Did you know there is another way to improve your business performance without selling more products and services? And the key is in your risk management program?

Whether you want to increase your margins or invest capital in your priorities, recapturing hidden costs is one path to do it. If yours is like most organizations, there is likely a significant amount of unbudgeted expense in your insurance program.

Here’s how it works: whenever a claims event occurs, your organization absorbs the cost of lost productivity, business disruption, and reputational damage. Your premium and deductible amounts do not cover this expense. Nor is it paid by the insurance carrier.

Your margins absorb it.

The key to stopping these hidden expenses from hitting your financial statement is properly managing your risk with a broker who understands your business and its operating costs.

An astute broker will analyze your risk financing program, identify the indirect impact of your claims events on your business goals, and develop a strategy to mitigate the effect on your financial statement. Most of all, a broker must be able to measure progress and results!

That’s where we come in. As an Analytic Broker™, we have the tools and expertise to pinpoint, measure and reduce these frictional costs to provide you with a quantifiable value. Our clients enjoy reduced costs, improved financial performance, and peace of mind knowing exactly how their broker is helping them achieve their goals.

Contact us today, and we’ll happily provide you with a no-obligation assessment of your program with solutions to improve your cost reduction strategies.

Reducing expense load is crucial for businesses, and a significant portion is likely inside your risk management program. Beyond the price of your insurance and out-of-pocket deductibles, unbudgeted claims costs erode your financial position.

Here's how it works:

Claims cause business disruption, including productivity gaps, additional hiring and training expenses, and brand/reputational damage to your organization. Unfortunately, your insurance carrier won't cover these expenses.

Your profit margin absorbs them.

Here are three steps to reduce their unwanted impact:

1. Identify the total amount of your claims expenditures, including your out-of-pocket expenses AND the indirect costs of those incidents. Knowing current and historical trends is a critical first step in creating a workable plan.
2. Develop a long-term strategy to mitigate the impact of claims. You'll need to work with a knowledgeable broker to deploy specialty resources and programs designed to lower the frequency and severity of claim events inside your business.
3. Quantify the efficacy of your program. Attacking these expenditures requires keeping a score on the results. You'll want to work with a broker who can measure precisely how well a program is working to improve your financial position.

As a Certified Analytic Brokerage™, we partner with our clients to achieve the above. We improve our clients' financial positions with our data-driven approach to claims cost reduction and measure our performance on the KPIs that matter most to their organizations.

To assess what we can do for you, please get in touch with us for a no-obligation review.

Is your insurance broker aiming for the right target regarding the overall expense of your risk management program? Not simply the price of your insurance, but the unbudgeted costs of claims that erode your business performance?

Did you know…

Each time you have a claim (whether covered by insurance or not), your organization suffers an increase in costs through various frictional expenses. Lost productivity, reputational damage, and hiring and re-training new employees (just to name a few).

Your profits absorb these expenses. Not the insurance carrier!.

That’s the right target to aim for.

So, how do you hit a cost recapturing bullseye?

Step 1: Identifying and quantifying these hidden frictional costs inside of your program. You can’t improve something without quantifying it first. That’s where we can help. As Analytic Brokers™, we have the tools, insights, and analytics required to measure these hidden costs inside your organization.

Step 2: Structuring a plan of action! Once we’ve established a comprehensive financial assessment, we’ll help you shore up and recapture those expenses by creating an implementable strategy. Our team and specialty resources will work to mitigate the severity and frequency of your claims events to better control your costs.

Step 3: Measure the results. Once we have a plan, we’ll monitor the results and inform you of our impact over time. As a partner, we aim to help you meet your financial goals and reinvest recaptured expenses into your organization.

Don’t be under-served by a broker missing the bullseye. You need an upgrade if they cannot help you curb this 30%-50% of additional risk financing expense. We’re dedicated to being a financial partner to our clients with an eye on improvement.

Whether it's new equipment, property investments, or employee retention programs, you're looking for more ways to fund the initiatives that improve your business.

One place to find additional capital is your risk management program. Considerable unbudgeted expense develops when the event of a claim occurs. Such as lost productivity, the costs of rehiring, and reputational/brand damage (to name a few).

By the way, your insurance carrier does not cover these expenses. Your margins and budgetary surplus absorb them.

To understand the impact, here are three questions to ask:

1. What is the actual cost of your incurred claims? To quantify this, you will need to measure the complete cost structure of your risk management program. You must examine each claim's direct and indirect costs to see the whole picture.
2. How do those claims erode your existing margins and business performance? Remember, these expenses go deeper than simply the price of insurance. Every claim costs your business time, additional capital, and resources to resolve.
3. How much of this financial leakage is recapturable? The answer to this question will require a plan and resources to mitigate the frequency and severity of your claims. It's all tied together. A strategy is the only way to recoup and measure these costs.

