Alternative Risk Financing generally refers to methods of financing the consequences of a risk event or a series of events through a means other than the purchase of an insurance transfer product. Also know as Alternative Risk Transfer or "ART" it includes qualified self-insurance, high deductibles or risk retentions, captive insurance plans, banking plans, risk retention groups and similar vehicles. In considering whether any of these methods of financing risks will provide a better long term outcome depends on how well each approach meets your organizational objectives. In this regard, we can provide services that will:
- Review options of risk financing to conditions under commercial insurance transfer via insurance contracts;
- Consider which alternative options either alone or in concert with insurance might be more viable and responsive to business objectives;
- Provide Preliminary Study* on alternative options to simulate financial conditions and issues to be considered;
- Detail a Feasibility Study* on selected alternative to confirm initial finding and provide steps toward implementation of the plan;
- Provide guidance during implementation and monitor results relative to achieving intended objectives.
Remember, when considering risk financing options it is not a "one size fits all" approach. Organizations use many different methods because each has their own, often unique, operational objectives to be achieved. Let us help you find the right match for your organization.