Risk Management

Approach – How We Operate

HIIFS acts as a strategic CFO and true long-term partner to your business. We treat insurance as active investments by your company to manage your risk, and as such, execute far beyond the traditional renewal management philosophy of most insurance agencies. In this light, each large business client receives a custom management action plan made up of some or all of the following and is worked on continuously through the year:

Strategic Advisory & Program Management

  • Securing access to your own insurance program and claims data from insurance carriers;
  • Organizing this data into a form that makes sense for analysis;
  • Via deep analysis, transforming this data into real insight into each of the insurance programs;
  • Structuring this analysis into Action Plans which HIIFS will execute over an agreed time period

Carrier Negotiation

  • Assessing the current coverage and options in the marketplace (e.g., self-insurance);
  • Developing a compelling perspective on future cost to present to the underwriting team of the carrier;
  • Use a market approach to each cost element of the insurance quote to obtain an appropriate cost for each line item and overall cost (e.g., stop-loss, drug);
  • Structure the program to align risk and cost most beneficially under the agreed carrier proposals;
  • Manage a formal request for proposal process where necessary

Claims Management / TPA

  • To truly manage cost for workers compensation, temporary disability and unemployment insurance, HIIFS can utilize Third Party Administration services staffed by the most qualified personnel in the state;
  • In addition to managing the claims directly, the TPA service also provides appropriate dashboards and management information on each of the programs covered;
  • HIIFS can also act as the client-carrier interface in an outsourced capacity