RISK CONSULTING

In an uncertain and complex world, it is more critical than ever for organizations to manage risk holistically using the right combination of innovative strategies and solutions,

 

At Walton Insurance, we have the expertise to assist clients in assessing the full spectrum of their risks and developing customized strategies to address them and reduce Total Cost of Risk so that they can focus on their overall business goals.

 

Our key focus is on strategic advice and innovative solutions across a wide range of insurable and non-insurable risks with the ultimate goal of:

 

  • Easing your administrative burden
  • Reducing your total cost of risk
  • Quantifying your risk and implementing effective risk control strategies
  • Understanding your business needs
  • Early intervention
  • High-quality claims data analysis
  • Prompt settlements
  • Reduced risk and premium costs

 

Working closely with our clients, we can develop bespoke Risk Management Reviews and provide advice in the following areas:

 

  • Fire Risk Management
  • Security Controls
  • Employers and Public Liability Claims
  • Flood Management
  • Fleet Risk Management
  • Business Continuity
  • Claims Defensibility

 

To begin, ask yourself 3 basic questions about risk management:

 

  • What could possibly go wrong?
  • How can we prevent harm from occurring?
  • If the worst happens, how will it be paid for?

 

Below are the major components we would recommend to be addressed as part of the risk management process. They tell a story about your company and how it approaches risk and insurance needs.

 

1 . Identify and measure all exposures to loss .

This is the single most important function and the one most often slighted or only paid lip service. Without this step, there is no rational way to put in place a meaningful insurance risk management program

 

2. Develop risk management strategies.

This requires top level buy-in. It is crucial to establish the extent of the risk management program and what it is that you want to accomplish. This provides the framework for the company’s goals.

 

3. Choose risk finance alternatives

Through knowledge of the company’s financial structure and the risk appetite you then select methods of funding the risk. Funding includes an appropriate mix of retention, mitigation, transfer (insurance) or using captive insurer.

 

4. Negotiate insurance

Deciding what insurance is needed, and then going to the insurance marketplace to obtain the best conditions of coverage and cost.

 

5. Adjust and monitor claims

Reporting procedure should be instituted, and tracking methods developed, to ensure timely closure of claims.

 

6. Keep & Analyze records

A very important tool is a complete, well organized record of insured and self-insured losses and all other risk related correspondence and information. This serves to document the plan, problem areas and what is working.

 

7. Oversee loss preventative activities

This involves the selection of the most appropriate loss prevention support services designed to reduce exposure to loss

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