Risk Management

Risk Management

Benchmarking – Coverage and Limits

Limit Analysis and Benchmarking

Burnham works with clients to determine risk tolerance and adequate insurance limit levels using a combination of benchmarking and loss event severity analysis by risk type.

Loss event severity analysis can be performed for insurable risks faced by companies. Burnham will develop the severity potential based on factors from the following risk categories:

  • Economic
  • Judicial
  • Legal
  • Physical
  • Political
  • Social

Retention Analysis and Benchmarking

Burnham works with clients to design a retention strategy that aligns with their risk tolerance and appetite. After analyzing a company’s risk bearing capacity, loss stratification and assessment of future loss funding, we determine the optimal risk retention strategy. Burnham can also provide you with retention benchmarking of organizations similar to your own.

Claims Management and Analytics

Burnham Custom Risk Services platform includes a claims unit accountable for proper performance and oversight of all claims processes for our clients’ insurance and risk management programs.

Burnham takes an analytics-based approach to managing claims and effectively manages data gathered during the claim process. This ensures proper utilization of data to avoid high-impact claim opportunities from being overlooked.

Burnham claims management experts specialize in providing services in the following areas:

  • Establishment of tailored claims handling instructions and performance criteria
  • Monthly review of the claims administrators’ performance based on established guidelines and criteria
  • Ongoing review of case reserving and compliance with industry best practices
  • Quarterly review of all open claims above an agreed threshold
  • Ongoing oversight of all claims above an agreed threshold
  • Defining roles and responsibility of internal & external resources
  • Service provider claim management practices (TPA/Carrier)
  • Claim service provider communication guidelines
  • Adverse event reporting practices
  • Claim investigation and documentation
  • Medical management of claims
  • Disability management programs
  • Modified duty work programs
  • Claims resolutions strategies
  • Claim certification or denial
  • Internal claims management practices
  • Subrogation
  • Primary cost factors action plans
  • Reserving practices
  • Reserving and settlement authorization
  • Litigation management

Property & Casualty

Risk Management

Personal Lines