Determining Your Entity’s Total Cost Of Risk
Determining Your Entity’sTotal Cost of RiskCarleen C. Patterson, ARM-P, CIC, CRMManaging Director Public SectorAon Risk SolutionsSheri SwainDirector of Enterprise Risk ManagementMaricopa County Community College DistrictTexas PRIMANovember 12-15, 2017Galveston, TX
Learning Objectives1.2.3.4.Define Total Cost of RiskIdentify and discuss TCOR ComponentsExamine ways to optimize and utilize TCORExamine ways to control TCORTexas PRIMANovember 12-15, 2017Galveston, TX
What gets measured . .gets managed.Texas PRIMANovember 12-15, 2017Galveston, TX
Texas PRIMANovember 12-15, 2017Galveston, TX
What is Total Cost of RiskTexas PRIMANovember 12-15, 2017Galveston, TX
TotalCostofRiskTCOR and Insurability — Example Risk UniverseTexas PRIMANovember 12-15, 2017Galveston, TX
Total Cost of Risk Think total cost ofinsurable riskTexas PRIMANovember 12-15, 2017Galveston, TX
2. Identify and discuss TCOR componentsRisk Transfer CostsRetained LossesAdministration CostsTotal Cost of RiskTexas PRIMANovember 12-15, 2017Galveston, TX
TCOR Components1. Risk transfer costs Policy PremiumsTaxesFeesPossible retail broker commissionPossible wholesale brokercommissionTexas PRIMANovember 12-15, 2017Galveston, TX
TCOR Components2. Cost of retainedlosses Costs within deductible Costs within retention Uninsured lossesTexas PRIMANovember 12-15, 2017Galveston, TX
TCOR Components3. Administrative Costs External Costs Internal CostsTexas PRIMANovember 12-15, 2017Galveston, TX
Internal Costs Risk Management PayrollBenefitsLoss of ProductivityRisk Control TrainingSignageSafety EquipmentTexas PRIMANovember 12-15, 2017Galveston, TX
OpinionAttorneysSkillsClaimsAdviceKnowledgeThird Party AdministratorProfessionalExternal CostsImprovementInsurance BrokerSolutionRisk icsTexas PRIMANovember 12-15, 2017Galveston, TX
Why is TCOR Important?TCOR is the best measure of the actual cost ofrisk and a better risk management KeyPerformance Indicator (KPI) than premium costPremium costEstimated cost ofretained lossesRiskmanagementcostsThe premiumcost is the fixedelement of costof risk.This is the cost ofclaims notcovered byinsurance.This is theexternal andinternal costs.Total Cost of(Insurable) RiskTCOR is thereforethe best measureof the actualcomplete cost ofany type ofinsurable risk.Texas PRIMANovember 12-15, 2017Galveston, TX
Total Cost of Risk0.32% 1.90%5.12%10.46%82.21%Broker FeeTPA FeeCasualty PremiumProperty PremiumClaims PaymentsTexas PRIMANovember 12-15, 2017Galveston, TX
3. Optimizing and utilizing TCORRetentionRisk ControlPremiumTexas PRIMANovember 12-15, 2017Galveston, TX
Collateral Analysis Cost BenefitAnalysis TPA Selection/ManagementOptimizing TCOR Broker CompensationCost of CollateralRisk Control/ConsultingClaims Administration (TPA orSelf-Administered) Internal Safety, Claims, and RMAdministration Costs2.22%15.57%Direct Premium 82.21% Claim ConsultingRisk Control ConsultingRisk AnalysisCost of Risk AllocationAnalytics Driven RiskImprovement Engineering AdministrationRisk TransferProgram DesignPremium NegotiationLoss ModelingCAT ModelingProperty Risk ReportsMedical PaymentsWage Loss and LiabilityAllocated Loss ExpenseMedical Case ManagementForensic AccountingRetained LossesTexas PRIMANovember 12-15, 2017Galveston, TX
Utilizing TCOR[CLIENT]Total Cost of Risk Analysis at Various Limits and Self-Insured RetentionsLine ItemWC LimitSelf-Insured Retention OptionPremiums Payable to Loss FundUnderwriting Expensesa. Losses and LAE Insuredb. Excess insuranceMiscellaneous Other Fees & Expenses:*TOTAL COST OF RISK**g. Investment IncomeOption I 10,000,000 1,500,000 5,606,
Premium cost Estimated cost of retained losses Risk management costs Total Cost of (Insurable) Risk The premium cost is the fixed element of cost of risk. complete This is the cost of claims not covered by insurance. This is the external and internal costs. TCOR is therefore the best measure of the actual cost of any type of insurable risk.
1 IV. Entity Relationship Modeling 2 Entity-Relationship Model (ERM) Basis of an Entity-Relationship Diagram (ERD) A design technique Diagrams entities sets (with attributes) and the relationship between the entity sets. Recall previous definitions Entityrefers to the entity set and not a single entity occurrence E-R diagrams are the deliverablesof the
A weak entity can be identified uniquely only by considering the primary key of another (owner) entity. Owner entity set and weak entity set must participate in a one-to-many relationship set (one owner, many weak entities). Weak entity set must have total participation in this identifying relationship set. Employees ssn name lot
Entity User Experience 5. JustGrants User: Highlights. Key Takeaways In addition to the introduction of six foundational roles, JustGrants introduces increased visibility among users within the entity – the Entity User and their Entity Profile – allowing for more efficient user management. One Email Address One User One Entity.
Entity Management 23. 2) Select the Manage Users button in the . Doing Business As . section to open the My Apps screen for access to entity management in the Secure User Management system, DIAMD. Entity Users can only be managed by the Entity Admin. 2. Manage Users. Entity Management: Step 2
Entity Framework, referred to as Entity Framework 4. The completely revised second edition of Programming Entity Framework was dedicated to teaching readers how to use this version of Entity Framework in Visual Studio 2010. When .NET 4 was released, the Entity Framework team was already hard at work on a new addition, called Code First, to .
Independent Personal Pronouns Personal Pronouns in Hebrew Person, Gender, Number Singular Person, Gender, Number Plural 3ms (he, it) א ִוה 3mp (they) Sֵה ,הַָּ֫ ֵה 3fs (she, it) א O ה 3fp (they) Uֵה , הַָּ֫ ֵה 2ms (you) הָּ תַא2mp (you all) Sֶּ תַא 2fs (you) ְ תַא 2fp (you
any particular accrediting entity that responds to this Request for Statements of Interest. An accrediting entity is not authorized to act as a designated accrediting entity or represent to others that it is a designated accrediting entity until the Department and the accrediting entity have signed a Memorandum of Agreement. II.
database management puts more emphasis on the extension of an entity class in a database, i.e., the current collection of instances of the entity type 3 in practice, for this chapter: \entity" \object" Entity-Relationship Model,
