Insurance coverage of many types is a perennial cost of doing business. Premium overpayments occur because companies are at a significant disadvantage when dealing with brokers and insurers to obtain coverage to protect their assets. Typically, companies lack the expertise to ensure their broker is correctly assessing risk and carrier competitive pricing.

UIC, Inc. represents a new paradigm in the insurance market—a truly independent risk and insurance management consultant that provides its clients with the appropriate intellectual capital to be on equal footing when securing the proper coverage and services from the insurance industry establishment.

Bringing Total Independence, Proper Competition and Technical Skills to the Risk Management Process

What would it mean to your company’s returns if your company were significantly overpaying for their insurance coverage or had inadequate coverage? What if your company were overpaying or a loss occurred and it was not covered? Depending on the size of the company, these excess premiums could amount to tens of thousands—or even millions of dollars—reducing your company’s earnings and your total return. Gaps in coverage could cost even more. This is a problem we see again and again as we assist companies in their search for the right coverage at the right price for the full range of business-related risks.

An Outdated Model

Insurance coverage of many types is a perennial cost of doing business. Premium overpayments occur because companies are at a significant disadvantage when dealing with brokers and insurers to obtain coverage to protect their assets. Typically, companies (even those with good internal risk management departments) lack the necessary expertise to understand the intricate complexities of insurance policies, and to ensure their broker is correctly assessing risk and pushing carriers for competitive pricing.

At the same time, companies usually operate on a playing field that is tilted in favor of the insurance industry. That's because the insurance industry delivers its commercial products and services through brokers “a push down approach”. The brokers, although they technically represent the client, are the sales force for the insurers they represent. They receive commis¬sions and residual fees from them for the sales they make.

This system creates inefficiencies and potential conflict between the interest of the companies purchasing insurance on the one hand, and the brokers and carriers selling the insurance products and services. This results in a possible economic disadvantage for your company.

In light of these inefficiencies and potential conflicts of interest, companies face an imperfect insurance market when seeking coverage to manage their business risks. In particular, they may be unaware of the broad range of insurance products and providers available to them in any particular coverage category.

Old Model They may also be unaware of the significant variations in premium rates for any given type of coverage.

Thus, given the current structure of the insurance marketplace, the best way to overcome the potential conflicts and successfully negotiate the optimum coverage while minimizing premiums, is to access a truly independent third-party resource—one that demonstrates superior technical knowledge of coverage and the general insurance market, as well as the ability to professionally advise and negotiate the right policies at the most competitive price and create the “push out approach”.

A New Paradigm — UIC, Inc Insurance Consulting

Fortunately, there is a solution to this problem. UIC, Inc Insurance Consulting, a world-class independent insurance consulting firm, offers a complete package of services designed to put your company on a level playing field with the insurance brokers and carriers they face when seeking coverage.

UIC, Inc represents a new paradigm in the insurance market—a truly independent consultant that provides its clients with the appropriate intellectual capital to be on equal footing when securing the proper coverage and services from the insurance industry establishment.

With a broad range of experience and expertise, we know the insurance industry inside out—everything from property and casualty (P&C) and umbrella coverage, to directors’ and officers’ (D&O), errors and omissions (E&O), representations and warranties (R&W), business interruption and a lot more.

At UIC, Inc, our dedicated insurance and risk management professionals guide each client company through a unique proprietary consulting process: beginning with a risk management audit and insurance contract review; to recommendations for optimal coverage; establishment of a process to solicit competitive bids from brokers and carriers; intensive bid evaluations; to final negotiations for competitive premiums available in the industry worldwide.

UIC, Inc is, in part, too, an out-sourced adjunct to your company’s risk management function. We can assist your internal risk management efforts or perform the entire function of a risk management department both in terms of locating the best values for your business coverage