncertainty and unbudgeted revenue shortfalls have turned your 2020 planning on its head.
Now it’s time to look at areas for cost reductions in all areas of your business model, including your risk management program.
Before COVID-19, it was good enough to ask your broker: "Are my coverages adequate?" and, "what’s my premium compared to last year?"
That’s top-level information. No matter how you slice it, these are the only questions most brokers can answer for you. BUT, you need better business intelligence now.
The renewal information provided by most brokers won’t help you measure the effectiveness or business impact of your insurance program. In addition, it won’t help you pinpoint and reduce the unforeseen expenses of the COVID-19 crisis.
So, here are 3 critical questions you must ask your broker:
- What is the financial impact you have had in the past year on our business results (improved profits, EBITDA, budget accuracy)? Where are we now?
- What impacts should we expect inside our cost structure in the coming year?
- What projects will you implement in the coming year to reduce our cost structure to help mitigate the impact of COVID-19?
With health and the economic crisis looming, you deserve to know much more than the basics of premiums and coverages. You need to know exactly HOW MUCH your existing insurance program is impacting your financial statement.
As a Certified Analytic Broker™, we'll answer these questions and offer REAL SOLUTIONS to help control your costs during these challenging times.
Contact us today for a complimentary Financial Leakage Report. You might be surprised to see how much wasted capital you’re currently leaving on the table.
Unchecked financial leakage is your largest unaddressed cost. All organizations: large, medium, or small, suffer from them. These unbudgeted expenses impact your productivity, strategic, financial, and operational outcomes.
How does it happen?
Each time you have an accident (whether covered by insurance or not), your organization suffers an increase in costs through a variety of frictional expenses. These frictional costs are larger than the cost of the claim itself in many cases.
Here are the steps to recapture your financial leakage:
- Identify it! You must have an assessment of your complete cost structure. That’s where we can help. As Analytic Brokers, we have the tools, insight, and analytics to quantify these hidden costs falling off your financial statement.
- Create a plan to recapture these expenses by targeting the claims that cause operational disruption. We deploy our specialty resources, for example, to reduce such incidents that drain your margins.
- Measure the impact of the results over time. Lord Kelvin once said, “If you can’t measure it, you can’t fix it.” You need eyes on the impact of your risk control program to guarantee you are maximizing the ROI of your program.
Most insurance providers are unable to perform these critical steps. They use obsolete models and measurement practices.
Our firm is uniquely qualified to provide these critical services. We work from YOUR financial statement to customize a plan to help you achieve YOUR business goals.
If they cannot answer this important question, you are being underserved.
Contact us today for a complimentary Financial Leakage Report. You might be surprised to see how much wasted capital you’re currently leaving on the table.
Your broker should be providing much more than the placement of your insurance program. In fact, the pricing of your insurance program is the smallest part of the ‘true cost’ of your risk control initiatives (especially when claims occur).
Here’s what you should be getting from your broker instead:
- An analysis of your existing Financial Leakage (what internal expenses can be controlled and recaptured to increase your performance?)
- An evolving plan to deliver specialty resources and projects to help reduce the corrosive effects of Financial Leakage on your bottom line.
- A determination of the effectiveness of a broker’s performance in impacting the metrics you care most about (growth, sales, margins, to name a few).
As you consider whether or not a broker is the right one for you, please understand that they can all look the same. BUT, WHERE’S THE BEEF?
Your job is to ask the simple yet critical question: "How will you help reduce my costs and improve my operations over the course of our business relationship?"
If they cannot answer this important question, you are being underserved.
For a deeper assessment of your existing risk control program, contact our team today. We’ll provide a no-obligation review of your programs and offer deeper insights on what moves you can make to recapture hemorrhaging capital.
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Almost every business decision you make each day is focused on improving your bottom line and operating results. So it’s important to know if your insurance broker is focused on YOUR bottom line, or if they’re more focused on THEIRS?
Your broker should be engaging with you regularly to discuss:
- Ways to reduce your Financial Leakage (claims expenses not covered by the insurance carrier) through risk-control services and specialized projects.
- How they have impacted your Total Cost of Risk (TCOR) over time (using quantifiable data), and
- How their TCOR impact is translated to your key metrics (margins, EBITDA, shareholder value, etc.) that impact your short and long term business goals.
Your insurance program is a significant business investment for you. If you feel you are being under-served by your broker, don’t worry, you’re not alone.
You deserve more than a yearly renewal project, industry jargon, and standard loss ratios and subjective numbers.
