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The Value of Outsourcing Premium Audits/Loss Control/Surveys 2010 NCSI Annual Meeting: May 24-25, 2010

NATIONWIDE EXPERTISE SUPERIOR QUALITY EXCLUSIVE TRAINING PROGRAM TRUE CUSTOMIZATION ON TIME SERVICE WWW.OLSI.NET. The Value of Outsourcing Premium Audits/Loss Control/Surveys 2010 NCSI Annual Meeting: May 24-25, 2010. Solving What Keeps You Up at Night.

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The Value of Outsourcing Premium Audits/Loss Control/Surveys 2010 NCSI Annual Meeting: May 24-25, 2010

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  2. Solving What Keeps You Up at Night • For me it’s the following are always on my mind: • Figuring out how to increase sales • Decrease expenses • Supply sufficient work for employees • Provide an acceptable return for our Board of Directors • I am certain this is similar to what you think about.

  3. The Dilemma • The insurance industry has experienced some interesting times. • Competitive conditions have led to decreased pricing, forcing a greater pressure on: • Effective underwriting • Cost management • Some pressure was relieved by higher investment income which offset the pricing declines until the financial markets practically collapsed. • With decreased investment income, what can a sensible company do to provide adequate returns to its stakeholders?

  4. The Solution • The answer lies in a more focused approach to: • Efficient expense management • Prudent underwriting through increased information • Improved workflow efficiencies • Improved return on investment • You need to figure out how to achieve these critical objectives.

  5. The Solution • Expense management means controlling: • FTE costs and people-related expenses • Possibly reducing staff • With workforce reductions, collecting data critical to improving your underwriting results and loss ratios can suffer. • Several points of improvement in underwriting loss ratios can far outweigh the improvements gained through budget reductions. • Easily done through Outsourcing

  6. Advantages of Outsourcing • Embraced today by companies of all sizes in the insurance industry • Growing trend of relocating entire business functions to third-party service providers • Assistance with expensive in-house tasks that drain time and internal resources to boost your bottom line • Partnership with an outsource partner offers many rewards

  7. Advantages of Outsourcing • Cost savings • Flexibility • Quality & Timeliness • Customization • Superior technology • Invest in profitability

  8. Cost Savings • The greatest, most attractive benefit of outsourcing is cost-effectiveness • Economies of scale save money because unit costs decrease as volumes increase • An outsourcing partnership can achieve economies of scale unavailable to an individual firm because we service multiple clients across the U.S. • Results in higher quality service at a lower cost

  9. Flexibility • Many businesses experience times of high and low demand throughout the year • The cost of hiring full-time employees for an uncertain workload is more expensive than the price of using an outsource partner • Therefore, your organization will not need to increase its head count throughout the vacillations of your business cycle. • Outsourcing can accommodate your needs as demand fluctuates

  10. Quality & Timeliness • Choose an outsourcing provider that has perfected its service offerings • Specializes in detailing outsourcing needs • Highly skilled, knowledgeable nationwide workforce • Innovative, “best in class” technology to support their platform of products • Proficiency will increase the speed that your completed work is delivered and will enhance the quality of the final product.

  11. Customization • A partner who will work with your company to develop special forms and a work process unique to your needs and business requirements. • Develop efficient workflows. • Capable of providing the necessary customized management reports to allow for proper tracking of performance and inventories

  12. Superior Technology • Overland Solutions’ technological expertise is best in class. • We offer an array of solutions to provide a systematic, flexible and safe data exchange. • Our state of the art automation capabilities allow for a cost-effective means for your company to deliver and receive completed audits and surveys using options such as our website or system to system interfaces. • Our systems are transparent, allowing you to see exactly what is occurring with every work order. • Technology allows you to operate with less manual procedures and reduced clerical support.

  13. Invest in Profitability • Outsourcing allows a company to invest time and resources into more profitable activities and key competencies. • As the leader of your organization, you may choose to outsource and off-load less interesting, “commodity” projects to an outsource partner • Saving time for your internal staff to pursue new development opportunities and growth-oriented activities. • Outsourcing can also free up management time to focus on more strategic goals and customer relationships instead of the supervision of daily operational pursuits.

  14. Gather Valuable Information • Companies often do not know the true nature of a risk until it is too late and a loss occurs. • Understanding a customer’s characteristics can be useful in discovering unacceptable risks. • This priceless insight can only save you money and improve your overall underwriting results.

