Introducing RiskScore®
Keeping track of your business’s insurance risk is hard, and even a small mistake can create huge problems. We developed RiskScore to assess your business risks thoroughly, analyze them carefully, and develop a plan for managing them.
RiskScore is like a credit score, but for your business risk. It identifies your business’s strengths and weaknesses in four key risk areas—pre-hire, post-hire, pre-claim, and post-claim—providing the insights to implement industry best practices and reduce your exposure.
We take your business and your RiskScore report to insurance carriers to ensure you get the best coverage at the right price. When accidents happen, we act in your favor throughout the claims process and work with you to decrease the frequency and cost of claims.
The result? Lower risks, fewer claims, and great coverage at lower cost.
We developed RiskScore in partnership with insurance carrier underwriters, loss control specialists, corporate controllers, and professional risk managers. That means your report offers a clear and comprehensive view of your business risks. Your underwriter won’t just see a series of checkboxes. They’ll get a deep understanding of your business and a detailed look at the great things you do to proactively manage your risk.
RiskScore® benefits
Clarity
RiskScore is like a credit score for your business risk. The higher your score the better your insurance premiums, terms, and conditions.
Continuous improvement
Your RiskScore analysis identifies areas of strength and opportunities to build your team.
Best practices
We help you implement industry best practices to mitigate your overall business exposure.
Data
RiskScore begins the pre-audit process for underwriters.
The RiskScore® Process
1
RiskScore Survey
Complete a RiskScore survey online. It takes less than 10 minutes and focuses on four key risk areas we call PX4:
- Pre-hire: Evaluating potential risks before you hire an employee.
- Post-hire: Managing risks once you hire an employee through onboarding processes and training.
- Pre-claim: Preventing claims with safety protocols, maintenance, and risk assessments.
- Post-claim: Managing the aftermath of a claim through efficient resolution, cause analysis the cause, and measures to prevent future claims.
2
RiskScore Analysis
IOA’s RiskScore experts analyze your responses to the survey to evaluate your company’s current practices and identify strengths, areas for improvement, and clarify priorities. Our experts report will include your overall RiskScore.
3
Projected RiskScore
With the report and RiskScore in hand, we’ll work with you to develop a multiyear action plan to implement industry best practices and identify your strategic focus for each period moving forward.
RiskScore® results
RiskScore delivers significant results for our clients.
CABLE COMPANY
Implementing RiskScore led to
92% reduction
in claims severity and
86% reduction
in claims frequency
HOSPITALITY GROUP
Implementing RiskScore led to
savings of over $540K
in just four years
College
Implementing RiskScore led to
92% reduction
in claims severity and
57% reduction
in claims frequency
Pizza delivery company
Implementing RiskScore led to
lowering of Modification Rate
to 0.11, equating to a premium
reduction of $54K
Learn your RiskScore®
Take the RiskScore survey and start systematically reducing your risks—and your premiums—today. It takes just 10 minutes and you’ll soon be in control of your business’s risk exposure.
Get the latest on risk management
Read our industry expert’s latest thoughts. We provide specific market outlooks, practical guides, updates on market trends, advice on risk management and much more. Each informative piece offers straightforward guidance in a complex insurance landscape.