RiskScore assessments help identify a businesses potential strengths and weaknesses
In today’s world, leaders are asked not just to pioneer their chosen industry but also to provide tools to keep their employees safe along the way. Risk management systems can be put in place through a unique and proactive approach guided by Insurance Office of America co-founder John Ritenour and the rest of the IOA team.
Utilizing an organizational approach, Insurance Office of America helps guide its clients through four simple tasks by implementing full-scale risk management solutions:
- Reduce Risk
- Decrease Cost
- Boost Profitability
- Reduce Claims
Before tackling these goals, it’s important to have a solid understanding of what risk management solutions are and how they can benefit the modern workplace.
What Is Risk Management?
In every line of work, there are various levels of risk associated with day-to-day duties. Construction workers may slip and fall, grocery clerks might pull a muscle, and buildings can even succumb to fire damage. While all of these risks are real and may manifest at any time, implementing a risk management system can reduce their likelihood altogether.
Put plainly, risk management is the overarching process of making decisions that will reduce and minimize potential adverse effects on the organization. Risk is often considered objective and, as such, a professional risk advocate can go a long way toward delivering answers and solutions.
By working with insurance expert John Ritenour and his team of risk advocates, business owners can lower their risk, reduce their premiums, and lessen their claims along the way. This effort is encapsulated in outcomes from IOA’s innovative RiskScore® solution.
What Is RiskScore?
Most business owners would love to lower their claims, reduce their risk, and save money on their premiums. The problem often becomes thus: navigating the complicated world of insurance to find the right system. A risk advocate from Insurance Office of America will help manage this process by working with clients to determine their business’s RiskScore.
RiskScore was developed by IOA and the insurance industry’s top insurance carriers as a sort of credit score for businesses. RiskScore identifies all of the strengths that a business showcases in four key areas while also highlighting opportunities for improvement. After determining the final RiskScore results, IOA explores them with businesses while creating a forward-thinking path to better solutions.
How Does RiskScore Work?
First, applicants undergo a quick 10-minute survey that focuses on four disciplines within the PX4 process. Those four disciplines are pre-hire, post-hire, pre-claim, and post-claim. Upon completing the survey, IOA works hand in hand with its clients to provide the best coverage at the right price.
Why Should I Calculate My RiskScore?
Anytime that businesses turn to industry leaders, professional solutions are on the way. IOA leverages years of industry experience and professional insight to deliver results that can create actionable change for businesses of every size. Undergoing a RiskScore assessment can reveal several key benefits.
- Better Results – Better Terms and Conditions
- Identify Areas of Strength and Opportunity for Improvement
- Implement Best Practices to Minimize Business Exposure
- Collect Empirical Data for Underwriters
From the RiskScore survey to the implementation of its results, IOA works closely with its clients to help organizations even before they have a claim. IOA acts in its clients’ favor throughout the entirety of the claims process, actively working to decrease cost, reduce their frequency, and ultimately protect the bottom line.
According to John Ritenour and the team at IOA, the RiskScore tool alone can develop and deliver serious results for clients. For example, a cable company experienced a 92% reduction in claim severity and an 86% reduction in claim frequency, and a hospitality group saved over $530k in under four years.
Implementing Risk Management Solutions
As the co-founder of Insurance Office of America, John Ritenour understands what it takes to run a tight ship where safety and risk management go hand in hand. For other business owners looking to follow in his footsteps, working with IOA to implement broad risk management solutions makes plenty of sense.
Risk management solutions from IOA come through a team of professional risk advocates who are dedicated to helping businesses mitigate risk while exploring solutions.
Risk Advocacy & Claims Solutions
A team of risk advocates from IOA will work together with human resources and safety teams to create risk management and mitigation solutions. During these talks, advocates will guide businesses through the RiskScore survey. Upon settling on a plan, risk advocates from IOA will aid in the implementation of consistent, effective, and constant key training for employees.
When claims are made, Insurance Office of America provides claims advocates to make the process go as smoothly as possible for both the injured employee and their employer. Claims advocates will play a proactive role in the navigation of this complex and occasionally frustrating process.
John Ritenour and the team at IOA implement their life-of-claim strategy to monitor claims from beginning to ending, staying on top of activity the entirety of the way. This strategy includes contacting Occupational Safety and Health Administration (OSHA) for any and all guidance and reporting.
Finally, clients will have access to IOA’s proprietary claims management portal. This portal gives clients the ability to manage their claims for general liability, auto, workers, and property. The simple workflow ensures high-end performance standards, and the entirety of the system operates on industry-standard best practices.
There are several major advantages that come with a claims advocacy team, including the following.
- Instant Notice of Claims
- Manager Review within 48 Hours
- Proactive Reporting
- Transparent Communications
- Monthly Loss Run Updates
Monthly Training & Learning Management Systems
The best way to stay ahead of the curve is to keep your foot on the gas. Stay ahead of schedule with monthly employee education and training on serious topics such as OSHA, human resources, safety in the workplace, and team building. This process is guided by the PX4 system, which keeps businesses focused on the areas most matched to their specific needs.
Insurance Office of America utilizes proprietary learning management systems that offer more than 500 courses on a variety of essential topics. Learning Management Systems are branded to the individual company, offering training programs based around the job, group, and individuals working in the business.
Key perks of this system include
- Cloud-based System Offers Instant Access To Training Companywide
- Track Individual and Group Training Objectives
- System Pre-Loaded with 500+ Courses on OSHA, Safety, HR, Wellness, Customer Service
- Customize and Create Learning Modules
In today’s digitally oriented world, cloud-based training and learning management systems provide instant access to the data your team needs to succeed. Online training and learning management systems will keep employees focused, business owners proactive, and businesses constantly on the edge of growth and innovation.
Risk advocates from Insurance Office of America will work hand in hand with their clients to keep their businesses in compliance with all federal and state employment regulations. IOA will continually review, advocate for, and develop employment procedures and policies to the benefit of the business they are working for.
A functional human resources management team will be essential for the long-term retention of happy employees while eliminating any potential financial exposures. An HR management team from IOA can answer essential questions while providing accurate, guided responses.
How to Minimize Risk in Your Business
Risk is inherent to the world of business, and that isn’t a reminder that most leaders need. With that being said, there are ways to become more proactive and risk-averse while developing a brand or business. Outside of implementing a risk management system under the guidance of the Insurance Office of America, consider the following ideas.
- Limit Loans – New businesses may need more loans to get started than older businesses, but that doesn’t mean that companies should go overboard. Limit the number of loans as well as their length and value until your financial situation can handle them.
- Create a Spending Plan – Budget for spending across every department and be ready to show this information during loan applications. A spending plan with a strict budget can help companies navigate turbulent waters during troublesome months.
- Hire a Risk Management Team – The easiest way to minimize risk is to turn to professionals who do it for a living. Insurance Office of America is guided by the professional hand of John Ritenour as it helps businesses implement risk management systems for clients of every industry. Risk management systems provide business owners with answers and solutions to problems they may not have even been aware of.
About John Ritenour
John Ritenour co-founded Insurance Office of America in 1988 with two colleagues and one shared vision. Multiple decades later, Insurance Office of America is proud to be a leading privately owned insurance brokerage. John Ritenour has more than 35 years of business insurance experience and, though he has transitioned into retirement, continues to play a role at the company now managed by his son, CEO Heath Ritenour.