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June 25, 2011

The Total Cost of Your Insurance Program, Part 5

Summary:

Our clients needs vary so greatly and our resources and capabilities also have their contrasts, so much of what can and will take place has to do with the needs of the individual customer and the capabilities of insurance partners they are connected to.

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This is the fifth article in a five-part series on understanding the total cost of your insurance program. Preceding articles in this series can be found here: Part 1, Part 2, Part 3, Part 4.

Conclusion
It has been purported that carrier and broker Risk Control services are redundant, but I think now that we’ve taken you down the respective path, it is easy to see significant differences that are applied to reach the similar goals of loss reduction or loss elimination. Our clients needs vary so greatly and our resources and capabilities also have their contrasts, so much of what can and will take place has to do with the needs of the individual customer and the capabilities of insurance partners they are connected to.

We hope that if you are a user of insurance services that you are a better informed user and consumer. If you are in the business we hope that we have expanded your horizons and giving you some things to think about that will help you do your job more effectively.

Well-planned and executed Risk Control services provide added value to any insurance program, and when embraced by the client can ensure stable ongoing operations that can survive tumultuous times.

What is the immediate outlook for both carrier & broker perspectives on the future of risk control services? And how risk control consultants can prepare themselves for future insurance industry developments and grow professionally is up to us to create and prepare for.

Bibliography

Batterson, L., Oldham, M., Sullivan, C., “The Triangle of Risk Control Services,” American Society of Safety Engineer’s Risk Control Symposium, C.N.A. Insurance Company, Chicago, IL, October 2008.

Ekern, C.R., Consultative Brokerage: A Value Strategy, Cincinnati, OH: The National Underwriter Company, 2007.

InterWest Insurance Services, Inc., Corporate Risk Control Department, Property and Casualty Risk Control Service Levels, Sacramento, CA, 2008.

Schwantz, R., The Wedge How to Stop Selling and Start Winning, Cincinnati, OH: The National Underwriter Company, 2006.

Related Articles
The Total Cost Of Your Insurance Program, Part 1
The Total Cost Of Your Insurance Program, Part 2
The Total Cost Of Your Insurance Program, Part 3
The Total Cost Of Your Insurance Program, Part 4

Authors
Dirk Duchsherer collaborated with Jim Newberry (CHST, Bsc Safety Management) in writing this article. Jim is the AVP and Risk Control Manager for Island Insurance Company, LLC in Honolulu, Hawaii.

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About the Author

Dirk Duchscherer confers with CEO’s, Risk Managers, Production Supervisors, and Facility Directors to identify problems and suggest cost effective solutions. He reviews compliance with such agencies as CALOSHA, NFPA, ANSI, ASTM, and DOT and provides clients with technical information on standards, codes, and regulations.

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