Speaking of a plan, we're here to help you sort through this complex process. As Certified Analytic Brokers, we're uniquely qualified to analyze your cost structure, pinpoint focus areas, and apply our specialty resources to create a quantifiable impact. We go beyond the placement of risk management to help you recapture wasted capital.

The overall performance of your risk control program impacts far more than the price of your insurance. The frequency and severity of your claims may negatively impact your business outlook, profitability, and strategic goals.

Yes, you pay out of pocket for premiums, deductibles, and any self-insured program costs, but additional and significant expenses exist inside most programs. These expenses negatively burden your financial performance and shrink your margins.

What are these unwanted expenses?

Financial leakage occurs when a claim event happens in your organization. The carrier will cover a portion of the incident, but your business will absorb the remainder. Lost productivity, brand damage, and the costs of hiring and retraining employees (to name a few line items) erode your growth potential.

So, how do you measure and reduce this unwanted impact?

1. Work with a broker who can analyze your entire cost structure, including the financial leakage. They need to identify the recapturable capital and pinpoint the areas for strategic improvement.
2. Devise a strategy to reduce the claims frequency with specialty resources, projects, and processes that are proven to mitigate incidents.
3. Keep measuring outcomes! Identifying and putting together a plan is only the first step. To meet your program’s ultimate potential, you need to quantify the impact to fine-tune the cost-recapturing process.

Where to start in this critical process?

We’re here to help.

As Certified Analytic Brokers™, we’re uniquely qualified to help quantify your entire cost structure. We’ll provide you with a no-obligation assessment of your existing program, what it’s costing you, and how it impacts your KPIs. Next, we’ll offer you some suggestions on how to improve your results!

Did you know the premium and deductibles you pay for insurance are likely the smallest part of the ‘true cost’ of your risk control program?

Consider this: When a claim event occurs, your organization absorbs substantial additional costs, such as lost productivity, hiring and retraining expenses, and any brand or reputational damage you may have incurred due to the incident.

Who pays for that? Your insurance policy does not cover those expenses. They are in addition to any out-of-pocket costs paid to obtain/maintain the insurance itself.

To account for them (and recapture some of the financial leakage), you have to be able to quantify them on your financial statement.

Here’s what you need to know:r:

• The actual cost impact of claims. What did your organization pay beyond the price of your insurance placement and deductibles?
• The effect claims had on your profits, growth, and operational expenses. How did these costs affect your business model and goals?
• Is your broker implementing a plan to mitigate these unwanted expenses? Do we have a plan in place to lower the frequency of our claims?

If your broker cannot provide you with those critical pieces of information, you may have to look elsewhere to get the data you need to improve your results.

If you’d like us to help, we’d be glad to. As Analytic Brokers, we’re uniquely qualified to offer a deep-dive cost assessment of your risk control program.

We’ll provide a no-obligation review of your existing cost structure and offer solutions to recapture and mitigate claim-related capital. Contact us today!

Did you know most businesses have a large sum of unbudgeted expenses that erode their profitability? These expenses are directly tied to risk management programs and have little to do with premiums, coverages, or alternate funding mechanisms.

When you have an incident, there are costs that your organization incurs beyond the out-of-pocket expenses of the claim.

For example, lost productivity, brand damage, rehiring, and training. Insurance carriers don’t cover these critical issues. You do. From your bottom line.

To reduce Financial Leakage, you need to measure the true costs of your risk management program beyond your premiums and coverages.

To start, here are Three Critical Questions to ask your broker:

• What is the amount of Financial Leakage we’ve absorbed this year?
• What impacts should we expect inside our cost structure next year?
• What risk management projects will you implement to reduce these costs?

If you cannot get answers to these questions from your broker, consider looking for an organization with better capabilities and who understands business.

As a Certified Analytic Broker, we are uniquely qualified to measure your risk management program and provide you with a plan to reduce your costs and Financial Leakage.

Best of all, our consultation is complimentary with no obligations.

We’re here to help you develop a measurable plan to help you control unwanted costs to improve your business performance in 2023 and beyond.

Contact us today for a no-obligation assessment of your program. We’ll be happy to provide you with some insight into your business and how we can deliver quantifiable results.

It’s time for 2023 yearly planning and budgeting. One of those line items you take into account every year is your risk management program.

But, this time, don’t simply focus on your insurance prices and premiums!

There are more significant costs to address in your forecasts.

What are they?

Beyond what you pay out of pocket (premiums and deductibles), you’ll find the unbudgeted expenses of claims. This Financial Leakage manifests on your bottom line in business disruption, reputational damage, and the operational and strategic impacts you incur when you experience a sizable claim event.

By the way…

Your insurance carrier does NOT pay these unfunded expenses. Your organization absorbs them, and they erode your profits (or surplus goals for nonprofits).

Let’s get ahead of next year by assessing the true cost of your risk management program today. Here’s what you can do right now:

1. Get a current and accurate evaluation of your risk management cost structure. This includes the finite, quantifiable, and controllable expenses that prevent you from maximizing your profit potential.
2. Assess the impact of this Financial Leakage on your business performance. With the proper analytic tools, our firm can assess your Financial Leakage AND create a plan that helps reduce its impact.
3. Develop a plan to reduce and mitigate unfunded claims expenses. It’s possible to recapture a significant portion of these costs with a solid risk reduction and mitigation strategy. As specialists, we’re here to help!

So, if you’re in the process of planning for a strong 2023, let’s chat right away. Our firm can provide you with a no-obligation Financial Leakage Report™ on your existing cost structure, so you can better and more accurately plan for the coming year.

Contact us today for a no-obligation assessment of your program. We’ll be happy to provide you with some insight into your business and how we can deliver quantifiable results.

To keep ahead of rising costs, you must track your financial performance very closely. Did you know there is likely additional capital inside your risk management cost structure that you can recapture and use to improve your business results?

It's true!

By reducing and mitigating the impact of claims events, you are curbing the unbudgeted costs that your business incurs. Although the insurance carrier covers some costs of a claim, it does not cover everything.

For example, when a claim causes business disruption, or the need to hire and retrain an employee, or inflicts brand and reputational damage-- your business absorbs these additional expenses. Not the insurance provider.

Here are the facts:

• Financial Leakage exists inside every risk management program. If you have claims, they are very likely costing you additional money.
• Financial Leakage is absorbed by your budget, margins, or EBITDA. These expenses ARE NOT separate line items; they erode your business performance, eat into your profits, and stretch your budget.
• Financial Leakage cannot be eliminated. Some claims will occur, but you need to work a strategy to mitigate the impact of those events.

Here’s the good news:

Your Financial Leakage is controllable!

That’s right. You may not be able to completely remove these expenses, but an astute broker with the right tools and resources can measure these costs and put a service plan in action to address the root causes to lower them.

If you’d like to dig deeper, our firm is uniquely qualified to assess, measure, and tackle these unwanted expenses on your behalf.

Our client services go well beyond the traditional placements of insurance programs. We partner with our clients, learn their business models, and help them improve their results by curbing unwanted Financial Leakage.

Curious to see what we can do for your business?

No problem! We’re happy to provide you with a no-risk assessment of your existing cost structure. And, we’ll discuss specific ways you can recapture these unwanted expenses and improve your business performance!

Contact us today for a no-obligation assessment of your program. We’ll be happy to provide you with some insight into your business and how we can deliver quantifiable results.

Have you outgrown your existing risk financing and insurance services provider? It can be challenging to tell when you should consider a change.

Here’s the truth: an effective broker does far more than place your risk financing programs. They align with your business goals and work to help you achieve them.

Virtually all brokers have access to the same insurance carriers, captive managers, or specialty programs. The difference in the price of insurance programs is a small variation between most brokerages. This means your greatest financial performance opportunities do not come from competitive pricing alone.

To get the BIGGEST benefit, you need a risk management partner that knows your business and has resources available to help improve your bottom line.

So, how do you know if it’s time to make a change?

First, ask your existing broker some key questions:

• What’s our total “controllable expenses” leaking from our financial statement due to the costs of claims? Not hard costs, like deductibles, but the costs of business interruptions, hiring and training, equipment replacement, etc. when a claim occurs and impacts our day-to-day business operations.
• What is the impact of these unbudgeted expenses on our profits and business performance? How much is this risk program really costing us?
• What are your plans to help us "recapture" this Financial Leakage? And, can you measure your results for us when it’s time for review?

Suppose your existing broker is unable to answer these questions or provide you with the information you need to make the BEST business decisions possible. In that case, you are likely being underserved and should consider other options.

As an Analytic Brokerage, we are uniquely qualified with the tools and insight to help you get the most out of your risk management program. Moreover, we quantify our work and show you exactly how our specialty services move your numbers.

Not sure where to start in this process?

Contact us today for a no-obligation assessment of your program. We’ll be happy to provide you with some insight into your business and how we can deliver quantifiable results.