Special Risk Financing Solutions for your organization
The objectives of risk management center upon the identification and protection of your human and physical resources and the earnings these resources generate. At IMA, we work with you to evaluate your total cost of risk and financing approaches to deal with those risks, all while recognizing that insurance is just one of the potential costs and answers.
IMA’s full service insurance brokerage capabilities are deployed to support your risk management strategy.
Our experienced and knowledgeable associates can assist you with:
- Identification and analysis of your financial risks of loss
- Alternative Risk Financing program feasibility, design and modeling
- Loss Forecasting and Net Present Value analysis
- Claim Management and Risk Control Strategies
- Self-insurance analysis and filings
- Excess and reinsurance placements
- Online access to insurance companies
- Third Party Administration (TPA) selection and oversight
- Data Management and Benchmarking Studies
- Policy rating and issuance
- Loss Cost Multiplier review
Professional Relationship Services
IMA maintains close working relationships with independent professional partners in order to bring you a full range of services that are best designed to fit your needs:
- Actuarial Services
- Claim Service Companies & TPA’s
- Captive & Rent-a-Captive Service Providers
- Financial & Tax Consultants
- Insurance Companies (direct issuance & fronting)
- Legal Counsel
- Reinsurance Companies & Intermediaries
In-House Analytical Software
- Loss development, trending and forecasting
- Review and compare the net present value of various risk financing alternatives in terms of current costs
Alternative Risk Financing
Purchasing first dollar insurance policies as the primary mechanism to protect corporate assets can be very inefficient and costly. Almost 50% of business accounts now utilize one or more forms of Alternative Risk Financing to manage those insurable exposures – resulting in greater control, better service, and a significant reduction in Total Cost of Risk (TCOR).
Why use Alternative Risk Financing?
- Gain control and flexibility
- Reduce susceptibility to insurance market fluctuations
- Significantly reduce the fixed costs of insurance
- Reduce the variable costs of funding losses
- Improve services by “unbundling” professional providers (i.e. Claims and Risk Control)
- Improvement of coverage
- Direct access to reinsurance and excess insurance markets
IMA’s Alternative Risk team is at the industry’s forefront in designing and administering alternative risk financing mechanisms and programs. There are a variety of stand-alone options for individual companies as well as options for groups to address risk collectively. Group alternative risk finance mechanisms are attractive for smaller companies that want access to better rates and who desire specialized coverage and services. These include the following:
Single Business Accounts
- Large deductibles
- Self-insured retentions
- Qualified self-insurance plans
- Collateral review and options
- Reinsurance & special markets access
- Multi-year & multi-line aggregate programs
- Large deductible/retention reimbursement funding
- Single entity captives
Client Groups (i.e. Associations, Franchises, Networks, etc.)
- Captives & Rent-a-captives
- Group self-insurance pools
- Risk retention groups
- Risk purchasing groups
Captive Insurance Design and Management from IMA
Properly designed captive programs allow you to select, own and manage each piece of a productive risk management program: underwriting, risk transfer, loss control, claims administration services, coverage forms, policy limits, and deductibles. Each piece of your program must perform well – or be replaced. This type of accountability can produce better performance and better results.
Captive insurance can provide the creativity and flexibility to access new markets, including London, and the coverages, limits or services you need. Many of these options are unavailable to most middle market businesses in the standard insurance market. By creating an alternative risk financing program to fit your company’s needs, you may experience better bottom line results.
Captive structures include:
- Single Parent Captive
- Group & Association Captives
- Rent-A-Captive
- Segregated Cells & Portfolios
- 831b Captives
- Risk Retention Groups
Coverages:
- Workers’ Compensation
- Property & Liability
- Auto Liability
- Professional Liability
- Employee Health Insurance
- Life and Long Term Disability
Access to services:
- Loss Control
- Health Risk Management
- Third Party Claims Administration
- Bill Review & Audit
- Case Management
- Pharmacy Benefit Managers
- Actuarial, accounting and auditing
If your company is a good fit for a captive insurance program, IMA has the experience and resources to design and implement a captive strategy. IMA’s knowledgeable professionals will guide you toward the captive structure that provides the most control, creativity and flexibility, as well as opportunity for return on your investment.