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Risk Management

Today, a variety of uncertainties effect the day to day operations of any business house. So many organisations question the ways to counter these uncertain events.

By analysing uncertainty from the perspective of its likelihood of happening and the range of possible impacts, random uncertainties can be qualified as probable events or risks. Although, we cannot manage uncertainties but we can surely manage the risks by tackling either the likelihood of their happening or by measuring the financial impact.

We, at Probus insurance, believe in tackling these risks by using the traditional and analytical tools of risk management, thereby ensuring a thorough and robust risk management solution for all the clients who we cater.

OUR APPROACH

Audit

Audit- The Risk Assessment

  • Identification of all major internal and external risks
  • Reviewing of all existing risk control measures
  • Guidance on risk treatment and improvement
  • Devising risk management strategy and cycle
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Analysis- The Risk Investigation and Scrutiny

  • Determining if risks previously not identified have arisen
  • Evaluating if risk management methods are effective or new actions need to be planned
  • Ensuring that risk handling actions have been implemented as planned
  • Periodic review of the risk control measures
Analysis
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Solutions

Solutions- The Design of Control Measures

  • Providing advice on the existing coverage vis-a-vis the risks and exposures
  • Scrutiny analysis presentation of all existing major insurance policies with respect to:
    • Rationalisation of basic rate of premium and widening of covers
    • Applicability/Eligibility of discounts in premium
    • Application of suitable clauses, warranties and conditions
  • Identification of possible areas for premium refund and suggestions
  • Selection of the insurance coverage on the basis of risk analysis
  • Providing guidelines on fixing the Sum Assured
  • Providing guidelines on documentation requirements, procedures for claims under various policies

IPMS (Insurance Portfolio Management Service)

  • Negotiate best coverage for you at best price
  • Organising premium quotaion for insurance placement
  • Analysis of quotes received from all insurers
  • Placement of insurance with optimum coverage at best available price
  • Administrating insurance portfolio on regular basis
  • Maintaining systematic records and assurance of timely renewal reminders
  • Organising in-house seminars and educating personnel on insurance related matters
  • Periodically reviewing any additional insurance requirements
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Delivery - The Claims Management and Administration

  • Designing processes, philosophies, service needs and challenges in claims handling
  • Notification of all claims and claims related circumstances to the appropriate insurers
  • Coordination and guidance in submission of all claim related documents
  • Coordination at all stages of claims management for the timelag settlement of claim
  • Consultation and advice on coverage issues prior to claim notification and issues likely to arise post claim notification
  • Maintenance of claim records
  • Producing claim reports and analysis
  • Creating efficient, effective and proactive measures and strategies to reduce claim costs and mitigate exposures and risks
Delivery