Finding, evaluating and placing commercial insurance is often an overwhelming task; especially when insureds are growing and likely adding staff, business locations and potentially more risk exposure. Relationships with highly-rated carriers and in-depth knowledge of underwriting have made PRISM a much sought after insurance partner.
Delivery Beyond: Value-add insurance know-how exceeding expectations.
As part of an overall risk management philosophy, due diligence on a new customer’s current, in-place P&C policy is a prudent, yet often overlooked, business practice. PRISM makes it their “Job 1” to review the expiring policies of their new clients.
Applying skillful underwriting and actuarial techniques to an assessment will reveal coverage “gaps” and/or inadequate coverage limits. Armed with this in-depth assessment of this existing policy, PRISM begins the policy placement process through affiliate company, ESA Associates, a licensed multi-state insurance broker.
Unlike many of its competitive brokers, agents or MGA’s, PRISM does not subscribe to the common industry practice of “automated spreadsheet” policy quote analysis process.
The ESA Associates and PRISM team prides itself on searching for carrier markets that can meet the team’s high standards of full coverage and add-on services that precisely meet their client’s policy needs at a reasonable premium cost. ESA Associates and PRISM put their client’s interests first without jeopardizing long-term carrier relationships.
As policy-issuing lead, ESA Associates, goes to work finalizing all the details, assessing the submitted coverage quotes and finally selecting and assisting with the policy-binding process. PRISM serves in an advisory capacity between ESA Associates and the selected carrier.
PRISM serves in the important role of prepping the client’s in-house risk management team for working with the new carrier partner. Details such as claims handling responsibilities, protocol procedures and either third-party or carrier in-house claims management support teams are established.
Whether PRISM provides a full-service insurance and risk management program or is solely retained as risk control consultant for a client’s existing coverage, the assigned PRISM team establishes an ongoing relationship with its client’s in-house risk or insurance manager from day one.
If another third-party or carrier in-house claims team is responsible for claims, PRISM remains a facilitator assistant in the process. This attention to detail throughout the policy years only makes the renewal easier for all involved.