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RIMS Interactive Tool Kit

RIMS Interactive Tool Kit. Overview. Annual RIMS Benchmark Survey Book. RIMS Interactive Toolkit. 70+ Industry Choice Multiple Lines of Coverage Live Benchmarks Personalized Benchmarks And much, much more!. 14 Major Industries 6 Key Coverages

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RIMS Interactive Tool Kit

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  1. RIMS Interactive Tool Kit

  2. Overview Annual RIMS Benchmark Survey Book RIMS Interactive Toolkit 70+ Industry Choice Multiple Lines of Coverage Live Benchmarks Personalized Benchmarks And much, much more! • 14 Major Industries • 6 Key Coverages • Premiums, Limits, and Retentions for that year’s study • Historical view of annual data

  3. Benchmarking • Capture valuable insight in to how the cost and structure of your risk management program compares to its peers. With a database of over 116,000 Programs you can benchmark against a relevant peer group based on industry, revenue size, time period & coverage type and other criteria. • 3 Ways to Benchmark • Program Benchmarking • Exposure Benchmarking • TCOR(Total Cost of Risk) Benchmarking

  4. Program Benchmarking • Benchmarking IS: • Comparison of structure & cost • An indication of possible areas for review/concern • Quantitive framework of where you stand • Benchmarking is NOT: • 1) A reflection of good/bad loss history • 2) What your structure should be • 3) A forecast for the coming year

  5. Program Benchmarking

  6. Program Benchmarking

  7. Program Benchmarking • Absolute Benchmarks • (Histograms) • Premiums • Limits • Retention

  8. Program Benchmarking • Absolute Benchmarks • (Histograms) • Premiums • Limits • Retention Absolute benchmarks

  9. Program Benchmarking • Relationship Benchmarks: (Quartile Graphs) • Rate per million • Premium/Revenue • Limit/Revenue • Retention/Revenue

  10. Total Cost of Risk Benchmarking

  11. Loss Triangles

  12. Loss Triangles

  13. Loss Triangles

  14. Loss Triangles

  15. Loss Triangles

  16. Loss Triangles

  17. Loss Triangles

  18. Loss Triangles

  19. Loss Triangles

  20. Loss Triangles

  21. Loss Triangles

  22. Loss Triangles

  23. Loss Triangles

  24. Estimating Infrequent Losses

  25. Characteristics • Low Frequency, High Severity • Company has few if any previous losses • Forecasting techniques usually rely on historic patterns • What are some types of these?

  26. Techniques • “Rainy day” funding (particularly in Captive) • Simulation Modeling • Peer Modeling • Any Others?

  27. Example: Peer Modeling (SCAS)

  28. SCAS Severity “Variables”

  29. Estimate Plus Sensitivity

  30. Conclusions • Consult a Professional! • Broker • Insurer • Actuary • Any questions?

  31. Front Page News • In today’s evolving commercial insurance arena, staying current on the latest news and developments has never been more vital. That’s why Advisen Front Page News (FPN) is your indispensable tool for getting the inside track on stories that impact you. • Professional Edition • Management Liability Edition • Property Edition • European Edition • Cyber Liability Edition • Environmental Edition • Healthcare Edition

  32. Advisen News Search

  33. RM Library • Consists of well over 30,000 resources which have been described, categorized, organized and tagged for insurance and risk management purposes. • Spotlight Resources: • Case Law • Checklists • Databases • Forms • Government Agencies • Handouts • Industry Safety • Manuals • Programs • Statistics • Templates

  34. Policy Management • Policy Schedule • Create an electronic record of your coverage that is automatically linked to the benchmarking and program charting features. • Add renewals and update policies. • Pull up a Schedule of Insurance, Draft an Invoice or Binder and download to Microsoft Word. Chart Your Program See how the structure and cost of your insurance program have changed over time. Determine your Retention, Limit and Rate Per Million for each layer of coverage. Export the graph to a Word Document where it can be further utilized (PowerPoint, E-mail, etc).

  35. My Program List

  36. Chart Your Program

  37. Benefit Statement • Why is RIMS Online Interactive Tool Kit right for you? • Benchmarking using the latest data. • Know where you stand amongst your peers. • Make your data work for you. • Stay current on the most important insurance news of the day. • Resource materials at your finger tips. • Save time and work.

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