For some companies, Fractional Risk Management may not be necessary based on company risk profile and needs; therefore, FRA would not be the recommended approach. For these companies, the best solution in managing their risk profile may be to access a professional insurance risk management advisor to work in conjunction with company leadership to bring an additional layer of expertise to the function. This approach can help ensure company risk management strategies are on tract to best manage the company risk profile. Risk Management Advising can include assistance in determining coverage and limit adequacy through benchmarking, policy review, appropriateness of premium, and evaluation of claims handling. Evaluation of broker / agent performance can also be included in this advising through establishment of and periodic measurement of Key Performance Indicators (KPIs).
Risk Management Advising is available either on a one-time project basis or as a periodic check-in / review solution. The scope of this service is tailored to your company profile and needs. Additionally, when preferred and requested, your risk management advisor can be the liaison between your insurance broker / agent and your company leadership.