Diligence | Strategy | Stewardship | Implement | Measure
Risk Management and Insurance are vast and complicated. We have found that virtually no client reads their policy to understand coverage details. Most prudently they expect their broker to not only know, but put in place, the most comprehensive policy for the lowest premium.
At SOLV Risk Solutions we take a completely different approach. We roll up our sleeves, digging deep to proactively internalize the big picture and small details of your operation, and the implications this has for your insurance coverage – throughout the year, not just before renewal time. We consistently uncover hidden gaps and overlaps in other agency’s policies, which can create unnecessary risk or extra expense.
Our process is thorough and methodical, encompassing five specific phases:
How can you properly diagnose a problem, if you don't understand all the factors that make up that problem? Our cross functional team visits each facility, meets with key stakeholders, and performs a private equity quality due diligence audit of all policies, contracts, and agreements.
Our data-driven methodology, managed with skill by our senior professionals, craft a strategic plan on breaking down every aspect of your risk management program and improving each metric over a defined period of time. Through our continuous improvement and deliberate technology, we take each area of focus and stress test until complete.
Clients and prospects are most familiar with this process, as it begins 90 days prior to the expiration of their policy. Our marketing team prepares a formal submission or RFP to the insurance carriers with data found and provided by the client. Carriers send formal proposals that are negotiated on behalf of our client and reviewed for accuracy, and recommendations are presented to the client. Combining robust analytics and market intelligence with our decades of experience, we help you make sound judgements on alternative risk financing, risk retention and overall financing of your risk – providing all the tools necessary to make the most informed and intelligent decisions.
With all the data and strategies for Risk Profile Improvement, the SOLV team begins implementing the strategy derived from the diligence. We begin with the most impactful pieces like Claims Advocacy, Risk Transfer, Loss Cost Measures, and specific coverage enhancements.
We constantly stress test each piece of the improvement plan to ensure all efforts are improved. Our RPI score card allows accountability by all parties and allows us to prove to the marketplace that measures are begin executed. This continuous improvement allows us to drive down rates because we prove to the carriers the engagement by all parties