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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.


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

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

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

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