ClearRisk 2.0 Launched Today!

Today ClearRisk Inc is proud to announce the  launch of version 2.0 of its ClearRisk Manager application. Version 2.0  is built to improve every user’s experience. The site is faster, it enables easier collaboration and includes functionality that will allow our users who are Insurance Brokers to interact with clients in ways they’ve never been able to before.

ClearRisk Manager Version 2.0 is designed to be lightning fast. “We’ve increased the speed of the site by almost 4x,” said John Downey, Director of Systems for ClearRisk Inc “we’ve created a seamless experience for brokers; almost unnoticeable page loads and large reports take only a few seconds, unlike minutes or hours for some competitive systems.”

Clients of Insurance brokers are demanding risk management options that go beyond insurance coverage. Some brokerages are struggling with how to effectively provide these services to their clients. That’s why we built ClearRisk Manager. We want Insurance brokers to have an affordable way to provide their clients with risk management plans, risk maps and risk management resources – even if they have little to no risk management training.

Using ClearRisk Manager to help identify, prioritize and manage client risks, brokers can offer affordable risk management support to clients; helping clients get the best terms in the insurance market

We’ve built on this concept in Version 2.0, by adding more client and broker collaboration tools, and increasing the speed of the site even more. ClearRisk Manager 2.0 can be used to store, track and share all relevant risk and insurance information such as insurance policies, claims documents, and insurance certificates. It gives Brokers and their clients the ability track progress they make over time.

In addition, ClearRisk Manager 2.0 introduces functionality that allows Brokers to Co-Brand the secure online portal. It’s important for Brokers to have multiple touch points with clients throughout the year. Every time a client logs on to ClearRisk Manager to work on their Risk Management plan, the host Broker’s logo can be prominently displayed. From the client’s perspective, the Broker is providing them with a software solution comparable to those offered by only large multinational brokers. This, in combination with the collaboration tools above, shows the clients firsthand the value the Broker is bringing to their business.

ClearRisk’s focus has been on increasing broker profitability with mid-market Risk Management Solutions. ClearRisk Manager 2.0 provides brokers with even more functionality to help them become the preferred provider of risk management and insurance products and services.

The following video is a popular resource for insurance brokers who are evaluating the use of risk management as a value added service.

Top 10 ways to use Risk Management to Increase Brokerage Revenue

Come view the new functionality with a 30-day free-trial

or let one of our associates walk you through ClearRisk Manager 2.0 with a 20 min tutorial

The Risk Management Process – In 5 Steps

I have always been a firm believer that good risk management doesn’t have to be resource intensive, difficult for SMBs to undertake or insurance brokers to provide to their clients. With a little formalization, structure and a strong understanding of your organization, risk management planning can be rewarding.

Risk management does require some investment of time and money but it does not need to be substantial to be effective. In fact it will be more likely to be employed and maintained if it is implemented gradually over time. The key is to have a basic understanding of the process and to move towards its implementation.  That is exactly why ClearRisk has developed its newest whitepaper: The Risk Management Process

There are many different risk management models available. Often times these models are unnecessarily complicated or written for an academic audience. We’ve developed this whitepaper from industry best practices and experience and in a way to which business people can relate.

In summary, the five steps in the risk management process are:

1.   Identify Potential Risks:
What can possibly go wrong?

The Risk Management Process

2.   Measure Frequency and Severity:
What is the likelihood of the risk occurring and if so what is the impact?

3.   Examine Alternative Solutions:
What are the potential ways to treat the risk and of these, which strikes the best balance between being affordable and effective?

4.   Decide Which Solution to Use and Implement it:
Find the needed resources, get the necessary buy-in and pull the trigger.

5.   Monitor Results:
Is your plan working? Are changes or updates required?

The whitepaper explains each of these steps in detail so you can move towards implementing a risk management plan. Click to view the free whitepaper on the Risk Management Process.

Using Risk Management to Increase Brokerage Revenue

We’ve written on the benefits of risk management and on its application by brokers in blog entries like Using Risk Management to Win in the Mid-Market and An Ounce of Prevention: Does Risk Management Really Work? So expanding on that, today The ClearRisk Blog brings you some of the ways that risk management can increase brokerage revenue.

