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RISK MANAGEMENT BLOG

City of Saint John Uses ClearRisk's Software to Save 50% on Insurance Claims Costs

 

The City of Saint John New Brunswick has done some incredible things when it comes to Risk Management including saving the city hundreds of thousands of dollars in claims costs annually. Before 2013, like many municipalities, Saint John was experiencing multiple issues in managing its risk and insurance data. With the number of claims and incidents on the rise year over year, they knew they needed to do something to take control of the situation. Enter ClearRisk.

Topics: risk management insurance insurance broker risk management risk management tips municipal claims Insurance and Insurance Purchasing reducing insurance costs municipal risk management public sector risk management reducing cost of insurance

7 Tips on How to Control Your Organization's Insurance Costs

 

Organizations are constantly searching for opportunities to reduce insurance costs. Companies need to view their role in the insurer/insured relationship differently. The insurance company isn’t selling you insurance; you are selling them your risk. Don't let them assume what you do and what your risks are. By providing detailed risk management plans including your organizations ability to produce and implement trend analysis reporting, your organization is promoting its proactive, risk consciousness environment. When history is unknown or the internal approach is more reactive than proactive, insurers will typically err on the side of caution. This frequently translates into higher premiums and more restrictive coverages and limits.

Follow these tips below to get the best insurance for your organization:

Topics: risk management insurance insurance broker risk management risk management tips Insurance and Insurance Purchasing

How Brokers Create Fine-Tuned, Risk-Harnessing, Business Machines

A traditional approach to business might be to avoid risk, at any cost. Risk is dangerous. However, the increasing volatility of a changing marketplace has made it pretty clear that risk is inevitable. Trying to avoid it can leave an entrepreneur in the same position as the proverbial ostrich. The question to ask isn’t so much “how can I avoid risk,” as “how can I make it work for me.” 

Topics: insurance broker risk management risk management services small business risk management

Insurance is a Commodity! …Or is it?

Often a topic for debate, the issue of insurance as a commodity sparked a great discussion on LinkedIn. I’d like to hear what you have to say in own comments section below.

A commodity is defined a good that is the same no matter who supplies it, and can be differentiated based on price.

Is it true that all insurance is the same aside from price? How do most companies decide where to purchase their insurance?

Topics: insurance broker risk management is insurance a commodity value of insurance broker

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