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Risk Management

Value of the Mid-Term Insurance Review

By July 12, 2017March 11th, 2019No Comments

Insurance contracts last 12 months. These contracts can be for a company’s property insurance or workers’ compensation insurance, or they can be for employee-related insurance such as medical or dental insurance. One of the nice things about insurance programs is that they span a complete year. At Conservation United, we educate and preach the importance of a mid-term review for all clients to make sure everything is running smoothly. Mid-term reviews at Conservation United can take place in either the fifth or sixth month of an insurance program. During these meetings, the topics we cover include, but aren’t limited to.

Receipt of all deliverable’s. Has the client been receiving all agreed upon information that they need such as claims exhibits, policy information, census data and invoices?

Performance of insurance carriers. Has the insurance carrier been responsive to all requests? Are they following established claims protocols and handling instructions?

Performance of Conservation United. Have all employees at Conservation United provided best-in-class services? Are there any areas where Assurance needs to improve?

Goal review. Are we achieving all of your risk management and health goals such as loss reduction, wellness goals, utilization and claim mitigation?

Review of all outstanding coverage. Are there any additional coverage’s the client needs? Are there any insurance coverage’s that need to be increased?

Business changes. Have there been any changes in the client’s manufacturing business that would cause the need for additional insurance coverage’s, removing insurance coverage’s or increasing insurance coverage’s? Are there any other areas where Assurance can assist our client?

One of the most valuable meetings that we believe should take place is a mid-term review. These reviews allow for a reflective time to assess all areas and make sure everything is on track.