The Risk Management Focus

What's your reputation?

With the insurance carriers I mean.

You may not know this but when you get 3 agents involved in a bid, they are going to approach the same insurance carriers with what is likely a half-baked submission.

Underwriters who are judging what pricing and coverage to offer are going see that and say, "well, here's another bid 🙄".

Insurance is all about risk management and underwriters want a long- term partnership with someone who is proud of their business, and is working on hard to protect it from significant losses.

Don't bid for cheap insurance.

Choose the right agent to figure out the right fit.

"The Employee Retirement Income Security Act (ERISA) protects your plan's assets by requiring that those persons or entities who exercise discretionary control or authority over plan management or plan assets, anyone with discretionary authority or responsibility for the administration of a plan, or anyone who provides investment advice to a plan for compensation or has any authority or responsibility to do so are subject to fiduciary responsibilities. Plan fiduciaries include, for example, plan trustees, plan administrators, and members of a plan's investment committee."

Right off the Department of Labor's website.

So, is the HR Director, CEO, CFO, or any other director/officer of a business who determines the broker, TPA, consultant, and benefits plan. Are they a "plan administrator" who "exercise discretionary control over plan management"?

I've got a little known fact for you.....

Most of the insurance audits are wrong!

It's not that the insurance carriers don't care, but they are processing millions of policies a year and everyone is human.

These tiny inconsistencies can be the difference between owing the carrier and getting a return!

Errors in unresolved reported incidents and claims
Incorrect employee classifications
Unverified states operated in

Do you and your insurance partner have a consistent process for auditing the audit before the carrier comes in?