Non-Members: To download a complimentary excerpt of this research, please click here.
As corporate operations, assets, and liabilities become more complex, the importance of managing risk exposure has become a critical factor for cost control. This 24-slide presentation is designed to help finance and risk management organizations understand whether they are focused on the right subjects at the right employment intervals. The study assesses optimal combinations of structure, activity level, budget, and staffing resources in insurance risk management departments.
Companies can use this information to streamline insurance risk departments. By comparing organizational structures, budgeting methods, and activities performed, this document provides a comprehensive assessment of the best practices in insurance risk management to aid companies in identifying problem areas and making the most beneficial changes.
- Organizational Structure
- Level of Outsourcing
- Departmental Budget
- Staff Allocation
- Best Practices for Risk Management
- Percent employing different departmental structures
- Percent with department headquarters in the US vs. other countries
- Responsiblity areas of activity within risk management departments
- Level of outsourcing for departmental activities
- FTE levels and FTE average, and FTEs for each role/position
- Overall budgets, budgets as % of 2005 company revenue and FTEs by budget range
Sample Key Finding:
- 85% of the benchmark class outsources some or all of their claims processing. Fully outsourcing this and other non-strategic activities such as collecting and processing renewal data may be opportunities for cost savings.
Best Practices, LLC conducted surveys and follow-up interviews with 24 sales training managers and executives at eighteen pharmaceutical, biotechnology and medical devices companies.