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3 Essential Tools for Captive Insurance Management

Even though insurance providers will provide most of their own reporting, companies still need to keep a close eye on captives to make sure they are providing the cost efficiencies that make the idea of captive insurers attractive to parent companies. For example, accounting still comes under the domain of the parent company's responsibilities. In addition, while the captive may perform most risk management functions, the parent company still needs a system that integrates with the captive's.

Topics: Captive Risk Management

Top 4 Reasons Risk Managers Use Risk Management Software

One of the most useful tools for risk managers is risk management software. This software can help risk and safety management employees, asset managers, and even corporate executives make better decisions about ways to reduce the chance of hazards, protect workers, buy insurance, and save money. Consider some of these top reasons to use risk management software:

Topics: risk management performance management insurance renewal management Exposure and Asset Management

The Benefits Of Captive Reporting And Data Management Technology

While the number of companies that form captives keeps increasing, there are a number of factors that are increasing the pressure on captive managers. These include regulations and compliance, controlling premiums, and not to mention the pressure of becoming a cost-effective solution for their parent companies. Still, many captive managers still rely on the old ways of captive reporting and captive data gathering. These processes are inefficient and unreliable. That's why a risk management system, or RMIS, is almost essential to captive organizations today.

Topics: Captive Risk Management data management

The Captive Manager’s Guide To Risk Management

Captive management is used as a way to formally self-insure. However, a captive manager doesn't decrease the need for risk management within both the parent company and the captive insurer. In fact, one of the reasons that these internal insurance companies are formed is to help improve risk reduction. 

Topics: Captive Risk Management

Why Every Big Business Needs a Risk Management Information System

According to an article in Risk Management Monitor, "Companies are Less Prepared for Risks Than They Were in 2011," a recent report demonstrates that corporations all over the world are less prepared for a variety of different kinds of corporate risks than they were a few years ago. Some of these kinds of risks include political and regulatory changes, damage to a company's reputation or brand, and business interruption. One major reason cited by this article is the general economic slowdown during the Great Recession and its aftermath.

Topics: risk management data management Policy and Insurance Program Management insurance renewal management

How To Perform A Simple Business Risk Assessment

Risks assessments identify potential hazards and their consequences. Companies use these to try to reduce business risks, create disaster recovery plans, and also purchase insurance for what they cannot completely control. According to the U.S. Small Business Administration, about a quarter of small businesses never recover after a disaster. Vulnerable companies need to identify potential problems in order to make plans to eliminate or cope with them. Of course, businesses also use this information to cover any risks that can't be completely controlled with proper insurance.

Topics: Safety Management & Risk Control Risk Engineering & Property Risk Control

What To Expect When Integrating A New RMIS In Your Business

The day that your company decides to integrate a risk management information system, or RMIS, into your business is a very good day. This is true for everybody in your company from the workers on the shop floor right up to the boardroom or owner's office. Numerous studies have demonstrated that safe workplaces enjoy productive and happy employees and better bottom lines. While the transition might take some extra effort, it should be relatively simple when compared to the traditional, time consuming, and error prone methods of having to gather and correct data from multiple sources and make decisions based off of faulty and incomplete information.

Topics: risk management best practices incident management

How To Choose The Right Risk Management Software

You may not need any more convincing that you need a risk management information system to streamline and automate your company's risk management process. However, dozens of different companies offer their own solutions. The most difficult task may be choosing the right solution for your unique company. As you search for the best risk management software for you and your company, you might figure out exactly what you hope the new system will do for you and keep some of these desirable benefits in mind.

Topics: risk management best practices insurance renewal management