Case Study :: Consolidating Insurance Programs

An international importing company was looking to consolidate three insurance programs inherited through acquisitions in a total of five states, while simultaneously addressing their import/export exposure.

What We Did:

• Analyzed their existing insurance program as it related to their exposures and losses.
• Marketed their existing insurance programs to see if we could find placement with a national carrier.
• Marketed alternative risk financing programs (captive and rent-a-captive solutions).

Our Recommendations:

• Move to a national carrier for domestic operations and sales.
• Institute risk transfer program for outside contractors and temporary employment agencies.
• Develop, with our help, a written safety program with reporting of work compensation claims and semiannual claims reviews.

Results:

• We put into place international coverage for India and the U.S.
• We put into place earthquake and flood coverage for California locations, previously unknowingly self-insured.
• The frequency and severity of worker's compensation claims was reduced despite an increase in the number of workers.
• Our client gained more insurance with less redundancy at a lower cost.