United States: Plews, Shadley, Racher & Braun Announces Successful Completion of First Year of Operation of Insurance and Risk Management Services, LLC
Last Updated: June 25 2004

By P. Kevin Thompson

Insurance and Risk Management Services, LLC, (IRMS) has just completed a successful first year of operation in partnership with Plews Shadley Racher & Braun. IRMS has been conducting "risk assessment" services for property and casualty clientele, while providing a variety of ancillary services to IRMS and Plews Shadley Racher & Braun clients. Kevin Thompson, President of IRMS, states, "We have only begun to scratch the surface regarding clients that can derive significant benefit from this service." According to Kevin, "One of the predominant themes to date has been the significant value-added benefit that many property casualty clients realize from our service. The current state of the property casualty market, ever rising insurance costs, and restrictions on coverage, drive the process and ultimate benefit to our IRMS clients." In short, clients typically receive multiples in return on their investment in IRMS’ services.

To date, IRMS has completed more than a dozen risk assessments, addressed a number of specific issues for particular clients, and generally delivered a much needed service to those companies not having dedicated in-house risk management resource and expertise. IRMS’ client count stands at more than twenty, with referral follow-up and new clients being added weekly.

One of the more significant benefits realized has been the key learnings developed among our clients regarding risk management issues. According to Candy Boyer, CFO of Veritas Realty, LLC, and one of IRMS’s clients for the risk assessment service, "We were less than knowledgeable regarding the relationship of the property casualty markets, our commercial brokerage, and our internal responsibilities with respect to placement of our property casualty coverage and ongoing monitoring of our program." She added, "The IRMS risk assessment allowed us to become more knowledgeable about the process, take a more assertive role in the placement of our risks, and ultimately developed significant savings to our bottom line. At the same time, we developed a much better understanding of the coverages we have, and potential gaps or areas of exposure for which we were not adequately protected."

Rick Schweitzer of Superior Petroleum in Crown Point, Indiana, shared a similar observation. Reflecting on the assistance IRMS provided in Superior’s recent insurance renewal, Rick stated, "They basically opened the doors to other insurance providers, and educated us on how to evaluate competitive products. We had been doing many of the right things, but IRMS facilitated the renewal process by clearly communicating the things we were doing directly to the insurance markets and confirmed that we received proper credit from the underwriters for programs we have implemented. We were also able to solicit comparable quotes, so that we didn’t have to compare apples to oranges. At the end of the day, IRMS’s assistance significantly impacted what might have otherwise been a dramatic increase in our renewal premiums."

Quality Environmental Professionals, Inc., a third IRMS client, had this view. "Beyond the review of our existing program, evaluation of potential gaps and overlaps in coverage, and identification of new coverage requirements (employment practices liability, for example), IRMS also assisted with training of our field representatives in the post- risk-assessment phase. This training effort developed an appreciation amongst our field representatives and an awareness of the exposures in our operation. From a technical stand point, the training also insured our underlying coverages properly addressed the day-to-day exposure resulting from our operation."

IRMS can call on the insurancecoverage- law expertise of Plews Shadley Racher and Braun in assisting its clients. "Not only does an IRMS audit save a client money and assure that it has the best available coverage for its premium dollar, it provides a review of any claims or coverage issues," said George Plews, a partner at Plews Shadley Racher and Braun. "That way, we can help the client get the most out of the insurance it already purchased."

IRMS continues to search for additional opportunities to add value to Plews Shadley Racher & Braun client relationships, while addressing the more immediate needs of its property casualty clients. Plews Shadley Racher & Braun and Insurance and Risk Management Services continue to value your input, and should you have any questions regarding additional opportunities for valued-added services, please contact Kevin Thompson or George Plews.

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