Risk Management Consultants

If you are a risk management professional, currently providing consulting services to mid-size or large businesses, who needs to service clients from home or on-the-road without the hassle of employing back-office personnel, INSIGHT can help you.

INSIGHT specializes in serving risk management consultants providing services to midsize companies that are in need but cannot afford the cost of an “in-house risk management department” and where the day-to-day risk management responsibilities fall on the shoulders of the CFO or another member of senior management. Thanks to its web-based risk management information system, INSIGHT can help you to deliver 24/7 risk management services without the need to remain on the client’s premises all the time. INSIGHT can help your client replace the need for an in-house risk management department with a physical location at the client’s premises with an on-site risk management department virtual office on the web.

Estimated Cost of an In-House Management Department

Resource Quantity Unit Price Total
Risk Manager1 1.0 $124,927 $124,927
RM Professionals1 1.75 $75,000 $131,250
RM Clerical1 2.25 $45,000 $101,250
RMIS – Annual Leasing2 1.0 $88,070 $88,070
COI Tracking Services3 1.0 $25,870 $25,870
Legal Fees – Est. Annual Savings4 1.0 $20,000 $20,000
TOTAL 8.0 $61,421 $491,367
  1. Based on RM Compensation Survey by National Underwriter (April-08) for an avg. In-House RM department ($200MM-$500MM sales)
  2. Based on a risk management information system (RMIS) from Risk Envision for 4 users.
  3. Based on a certificate of insurance tracking service by IDS for up to 750 COIs per year.
  4. Based on 80 hours of attorneys’ fees per year @ $250/hr.

risk management consulting

On-Site Risk Management©

Economists predict that in the next five years the only sectors of the US economy that will experience a substantial growth will be the areas of professional services; not only in the narrow sense of law, accounting, consulting and so on, but in the broader sense of deep specialist’s expertise applied to create value for the organization. Products and technology-based services are increasingly commoditized; however specialist expertise is becoming more valuable. US corporations can always hire programmers in India to write their software or ask a plant in Peru to make their sweater, but they will think twice before letting a guy in Singapore to determine thier insurance requirements, write their safety manuals or develop their natural gas hedging strategy.

To help risk management professionals deliver their specialized professional services to their clients, INSIGHT has developed On-Site Risk Management©, a combination of products and services that include ChancesR®,our web-based risk management information system (RMIS) and back-office personnel for data-entry and document uploading.

Each INSIGHT web-based application comes with a Contract/Invoicing module where the risk management consultant can bill clients and track receivables based on each service contract. In addition, risk managers can use INSIGHT’s email server to create email accounts for each one of its clients:Your-Client-Name@riskmanagerdesk.com