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Success Story #1

A leader in the financial services sector provides a range of consumer financial products and services including short-term consumer loans, check cashing, and bill payment and prepaid debit card services through retail storefront locations and through the Internet.CORPORATE DATA

  • Retail Locations – 1,700+ as well as Internet Operations
  • Operates in 37 states
  • Risk Advocacy
  • Payroll over $140,000,000
  • Secondary Not-for-Profit-entity

Risk Management

The focus in this aspect was to develop a strategy for longevity. In the past they had been bouncing around from program to program which was not efficient and caused administrative strains. One part of the strategy was to have separate GL and WC carriers so each program could stand on its own and not be financially impacted by a catastrophic loss event from one to the other. Second was to determine if there was a market that would write both the Property and just one the other lines of coverage … doing so provides a carrier additional premium to create an opportunity for a profitable account by reducing the impact of a policy with claims.

Coverage Enhancements

  • Property – various enhancements but the most notable was improved catastrophic coverage which was important for a retailer
  • WC – amended the Collateral Agreement to have a method of returning collateral held
  • WC – bill review services were adjusted to a flat fee from a percentage of savings
  • GL & WC – improved claims handling fees

Savings for Corporate Insurance Program – Over $600,000 in savings (note these savings could have been recognized over a number of years)

  • Negotiated over $400,000 in reduced collateral requirement for renewal year