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Managing Risk for Tomorrow, Today
Deciding Eligibility: Assessing Clients for Hybrid Risk Transfer and Self-Insured Programs
Aug 24, 2023
Jeff Kleid, Founder of VCL Risk, discusses the challenges brokers face in assessing clients for hybrid risk transfer and self-insured programs. He emphasizes the importance of understanding clients' needs and preferences, and highlights the unique approach of Elite Risk and Victoria Insurance in providing personalized solutions. Evaluating clients thoroughly and questioning their motivations is crucial. The impact of time differences on work and the importance of quick evaluations and finding the right fit are also discussed.
14:44
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Quick takeaways
- Brokers should assess clients' needs and consider alternative risk transfer programs like self-insured or hybrid approaches for clients who are not a good fit for traditional insurance options.
- Brokers can offer alternative risk control solutions, such as captive insurance companies, to help clients regain control over their risk, potentially reducing premiums based on their risk management strategies.
Deep dives
Identifying Ineligible Clients
One of the challenges for brokers is determining when a client is not a good fit for traditional insurance options. Brokers often want to help every client to maintain their reputation and not miss out on opportunities. However, there are instances, especially with higher-level clients, where their needs cannot be met within the existing system of products. Brokers should assess what the client truly needs and consider alternative options, such as self-insured programs or hybrid approaches.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode