Prevail helps companies increase profitability and cut unnecessary expenses, while dramatically upgrading their risk management function and approach. We do this by working with senior leaders charged with overseeing risk management, giving them unbiased, independent, well-informed advice. Our unique and unparalleled experience allows us to make a thorough assessment of your risk management operations and provide a clear, practical blueprint to risk management success. Unlike most other consultants, our extensive real world experience enables us to create executable strategies—and we can even oversee their implementation. We have a penchant for achieving results that underlies our passion for seeing real performance from our efforts.
We have found that while many senior executives have a good understanding of risk management they do not always have the time or resources to gain an in-depth understanding of what is happening “behind the curtain”. This even includes companies with well-developed risk management departments, a full time risk management staff, and an organizational commitment to the practice of risk management. Understanding what constitutes the gold standard with respect to insurance brokers, insurance carriers, claims administrators, and other outside resources is a must. Equally important is the understanding of what the internal risk management gold standard looks like. We bring an independent view and an additional set of expert eyes to these areas that help you take your program and your people to the next level.
Knowing the type and quality of the services and resources you should expect, knowing what questions need to be asked, and knowing what true risk management success looks like are risk management game changers.
Our flexibility and versatility combined with our extensive experience make us an ideal partner for virtually any risk management assignment regardless of how unique or complex it may be. While we stay away from pre-packaged approaches to your needs, services tend to fall into the following categories and hybrids thereof. This list is not meant to be exhaustive, but simply representative of the types of solutions and services we can provide for our clients.
Prevail works with you to develop an “ideal” brokerage qualification list for your unique needs. We can then evaluate current providers against this standard, recommend improvements, and where advisable, develop and implement a broker selection process. Our goal is to ensure that you are optimizing your spend, meaning that you are receiving the talent, energy, commitment, resources, and follow-through you should be receiving from your broker, whether that is from current providers or new relationships.
Prevail provides an in-depth review of your organization’s internal risk management function from single person departments to large global teams. This review is aimed at ensuring peak operational effectiveness and efficiency, fiscally sound protection of the company’s assets, and alignment with company strategy and goals.
For those companies who prefer not to have on-staff risk management, we provide ongoing strategic counsel, risk management guidance, management reporting, and program management services, including interaction with all third-party providers such as brokers, insurance carriers, claims administrators, attorneys, actuaries, and so forth. We can provide these services a la carte up to and including a full, turn-key solution that helps you focus on your core business needs. You receive on-call, 24/7, flexible support from experienced, top-tier risk management professionals who are committed to helping you achieve your goals.
+ Alternative Risk Financing Analysis & Strategies
Prevail helps senior executives determine the right risk financing program for their particular needs and circumstances. This runs the spectrum from fully insured programs, to mid-level risk taking (such as retrospective rating plans), to large retention plans, such as high deductibles, self-insured retentions, rent-a-captive, group captive, and wholly owned captive insurance companies. Our in-depth understanding and experience with these various mechanisms helps senior executives to evaluate the options available, recognize their pros and cons, and confidently assess their long-term strategic implications. We also assist in implementing the strategy, making certain that the execution is as originally envisioned.
For companies that already have or which are contemplating a captive, we help identify and evaluate potential profit-making opportunities with the captive. The most successful of these opportunities align nicely with corporate strategy and have been known to generate significant top line and bottom line revenue.
+ Insurance Coverage Review and Procurement Oversight
Recognizing that insurance is often an integral part of an overall risk financing strategy, ensuring that the coverage purchased is appropriate in terms of price, coverage grants, retentions, and exclusions is essential. Often state-of-the-art coverage is available for the same premium; however, if it is not requested, you do not receive it. Moreover, in the issuance and processing of policies, insurance companies and brokers can sometimes treat this as routine and mistakes can happen, resulting in companies not receiving a policy that matches the deal they struck. It’s a fact that the error rate in policy issuance for the industry as a whole continues to be unacceptably high. Prevail can provide you with an analysis of your current placements to confirm their reasonableness, accuracy, and relevance and determine gaps or duplications. We can also assist you with the procurement process, providing oversight of your brokers and carriers. As your advocate, Prevail assures that the insurance procurement process is state-of-the-art, cost-effective, and accurate from negotiations with the carriers through policy issuance.