You deserve decision support, real data, meaningful reports, and improved business results that are tied to the metrics and indicators you use daily to measure your performance.
If you want to know your TOTAL cost structure (including your Financial Leakage) and how to improve it, contact us today. We will focus on helping you improve YOUR bottom line, and we have the data and reports to consistently deliver that to you.
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Your insurance broker may not be able to provide the level of service required to improve your business results.
Do they…
- Ask you, "when does your insurance program renew? We'd like to bid."
- Tell you, "we have a new carrier, program, or alternative risk vehicle we'd love to show you."
- Talk to you about loss ratios, premiums, or their many years in the insurance industry.
- Can talk only in subjective terms and concepts (i.e. no data or meaningful numbers).
If a broker focuses on the broad brushstrokes of risk management using standard industry jargon, chances are high you are being underserved.
In today’s data-driven business environment, you should be looking for a broker who is capable of understanding your financial outlook AND has a plan to improve it.
They will talk to you like this:
- "Let's quantify how much Financial Leakage you have inside your existing insurance program to identify cost-saving potential."
- "What are your short and long term business goals? What KPI's should we use to measure our stewardship of your program?"
- "Based on our risk management strategies and program implementations, we have improved your profits and EBITDA by $[a measurable amount]."
The bottom line is this... If an insurance broker talks to you the same way that all other brokers talk to you, that's a good sign that they are operating on an obsolete platform.
You deserve real data and meaningful metrics that are attached to YOUR outcomes. You deserve "decision support." You deserve more than simple theories and subjective numbers. You deserve to improve your profits, shareholder value, and bottom-line.
If you feel you may have outgrown your broker, contact us today to get a COMPLETE picture of your Financial Leakage with specific solutions to recapture the controllable capital. As certified Analytic Brokers, we’re leading the way in risk management cost-reduction strategies.
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Among many year-end tasks, you’re likely planning your insurance and risk financing renewal for the coming year. Here are some key questions to consider:
- "How do these renewal terms fit into our budget and EBITDA calculations for the coming year?" (“How will these renewal terms impact us financially?")
- "How much controllable Financial Leakage are we experiencing outside of the hard costs of the insurance policies and claims?"
- "Can our existing broker provide a results-driven and measurable strategy to recapture a significant portion of these unbudgeted expenses?"
If your current broker can’t provide you with this business intelligence, don’t feel bad - you’re not alone. But there’s no need for you to waste a tremendous amount of controllable capital in the coming year, likely in the neighborhood of an additional 30% of additional expenses above your renewal terms!
As Analytic Brokers, we’re uniquely qualified to quantify the true costs of your risk management program and pinpoint areas for improvement. Our data-driven process makes your financial improvement our top priority.
You deserve real data and better financial outcomes. Contact us today for a no-risk Financial Leakage assessment.
You can’t afford to wait!
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To reduce the costs of your risk financing and risk management program, you must recapture the existing financial leakage inside your business model.
To do this effectively, you must first identify and measure your TRUE cost structure. We’re not just talking about your premiums and other out-of-pocket expenses, but also the indirect costs of your claims that weaken your profit margin and other business results.
Until recently, these losses and your financial leakage have been difficult to pinpoint.
Did you know? These losses can add an additional load of 30-50% to your program. If you haven’t budgeted for that extra 30-50%, you’re not alone. We call this Financial Leakage, and it’s a critical issue that every business should rectify.
Now, forward-thinking firms like ours invest in data and analytics that help us see, quantify, and monitor Financial Leakage. Moreover, as Certified Analytic Brokers, we’ll develop a custom-tailored plan to recapture these expenses with our specialty resources.
You’ll improve your operating capital, EBITDA, and shareholder equity when you find and recapture these hemorrhaging dollars.
Contact us today for a complimentary assessment!
Contact us today
As an organization, you know the importance of monitoring your fiscal performance.
Your margins and results are dependent upon your making informed financial choices. This requires you to be on top of your “Financial Leakage” at all times.
Did you know that leakage inside your Risk Financing and Risk Control Program can add an additional 40% of your premium cost?
These controllable costs are eroding your financial performance and need to be identified, contained, and recaptured as soon as possible.
As an Analytic Brokerage, we are among the select few insurance brokerages in North America that can identify and measure these indirect expenses.
We offer a complimentary cost assessment of your existing Risk Management Program that will fully demonstrate how financial leakage is impacting your organization’s critical KPI’s. Furthermore, we’ll offer you specific solutions designed to recapture these unwanted expenses over time.
So, contact us today. We’re ready to help maximize your fiscal performance!
Contact us today