Understanding the Total Cost of Risk is essential to reduce exposures and save money.
(PRWEB) December 19, 2013
In this hardening insurance market, insurance companies are examining more closely all aspects of an organization’s operations, applying more stringent underwriting criteria, and charging higher insurance premiums. Employers can proactively address this intensified scrutiny by understanding their Total Cost of Risk (TCOR) and how to control the critical factors of TCOR with proactive risk management and loss control programs.
Many companies do not know their Total Cost of Risk: the real direct and indirect costs of incidents, claims, losses, risk management and human resource administrative expenses, and insurance premiums. Understanding TCOR is essential to meaningfully reduce exposure, streamline and improve risk management strategies and processes, and ultimately save money and improve profitability.
Succeed Management Solutions recently introduced its newest seminar, “Reducing Your Total Cost of Risk,” in order to help organizations, their risk managers and loss control professionals, and their insurance providers work together to proactively address this important topic. This seminar will help participants learn how to evaluate the TCOR, stop claims and losses before they occur, implement effective workplace safety practices, and develop steps for regulatory compliance.
Participants in the “Reducing Your Total Cost of Risk” program will also learn how to apply technological solutions to help their organizations efficiently and economically manage insurance risk, workplace safety, and OSHA and other compliance requirements. One such comprehensive resource is the Succeed Risk Management Center, a web-based risk management software platform available to both employers and insurance professionals.
“The Total Cost of Risk is more important than ever,” explains Curt Shaw, President and CEO of Succeed. “Many companies do not know how to tackle this important issue quantitatively or qualitatively. I know this cooperative program featuring practitioners from a range of industries and their insurance agency partners will generate a productive, collaborative dialog. Understanding the Total Cost of Risk is essential to reduce exposures and save money.”
About Succeed Management Solutions, LLC
Succeed is the recognized leader in providing web-based Enterprise Risk Management solutions. Thousands of organizations use the Succeed Risk Management Center as a holistic solution to improve their risk management programs, implement web-accessible employee safety training programs, increase efficiencies, and lower the frequency and severity of claims and associated costs.
The Succeed Risk Management Center contains a suite of software applications that help manage claims and OSHA reporting (Incident Track™), behavior-based safety programs (BBS Track ™), hazard communication and Safety Data Sheets (SDS Track™), Return to Work programs (Job Description Track™), employee training (Training Track™), and third party insurance compliance (COI Track®). More information on Succeed is available via their website: http://www.succeedms.com.