GeneralRisk Management

Major Problems with Middle Market Insurance. Part One: Cost. Why the First Price is Rarely the Best Price.

A thought experiment…Imagine two parties are negotiating a sophisticated contract. One party negotiates hundreds of such contracts every day and has substantial market knowledge regarding costs and optional terms available. The other party has little or no prior experience. Finally, imagine that an intermediary is helping to memorialize the terms of that negotiation and the...

BenefitsRisk Management

Risk International Benefits Advisory Growing with Krieg at Helm

In 2014 Eric Krieg founded the industry’s first benefits advisory services practice of its kind at Risk International. Since then, the practice known as RIBA (Risk International Benefits Advisory) has grown as a result of the team’s independence from the industry and non-traditional approach to benefits management, leading to significant cost savings for clients. Skilled...

Risk Management

Risk Management in the Sharing Economy

At the end of 2015, the Oxford English Dictionary released its list of words of the year. Although the actual winner was not even a word (it was an emoji), what got my attention was one of the runners up: “sharing economy.” Oxford defines the sharing economy as: “An economic system in which assets or...

Risk Management

Blanket Insurance: What You Don’t Know Could End Up Costing You Millions

As we head into the chill autumn weather, I thought it appropriate to discuss the importance of having a warm blanket when it comes to your property insurance. Mid-market businesses are often neither aware that their property insurance may be written on a coverage-by-coverage or specific insurance basis nor are they aware of the distinct...

Risk Management

How to Hire the Right Insurance Broker

Many CFOs, treasurers, and risk managers are misinformed about what brokers are capable of accomplishing. I’ve heard this very quote: “The [insurance] market is the market—the cost of insurance will be the same no matter who we hire.” Using this incorrect attitude, they hire brokers based only on service, relationship and the cost of brokerage services....

Risk Management

How to Buy Cyber Liability Insurance: 4 Types to Consider

Cyber Risk is Changing In the recent past, the traditional view of cyber liability was the exposure of an organization to liability arising from the negligent management of private data in its care. The traditional exposure here was mainly for retail, health care, or banking industries, and the costs associated with a cyber loss were...

Risk Management

Collateral and Escrow: 6 Best Practices for Getting Your Money Back from Insurance Carriers

Want to get a little (or larger) end-of-the-year bonus? Make sure you follow our six best practices for getting your money back from insurance carriers. But first, a few definitions: Collateral is posted on loss sensitive accounts to secure expected future financial obligations. Escrow is posted on loss sensitive accounts as an active claims payment...

Risk Management

7 Things You Need to Know About TCOR (Total Cost of Risk)

Do you know your total cost of risk (TCOR)? It’s important to track this figure annually, especially if you’re trying to lower it. Here are 7 things to keep in mind when reviewing your TCOR: When evaluating TCOR, remember it’s not just premiums. TCOR also includes self-insured losses, internal administrative fees, including collateral costs, and...

Risk Management

13 BYU Grads Band Together to Disrupt the Insurance Industry and Eliminate Wasteful Spending

Sometimes, being the truth-teller in the room is a lonely place. But not for these Risk International executives who all graduated from Brigham Young University over the past 30 years. These gentlemen have banded together and built a successful business based on helping Fortune 1,000 and mid-market enterprises save approximately $1,000,000,000 since 1986 just by...

Risk Management

4 Trends in Cyber Crime Risk Management

As companies continue to seek technological solutions that allow them to conduct business quicker and more efficiently, cyber crime will continue to increase. There is simply no avoiding the risk of cyber crime in this day and age. Instead of reacting to incidents of cyber crime, organizations must take a proactive stance now to mitigate...