This document provides information about Risk Transfer Insurance Agency (RTIA), a full-service program administrator specializing in workers' compensation insurance. RTIA has underwritten over $1 billion in premiums since 2000 and forms customized insurance carrier programs. It is a member of Capacity Coverage Company, which produces over $900 million in annual premium. RTIA utilizes business intelligence tools from i3 Analytics to enhance underwriting and risk management. It also provides risk management services through Risk Aware to help contain costs. The document outlines the customized insurance resources and risk management support RTIA offers to clients.
2. Risk Transfer Insurance Agency
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Risk Transfer Insurance Agency (RTIA) is a full service program administrator. RTIA was founded in December
2000 specializing in developing specific Workers’ Compensation programs for Professional Employers
Organizations and Temporary Staffing.
Since its inception, Risk Transfer has underwritten over $1B+ of PEO and Temporary Staffing workers’
compensation premiums and formed numerous industry-specific carrier programs. It has further evolved into
a hybrid business model easily customized to fit each of their carrier partners.
RTIA is a member of the Capacity Coverage Company of New Jersey, Inc. (“Capacity Coverage”). Capacity
coverage was founded in 1990 and currently produces in excess of nine hundred million dollars ($900,000,000)
of gross written premium annually.
3. Risk Transfer Insurance Agency
i3 Analytics was formed to provide the “art and science” of risk management and
business intelligence. The scientific or process portion of i3 has been developed
in-house and represents a large financial investment the value of which
differentiates RTIA’s long-term underwriting profitability. i3 has introduced
cutting edge data visualization technology, predictive modeling and performance
analytics to the insurance industry. i3 provides services to agencies, insurers,
third party administrators, SBAs and staffing companies.
Risk Aware (outsourced underwriting platforms and cost containment programs)
provides comprehensive risk management analytics. Risk Aware was formed in
2007 to focus on customer advocacy and cost containment for RTIA clients.
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4. Your Team of Industry Experts
Risk Transfer Insurance Agency is a full service MGA that
maintains a core discipline on providing insurance solutions
for various commercial industries. We utilize our industry
expertise and carrier relationships to deliver consultative
solutions for our clients, while also advising our clients on
how to mitigate their risk exposures.
• Your account is assigned to a team of industry specialists
who are dedicated to providing a wealth of resources to
service your needs.
• Our approach ensures that managing your insurance
program is seamless and easy for you.
• Risk Transfer provides all of the products and services you
need from one source.
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Risk Transfer gives you the tools to grow your
business and the resources to mitigate your costs.
6. Policy and Certificate Resources
• Online 24/7 access to certificate of insurance
• Speed of delivery to certificate holders to include:
• Contract Reviews
• Special Wording Requirements
• Certificate Holder Negotiations
• Review all policies for appropriate coverage for all
commercial insurance lines sold.
• Endorsing policies for customer required policy changes.
• Review premium audits for accuracy, handle dispute
resolution.
• Our pay-as-you-go process typically results in a +/- 3%
differential from what was reported against actual.
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7. Customized Insurance Resources
Risk Profile
Analyze your book from the eyes of an insurance company; we provide a
thorough report of your book’s segmentation by wages, premium, states,
class codes, AM Best hazard grade, SIC/NAICS and standard exception
codes.
Loss Summary and Projection
We ensure the best pricing and placement options for your portfolio by
providing a report that evaluates your historical performance and
generates a projection of forecasted losses for the upcoming year.
Executive Summary
Easy-to-understand guide for determining the best course of action for
your company to maximize the profitability of your insurance portfolio.
Your producer provides recommendations from a detailed review of
findings from insurance carriers they've marketed your account to.
Financial Statements Review
By determining your financial state of affairs, we’re able to instill
confidence in your insurance carrier that you can fulfill your premium
financing commitments. We consult with your group regardless of
financial deal structure, guaranteed cost, large deductible, retrospective
policies, and can provide your internal finance department with targets
to book premium and loss fund commitments.