  15. Gather Valuable Information • A realistic approach is to find better data to understand the operations of a risk. • This data can be obtained through: • Loss control visits or safety assessments • Inspection surveys (on-site) • Premium audits • These reports empower you to properly classify your business and make informed decisions on the profit potential of each insured.

  16. Loss Control Consulting

  17. Loss Control Consultative Services Our loss control work is consultative and can be customized to be client or account Identify hazards Generate recommendations Assistance to implement recommendations In-depth field surveys Loss control training Ongoing service work Risk Management Services Loss Control Studies &Training Services Specialty Services Ergonomics, Industrial Hygiene, Security, Property & HPR, Disaster Recovery, Fleet & Transportation, Fault Tree Analysis, Job Studies, Hazard Assessments, Life Safety, OSHA & Product Safety. Development of Safety Training Materials, Videos, Bulletins, OSHA, etc.

  18. Loss Control Surveys Full Property & Casualty Coverage options Multi-coverage options Loss Control Consultants and Reviewers average 20+ years of experience Loss Control Consultants and Reviewers have science and/or safety degrees Risk Assessment, Risk Analysis & Forecasting Accident Studies and Evaluations Custom Surveys Account Service

  19. Premier Survey Highly Seasoned Field Staff and Reviewers Adaptability to Customer Formats Customization All Property & Casualty Coverage Options Available Ample Photographs Advanced Recommendations Narrative-driven Report Diagrams Valuation (ITV) Two Service Choices: Fixed rates based on scope of work Hourly rate is limited to survey report time

  20. Core Survey General Information Page Ample Photographs Recommendation Page Base rate is a fixed service to include one (1) coverage report Additional Coverages: BOP (considered single coverage), Property, General Liability, Garage Liability, M&C - Completed Operations, Product Liability, Workers Compensation, Auto, Builders Risk, Contractors Equipment, Inland Marine, Vacant Building, Job Site & Resurvey Additional rates: Added Coverage, Supplements, Estimator, Diagram & Large Buildings based upon square footage

  21. Value Survey General Information Page One Coverage Report BOP Considered Single Coverage Property General Liability Garage Liability M&C - Completed Operations Ample Photographs Limited recommendations Budget-friendly base rate includes one (1) coverage report Additional services: Supplements, Valuation, Diagram & Large Buildings based upon square footage

  22. Survey Product Detail

  23. Coverage Offerings

  24. Premium Audit Services

  25. Premium Audit Services Work completed by an all-employee premium audit work force in all 50 states Our services include: OSI Physical Audit OSI PIVOT Audit OSI Telephone Audit OSI Voluntary Audit Audit Extensions AuditStream COMING SOON!

  26. OSI Physical Audit • Your special requirements can be outlined in a client book built especially for you • Your choice of standard or custom forms • A skilled professional will then examine policyholder records on location to gather critical facts • While on-site, the premium auditor will observe the business and complete a detailed description of operations in their completed report. • We review 100 percent of all completed premium audits.

  27. OSI Telephone Audit • Audit-specific information without an actual visit • An ideal option to collect vital data throughout the United States for clients with smaller policy exposures • Budget-friendly option

  28. PIVOT Audit • The PIVOT Audit is a fully-verified premium audit conducted remotely by a seasoned auditor. • PIVOT Audit data will be collected via email, fax or phone. • Although some information will be collected by telephone, our audit professional will review the same source records as an OSI Physical Audit. • PIVOT Audit is best suited for smaller risks that fall outside traditional telephone premium audit thresholds or to assist with record verification to confirm the accuracy of premium exposures.

  29. OSI Voluntary Audit • A skilled OSI telephone premium audit professional can perform a voluntary audit as a low-cost alternative for smaller policy exposures. • We will mail a premium audit form to the policyholder to complete, asking for information about business operations and actual exposures. • The results are reported to the insurance carrier for analysis.

  30. OSI Audit Extension • Premium audit billing statements can be customized to fit your criteria. • The actual premium is calculated upon completion of your premium audit. • An OSI Premium Audit Extension includes application of rates, endorsements and other adjustments to determine the final exposure base.

  31. AuditStream • AuditStream is in product development exclusively by Overland Solutions, Inc. • It is designed to handle voluntary and mail premium audits electronically. • The entire process is geared toward maximizing service selection by tailoring the audit need. • AuditStream will provide a higher success ratio of receiving a completed audit that is more accurate and timely.

  32. AuditStream Portal

  33. Questions

  34. Thank you. Mario Fiel, AVP-National Sales Director 877-431-4560 Mario.fiel@olsi.net faces. in more places.

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