“Risk Management” means providing insurance risk management services such as risk assessment, risk advisory, risk mitigation or risk minimization etc. Insurance Risk Management is the assessment and quantification of the likelihood and financial impact of events that may occur in the customer’s world that require settlement by the insurer; and the ability to spread the risk of these events.
The different types of risks that a firm might face are: Business Risk, Non-Business Risk, and Financial Risk. The risk management principles we believe in are: Accept risk when benefits are more than the cost. Accept no unnecessary risk. Anticipate and manage risk by planning. The key is: risk decisions in the right time at the right level.
We undertake Risk Management Services activity for commercial risks. We charge fee for the risk management services or other similar services rendered. The fee will be decided and agreed with the client in advance. However, in order to commence this activity, we require a written mandate from the client.
We offer end-to-end risk inspection, valuation and policy document review services thereby suggesting improvements if any, in consideration of your business profile, operational aspects and claim history. Periodical interaction helps us understand any new event/ development which may need insurance coverage or changes in existing coverage such as the enhancement of sum insured, inclusion of a new entity etc.
We shall maintain a record of the risk management services offered with details such as name of the client, place of risk, nature and type of risk management services undertaken, amount of fee charged from the client, basis of fee charged, etc. Should the nature of the risk management service or such other similar services necessitate engaging external experts or specialists, we shall do so after discussing with the client. We maintain a record of our services offered including the details such as name of the expert, service rendered, basis of fee paid, etc.
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