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8. Customized Insurance Resources
Underwriting
We provide clear guidelines on what information is needed for your
submissions and also provide a decision tree tool that allows you to
quantify your prospective clients’ eligibility prior to submitting their
business for coverage, this gives you a heads-up on which of your clients
are attractive or unattractive from an insurance perspective.
Compliance
We help validate your safety program and drug free workplace policies
for compliance purposes; we’ll not only ensure that your business is in
compliance but also advocate for premium credit eligibility.
We respond to department of insurance requests and inquiries regarding
your issued policies to ensure compliance is granted from the state for
each of your clients.
Marketing
Submit your business to all viable carrier candidates to provide you with
more than one option for your insurance placement.
We provide a net rate comparison on a class code and state level to
compare your premium costs from one year to the next to give you a
proactive indication for proper budgeting.
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9. Claims Analytics
Check monthly loss runs and key performance indicators from all of your
carriers with access to the i3 Claims Analytics web dashboard.
According to a recent Deloitte study, companies save 4-8% on loss and
expense caused by workers’ compensation claims when leveraging
advanced analytics. Advanced analytics “changes the game” by
providing insights that help organizations improve claim outcomes.
Claim Activity Notifications
Automated email alerts that include claim increase and decrease
updates, loss reserve alerts and much more.
Predictive Rate Analytics
We allow you to quickly calculate an optimized workers’ compensation
rate for your clients using the industry’s most credible data. Would you
like to know that a class code in a state historically averaged a 150% loss
ratio or an average claim cost of $50,000?
Proprietary Payroll Portal
We’ve engineered an easy-to-use web portal that allows our clients to
submit their payroll information for invoicing, client endorsements, PAC
Agreements and performance analytics.
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Data and Analytics
Provided by Risk Transfer and i3 Analytics
10. Risk Management Resources
Provided by Risk Transfer and RiskAware
Online Resources
Access to the most current risk management tools on the web that
includes OSHA resources, workplace safety, human resources, drug-free
policies, safety programs, transitional duty tools and much more.
Telephonic Claims Consulting
Cost containment advice from a licensed adjuster.
Claims Advocacy
Have an advisor on standby as claims occur, we'll help you navigate the
claims process.
Annual Stewardship Report
Our mid-term checkup gives you the information needed to proactively
engage risk mitigation services, eliminate surprises and plan for cost
expectations at your renewal.
Best Practices Evaluation
Face to face consultation with RiskAware to identify potential workers'
compensation cost containment opportunities.
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11. Experience Mod Management
Provided by Risk Transfer and RiskAware
• We’ll help advocate for your best experience mod by
providing risk consultation advice, reviewing your claims,
pushing insurance companies to reduce or eliminate
claims reserves and by closing claims completely.
• We also help confirm that your mod is accurate and can
provide a comprehensive analysis of the segments of
your portfolio that put your experience mod at risk.
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12. Onboarding Orientation
• We give you a formal introduction to your team that
consists of underwriters, account managers, risk control
experts and accountants, all with clear roles and
obligations to serve you.
• We provide a customer handbook that has detailed
guidelines on how to report claims, access services
provided by Risk Transfer partner firms RiskAware and i3
Analytics, utilize managed provider networks, access legal
defense firms, surveillance services loss prevention
services and much more.
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13. Service Calendar
• Your service calendar includes ongoing contact to track
and update your risk management program.
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14. Claim frequency continues to decline materially as a result
of the corrective underwriting actions and changes we have
made to our appetite. This was achieved through leveraging
the capabilities and business intelligence of i3 Analytics and
Risk Aware.
The distribution of claims frequency around industry classes
continues to shift in a very positive direction and is evident
as early as 2010, and the trends continue in the most
current years.
The amount of desirable risks (Approved) continues to
become the predominate classes we underwrite, and
further reinforces that (1) underwriters removed classes of
business that affected claims frequency, and (2) the
accounts we write in Referral-1-2 have outperformed their
peers.
Class Code Underwriting Discipline
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Category Average Cost per Claim
Approved $11,096
Referral 1 $10,638
Referral 2 $16,016
Excluded $19,122