A rich source of risk for companies is in M&A activity, especially as the acquirer. Having an early understanding of the target company’s risk profile, risk
financing program, accruals, and other risk-related attributes can mean the difference between a successful acquisition and a failure. Identifying any issues in these areas can help the senior executive appropriately deal with them, including whether any issue is serious enough to impair the deal or at least impact the price. We work with you throughout the process, evaluating the risk related issues, and working with your legal counsel and broker to create a successful transaction from a risk management perspective. It is one less thing to worry about in the context of the overall deal and its importance to your company.
For many mid-size and large companies that retain significant risk, claims costs can be up to 70-85% of the company’s total cost of risk. Therefore, the importance of progressive, vigilant, ever-improving claims management processes cannot be understated. It is imperative that every aspect of the claims cycle—from occurrence to intake to adjusting to settlement negotiations to closure—be optimized to ensure that claims costs are being appropriately restrained. Given their direct impact on the bottom line, claims costs are worthy of regular revisiting to ensure that those responsible for their active management have not let any blind spots creep in. We evaluate the current program management structure, both internal company resources and external providers (such as TPAs), and the work being done along the entire claims management value chain. We provide a gap analysis so that you can understand areas where improvements can be made, the work required to accomplish them, and the value to the company for doing so. We also provide implementation oversight and project management of selected changes. This includes helping to manage a TPA selection process, if desired, from drafting the RFP to interviewing and evaluating prospective firms to providing a final recommendation.
For companies with large risk retentions requiring collateral (e.g., for workers compensation programs), most senior finance executives have experienced the unpleasant multi-year accumulation of accruals and posted collateral. Couple that with fluctuations in actuarial projections caused by IBNR, changes in loss reserves, unexpected pay out patterns, and what not, and you have a recipe for a sleepless night or at least aggravation. Prevail will help you solve the disconnect that often exists between the claims management personnel and the actuary with the goal of eliminating unpleasant surprises in accrual adjustments. We also help you increase your leverage with underwriters relative to collateral negotiations. In addition, we work to help you find money locked in your current portfolio of claims by developing tactics to identify claims that are candidates for early closure or to evaluate options for a loss portfolio transfer to remove the liability from your balance sheet.
As with Claims Management, Safety Management is an essential component of risk control that plays an integral part in keeping retained losses to a minimum. Prevail has extensive experience and extraordinary success in helping companies deploy safety management strategies and tactics that create double-digit returns on investment. We know the tough questions to ask and help provide a frank assessment of what is working and what needs improvement.
Most companies have some form of ERM, whether they know it or not. We help meet companies where they are relative to ERM and provide a road map to guide them to where they want to be. In all cases, we ensure that the ERM vision is consistent with the corporate vision and strategies, so that ERM becomes a pragmatic, integrated, working element of the corporate practice and culture.
Prevail consults with clients relative to their crisis management strategies, especially as respects brand protection issues. We help you evaluate and recommend “best fit” firms that specialize in media relations, public announcements, press releases, and other media containment initiatives.
Our work for clients in the area of litigation support can take several forms. For example, we can help evaluate your legal cost management processes relative to your retained losses, especially with regard to your primary casualty lines of insurance. We help clients identify those attorneys/law firms that would be the most effective match for your legal needs, depending upon your industry, litigation history, claims volume, and other pertinent factors. Because of our independence, we can also help clients with coverage disputes as well as insurer bad faith and broker malpractice situations.
We consult with clients relative to their risk management information system to ensure that it appropriately matches their needs and cost constraints. With a growing number of systems to choose from, and recognizing the importance of making the right choice for your unique needs, we lead you through a careful process involving needs assessment, cost-benefit analysis, vendor/solution evaluations, contract negotiations, and implementation support. We help coordinate among all vested parties, including, but not limited to, finance, risk management, legal, operations, and IT.
For specific information about how we can help you, contact us: