Alternative Program Design
There are situations when a company finds it advantageous to adopt innovative approaches to funding loss outside of the conventional premium for coverage method. For example, when a business is large enough that it has a predictable number of smaller claims it may be preferable to assume that risk directly under a self-insured, captive, or retrospective approach allowing it to maintain cash flow and increase program and claim settlement control.
At HGIS, we assist our clients in choosing the right alternative approach in comparison with conventional models. We can design alternatives that are flexible, so we can tailor it based on the client’s cash, tolerance for risk, and tax approach requirements.
With our combined years of experience and well-known professionalism and expertise, HGIS has designed countless alternative risk and insurance programs, including group captives, pure captives, and retained risk insurance policies. We do not merely design programs just to comply with local and federal requirements. We formulate solutions to help clients become prepared, protected, and safe from huge losses when realities of risk materialize.
How Do We Do It
We mean business and we only have our client’s best interest in mind. We understand their objectives of funding risk in a way that is innovative and in step with the overall financial objectives of our clients; thus, we perform the following:
- We study the loss trends and claims payout information in deliberate detail. That way, we can design a program that makes better use of the dollars now devoted to paying premiums.
- We only employ experts who not only possess sound analytical skills but are also very knowledgeable when it comes to risk transfer market. Thus, they are able to pinpoint optimum levels of risk to retain and transfer.
- We only affiliate with quality claims administrators, actuaries, and insurance providers who can provide the framework for a successful non-conventional program
The HGIS Advantage
With all these things at hand, our clients will enjoy the following advantages when they choose us to handle their alternative program for risk management:
- Long-term solutions to manage financial costs of risks
- Stable alternative programs
- Broad and comprehensive range of alternate options
- Opportunity for capturing both investment and insurance features of the program
- Partnership and affiliation with companies known for best practices when it comes to insurance underwriting and risk management coverage