Our aim is to help manage and reduce all your risk and insurance costs.
We will work with you to ensure that improvements in your risk profile reduce your overall cost of risk, including the cost of insurance and uninsured losses.
Loss Prevention Services
Examples of loss prevention services available are:
Strategic Risk Assesment
Lockton can support you in the strategic risk assessment of your key threats including the creation of:
- Risk Registers
- Business Risk Management Training Workshops
- Strategic Risk Appraisal (evaluation of the key risks to the organisation).
We have developed a tool which analyses and captures key risk exposures and ranks them in terms of frequency and severity, using standard or client-specific metrics.The tool also highlights clients’ internal controls and captures areas for further review and investigation.
Business Continuity Management (BCM)
We can assist you in the creation of:
- Business Impact Analysis
- Preparation and Auditing of Business Continuity Plans
- Business Continuity Management Training Workshops.
Today your customers often demand reassurance that your BCM will be effective whilst your insurers are also increasingly focused on this in underwriting key exposures.
Property Loss Control & Business Interruption
Our consultant specialists provide an accurate risk profile of your business with detailed reports covering construction, occupancy hazards, protection & management systems and exposures, including:
- Fire risk assessments
- Site Underwriting Surveys
- Loss Estimates (EMLs) – market definitions
- Business Interruption reviews
- Fire protection engineering – sprinklers etc
Health & Safety
Our health & safety specialists can work with you to reduce the frequency and cost of losses by:
- Designing and implementing Safety Management Systems
- Preparing Health and Safety Policies, and Safe Working Procedures
- Conducting Risk Assessments including specific issues e.g. COSHH, Manual Handling.
Training Seminars & Workshops
Our risk experts offer bespoke training seminars and workshops on a range of topics including:
- General Safety and Fire Safety Awareness
- Manual Handling
- Risk Assessment Training
- Accident Reporting and Investigation
- Directors’ Safety Courses.
Analysis of losses is an integral part of the Risk Management process. Services provided include:
Claims data is collated from various sources and tailored to your particular requirements. Our claims analysis helps identify where your risk management investments will have the most impact.
Our detailed claim reports identify loss frequency, loss ratios and common causes, enabling us to discuss emerging trends with you and identify and offer solutions.
Risk Retention Analysis
Our approach is built on a two-tier methodology that uses statistical and financial modelling techniques to evaluate the most cost-effective risk financing solution for an organisation.
Financial Analysis Stress Test (FAST) identifies and stress tests an organisation’s ability to accept and retain risk in an affordable sense, without materially prejudicing its financial position in any one year.
Advanced Risk Exposure Analysis (AREA) is a statistical method that analyses and interprets an organisation’s historical loss data.
Lockton offers professional and specialist services to evaluate self-insurance strategies/alternative risk transfer methods in order to:
- Reduce the exposure to the cyclical nature of the conventional market, and
- Contribute overall to a reduction in the cost of risk.
Self-insurance strategies can range from informal solutions, such as paying for losses as they occur (balance sheet retention), to more formalised strategies such as cell captives and wholly owned captives.
- assists management in formulating an efficient risk financing programme that contributes to the overall reduction in the cost of risk
- contributes to greater earnings stability
- decreases dependency on the general insurance market
- gives an understanding of, and enhances loss information.