• Insurance Risk Advisory

Managing the total cost of risk.

With change comes risk. With the transformative change taking place across the business landscape – and with the pace at which it is happening – comes an entirely new level of complexity in risk management, even in a robust economy. Organizational risks rarely are isolated. Uncertainties related to technological innovation, competitive dynamics, regulatory pressures, and supply chain partners exist in a vast interconnected network. Unexpected changes in one area can ripple throughout all aspects of operations, often with unforeseen consequences.
BDO helps clients map the risk landscape, and tailor their risk framework to utilize insurance tools efficiently and cost effectively. We develop holistic insurance risk and claims management programs uniquely designed for each client, factoring in long-term and short-term objectives, market dynamics, operational details, and the impact of each on the business model. Our goal is to optimize the Total Cost of Risk.

Insurance Risk Advisory Services

First, we develop a strategy around risk retention and transfer, utilizing analytics informed by historical industry losses, company-specific losses, corporate risk-tolerance, and insurance cost. Then our insurance risk advisory experts help you tailor an insurance policy directly, or with your insurance broker, to align the risks and eliminate gaps. Our offerings include:
  • Insurance program design and assessment
  • Focused risk and insurance policy evaluations
  • Knowledgeable internal audit professionals
  • Litigation support
  • Insurance risk management outsourcing and co-sourcing
  • Merger and acquisition transaction support
  • Captive feasibility and utilization services
  • Vendor and third-party risk transfer assessments 

Casualty Claims Advisory Services

Negative impact can result from late reporting, improper reserving, lack of coordination of benefits, and failure to identify problem claims early in the process. BDO helps clients structure a claims management process that closes the gaps on inefficiencies and drives down costs. Services include:
  • Claim management efficiency review
  • Third-party administrator compliance evaluations 

Insurance Vendor Management

The insurance risk function requires vendors in multiple areas: insurance brokerage, engineering, loss control, claims administration, actuarial, captive managers, and more. When properly managed and structured, these vendors bring value to the organization and help drive operational efficiency. BDO helps clients manage the insurance vendor process with services that include:
  • Risk framework and contracting strategy
  • Vendor performance evaluations
  • Vendor competitions