PROGRAM BUSINESS SERVICES for
Stop Loss Carriers and Managing General Underwriters
RICS provides program management services and ongoing account analysis to new and existing stop loss carriers and managing general underwriters (MGUs). We seek MGU program business where we can bring an issuing carrier and obtain reinsurance support to maximize profitability for all parties. We consistently monitor program business and the market for the opportunity to bring new products, new carrier relationships or new distribution channels.
Our goal is to bring value-added services to our clients. Some of the program business services we provide include:
- Screening carriers for the MGU and MGUs for the carriers
- Developing business plans for MGUs and other program business opportunities
- Building and managing a database to track a program’s experience
- Facilitating due diligence as required, including site visits and audits
- Negotiating contract terms
- Drafting and executing all related quota share and excess of loss reinsurance agreements
- Reviewing policy documents and assisting with compliance
- Identifying diversification products and distribution channels
- Coordinating underwriting, claims and premium audits
- Analyzing experience results via various comprehensive reporting tools such as Point-In-Time exhibits and Burn-Costs Analysis
- Selecting actuarial consultants and claims management services
- Enabling various meetings for all parties involved
- Providing monthly premium and claims accounting reports and triangles
- Monitoring funding among participantsWe set up a direct relationship between the company and the reinsurer. We feel it is important for you to know your business partner(s) and to establish a mutual working relationship. We stay on top of any issues or problems, but do not isolate you from your reinsurer.
- Fiduciary responsibilities are handled by our clients; premiums/claims flow direct to appropriate parties (with no third-party delays.)
Our program business fees are negotiable since the scope of services can be significantly different depending on the needs of each program. We will be glad to send you a list of references so that you can get some opinions on how we do business.