For decades, PRISM’s innovative risk management programs have provided organizations peace of mind at the lowest possible costs. One of PRISM’s main tenets is to deliver beyond the policy by fully understanding the scope of potential risk and developing the custom risk management strategy for individual insureds.
Delivering Beyond: Leveraging strategic risk planning expertise.
Knowledge of Risk
PRISM is fortunate to have its uniquely qualified in-house unit, Spectrum Risk Management, available to advise all their specialty coverage clients. Spectrum does its due diligence to understand your business’s potential risk exposures and help you determine how to drive down the cost of risk.
Prior to developing a comprehensive risk management plan, the risk management team performs a thorough technical review of existing risk control methods, cost containment strategies and potential challenges pertinent to certain risk categories. The Spectrum/PRISM team has a superior track record in risk analysis, identifying coverage shortfalls and/or potential unprotected asset exposures.
Using extensive analytics coupled with real-time intervention, Spectrum consultants customize a risk management plan, build-out the perfect policy interface and then work closely with PRISM to successfully implement the overall risk management program.
Spectrum Risk Management’s holistically developed program is designed to support your business goals and expected outcomes. PRISM’s team effectively become the insured’s executional partner in the active deployment of the final risk management plan.
Execution of your plan begins with demonstrating the benefits of managing internal risk to senior management, thereby gaining their buy-in and support. As the policy year risk management advisors, PRISM serves as the on-call experts for overall plan execution.
PRISM then works to establish a client (insured) team comprised of key people who will maintain oversight, review and respond to safety issues through the establishment and maintenance of safety committees. Together, PRISM and their clients plan a kickoff session to launch your risk management plan in the most optimal and effective manner.
PRISM works closely with its insureds to monitor ongoing risk management metrics established by Spectrum. We help set up tracking systems to monitor claim history, frequency, payments as well as the direct and indirect costs associated with all claims.
It is important to compare current as well as prior year data to identify patterns, trends, as well as loss severity. Periodic reviews of PRISM clients’ progress is often reviewed by the Spectrum Risk Management enabling insureds to adapt their risk strategies, as conditions change.