• Policy Optimization Upgrading Coverage: Suggest policies that provide better protection for identified risks. Policy Bundling: Recommend bundling policies to achieve cost savings and better terms. Deductible Adjustments: Propose optimal deductibles to balance premium costs with out-of-pocket risk.
• Risk Transfer Strategies Recommending alternative risk transfer mechanisms like captives, reinsurance, or parametric insurance. Structuring indemnity and non-indemnity coverage for complex risks.
• Enhanced Claims Management Advising on the implementation of claims tracking and reporting systems. Developing strategies for dispute resolution to avoid prolonged claims litigation.
• Improved Contractual Risk Management Reviewing contracts for insurance requirements (e.g., indemnity clauses, liability limits). Ensuring compliance with lender or stakeholder insurance requirements.
• Cost Optimization Identifying overlapping or redundant policies. Negotiating premium reductions or better terms with insurers.