• Attract New Clients: Providing something of great worth doesn’t go unnoticed. Including risk management advice and support as a value-added service for clients can make a brokerage stand out in the eyes of a potential customer.
• Better Terms in the Insurance Market: In working with your clients to identify risks and to ensure they carry the right coverages, you help your clients to become ‘best-in-class risks’. Having clients who are informed and knowledgeable about the risks that face their operations will bring them better preparedness as well as access to better rates and terms in the market. Organizations that work towards risk improvement are perceived more favorably by insurers.
• A Better Book of Business: Clients who take an active role in managing their risks have better loss ratios over the long term. With better client loss ratios, brokerages can earn higher CPC.
• Stronger Relationships with Clients: Providing risk management guidance to clients not only provides value, but it gives you the opportunity to meet and work with clients on positive, relationship-building terms. Working with them to identify potential risk areas and gaps in their coverages helps you to be seen as a provider of solutions; someone who is looking out for their best interest and who shares the same goals. This can help take your interactions with your clients to a whole new level, where long term and beneficial partnerships are built, maintained and valued. Think about your longest and best relationships with clients. What if you could replicate that trust and loyalty in all of your client relationships?

These are just four of the many benefits that the provision of risk management services brings to brokerages and brokers. On Thursday, April 22nd, 2010 at 2:00pm EDT, I will be conducting a free webinar on the Top Ten Ways to Use Risk Management to Increase Brokerage Revenue.

UPDATE:  You can view a recording of the live webinar here:  Risk Management for Insurance Brokers

10 Steps to a SMB Risk Management Process

This week, ClearRisk presents a guest post by Thomas M. Bragg. Tom, who has specialized in business planning, strategy and business risk management for 20 years, writes a blog about practical risk management for small business.

More and more is being written about risk management for small and medium sized businesses (SMBs). In fact, if you do a little bit of research, you’ll probably find yourself soon overwhelmed with advice, methods, terminology and tools.

Getting started with any new process is tough. It’s hard to get out of the blocks. It’s scary. It seems overwhelming.

Don’t be overwhelmed. I’m here to tell you that establishing an effective risk management process for your business doesn’t have to be difficult.

Read more

ClearRisk.com: New and Improved!

I am very pleased to announce the launch of the new ClearRisk.com! Over the past few months, our ClearRisk team has been working to create a website that is strong in design, content, usability and interactivity.

In creating the new site, our focus has been on :

• Improving navigation
• Providing new risk management resources
• Incorporating more accessible support and 24/7 chat
• Improving speed and usability for our online risk management solution ClearRisk Manager.

Now that it has been launched, we would really like to hear from you. Visit the sites, browse around and tell us what you think! All feedback is greatly appreciated so please help us make ClearRisk.com even better.

How do you identify the risks that threaten your organization’s success?

Two companies have in place risk management plans of similar quality and detail. One has worked tirelessly, dedicating an intense amount of time and money, to create a plan that meets the needs of the organization and that addresses the risk-related issues the company has been faced with in the past. They have hired consultants and other outside resources to help re-work the plan time and time again and have been waiting a long time for a plan that is customized to suit the needs of the business.

The other company came to have the same quality plan with the same level of customization with less money invested and less time spent. They cut months from their development time and were able to jump into the implementation of the plan almost immediately.

How did they do it?

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Are You Managing the Right Risks?

Risk management planning can be such a huge investment for a small to medium-sized organization. It is crucial to ensure that your risk management dollars are going to good use by making sure that you are managing the right risks – those that present the most severe consequences or that hold the highest likelihood of occurence.

How do we make sure we’re managing the right risks?

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Will Organizations Start Listening to their Risk Managers?

Last week we asked the LinkedIn community, “Will organizations start listening to their risk managers?“. The response that the question has received has been extremely insightful – despite the respondents’ discouraging predictions.

The question in full highlighted the fact that many organizations were forewarned about the financial crisis and that the choice was made to continue to focus on marketing and sales rather than risk management. We asked in light of this, will organizations start listening to their risk managers, or will it be business as usual once the crisis is over?

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Employers and Job Hunters Be Aware

With global stock-markets reduced to levels not seen in close to two decades, many employees will be delaying retirements due to the significantly reduced value of their retirement savings.  What’s the risk?  Employers that were relying on attrition to reduce their workforces may have to look for other alternatives.  From an employer’s perspective first-in-first-out represents the biggest cost savings because veteran employees are generally paid more and their benefits cost more.  Delayed retirements will mean hard choices to reduce labour costs.

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