At Corporate Financial Management we are knowledgeable in all areas of insurance consulting including risk and claims management and general insurance company services. Our practice areas include:
- Strategic planning
- Financial operations review
- Interim CFO services
- Development of reinsurance program alternatives
- Alignment of financial reporting with corporate strategies and goals
- Development of operating plans and pricing alternatives
- Multi-state filings – new business offerings
- Due diligence – acquisitions, lines of business, and mergers
- Litigation support
Examples of our work in this area include the following assignments:
- Served as interim CFO during transitions – mergers and acquisitions; developed implementation plans for all aspects of financial operations as they impacted organization’s current and future success.
- Analyzed financial division’s effectiveness across functional areas and developed plan for improving responsiveness and communications.
- Developed due diligence template for review of books of business under consideration for acquisition; utilized client’s financial parameters in assessing organizational fit and future success.
- Developed marketing plan for reinsurance program, assessing current and future loss patterns, developing RFP, analyzing alternatives, interacting with reinsurers, and evaluating cost effectiveness of programs under various loss scenarios.
- Researched reinsurance recoverables from obscure entities which assisted client in evaluating legal strategies for optimum financial result.
- Provided outsourcing of multi-state filings for new product offering dealing successfully with state regulators.
- Redesigned internal financial and management reporting, benchmarking success indicators and aligning division operating plan goals.
- Risk Financing Alternatives – captives; feasibility studies and self-insurance
- Audits and program reviews
- Development and implementation of renewal strategies for key insurance programs
- Cost of risk assessments
- Risk control programs – D&O and executive risk exposures
Projects we have successfully completed include the following:
- Conducted enterprise risk assessment, developing risk management policy statement which delineated responsibilities and designated accountability for safety, incident reporting, claims management, and risk financing to specific units within a diverse organization.
- Directed renewal of client’s insurance coverages, organizing and streamlining underwriting submissions, summarizing broker coverage proposals, and recommending cost effective alternatives for financial management.
- Reviewed environmental and professional liability insurance proposals and bids from domestic and London markets assisting client in evaluating appropriate coverage.
- Evaluated capital and financial requirements of insurers by analyzing open claim reserves and negotiating directly with financial institutions and insurers.
- Conducted feasibility study of self-insurance for a firm’s property and casualty insurance risks, including analysis of captive insurance company options.
- Evaluated health insurance options for high growth company, recommending pricing, employer/employee contributions, and change in carrier, which resulted in greater employee equality and employer cost savings.
- Developed financial reporting template for key insurance variables used by controller and treasurer in periodic statements and management reports.
- Claims audits – workers’ compensation and liability
- Development of service provider performance standards
Representative assignments in this field include:
- Conducted claims audits of third party administrators, identifying deviations from policy and recommending changes in operating procedures improving efficiencies and critical time outcomes.
- Assisted client in identifying change in IT system which slowed response time in processing certain claims skewing aspects of annual actuarial review.
- Identified medical providers using redundant services which increased medical claims costs.
- Identified original insurance documents required in assessing coverage for asbestos claims related to discontinued operations of diversified company.