PRO Insurance Solutions

Consultancy and Business Support

Managing insurance and reinsurance portfolios is not a uniform process – every project brings with it a wide range of specialist issues that need to be addressed. Our consultancy and business support team offers our clients the expertise and resources to tackle those issues.

We work with more than 60 international clients, providing a comprehensive consultancy service in areas ranging from exit strategy advice through to IT and accountancy support. We have built up a team of experienced professionals dedicated to carrying out project work for the long or short-term – whatever the portfolio demands. It can be difficult or prohibitively expensive to have these non-core specialist skills in-house, so our clients benefit from the flexibility of being able to call on our expertise as and when they need it.

Our specialist services

Our specialist consultancy unit delivers services alongside our management solutions and core functions such as claims management, audits and inspection, reinsurance recovery, commutation and debt purchase. This enables us to draw on the knowledge and experience of not only our consultancy professionals but also experts from our portfolio management teams. Our services have been employed to contribute to projects where significant asset, balance sheet and efficiency gains have been realised. Further to this our pragmatic and commercial approach has helped to resolve some major legal disputes. Case studies demonstrating the value added benefit of utilising our consultancy team are available upon request.

Our core consultancy services include the following:

Audit & Inspection – We provide effective policy review and risk management within the key business functions of underwriting, claims, reinsurance, accounting and reporting. Our team operates within three categories of audit:

• Pre-underwriting audits – understand the cedant’s business and set premium
• Inspection of records – assess the cedant’s business at a macro and micro level to identify coverage issues and limit financial liabilities
• Pre-commutation audits – obtain view of claims quantum and reserve expectations.

Support for Retro Operations - Maximising reinsurance recoveries can help protect the balance sheet, improve liquidity and optimise the use of capital. We operate within three stages of retro operations:

• Process Review – ascertain potential efficiencies and additional recoverables from process augmentation
• Billing – ensure regular billing process is achieved in a timely manner with necessary supporting documentation
• Collection – protecting against credit risk, recovery of problematic debts and accelerated cash flow.

Broker Support / Replacement - We deal with the issues facing insurance and reinsurance entities associated with the performance of broker services. This includes managing the interaction with reinsurance brokers and partially or entirely replacing current non-performing brokers to maximise and accelerate the recovery of reinsurance assets.

Commutation - Our focus is on bringing certainty to your portfolio. Commutations are a key tool when seeking to limit exposures or to accelerate reinsurance asset collection:

• Assumed or inward commutation
• Ceded or outward commutation.

IT Solutions - Helping to securely manage data. Main areas of expertise include:

• Advice on data construction or cleansing
• Business systems and systems analysis
• Design, development and support of systems
• Service provider selection, third party management and software solutions.

Claims Surge Resource - We offer a flexible claims adjusting service, delivered by experienced claims managers, based at client sites whenever necessary. Focused on settling valid claims effectively and in line with clients’ wishes, our rigorous adjusting process maintains a keen awareness of commercial requirements and the reputation issues at stake.

Creditor Management - Our team brings its considerable experience to bear on dealing with complex Schemes of Arrangement which, due largely to the greater transparency within the Schemes, continue to be approved by the courts. Effective communication with creditors is key to transparency, so the involvement of our claims managers with experience of dealing with creditor queries can greatly enhance the chances of a Scheme’s success.

Our highly experienced team also delivers the following specialist services:

• Exit Strategy Development
• Scheme of Arrangement Support
• Scheme Filing Assistance
• Due Diligence
• Internal Process Review
• Forensic Accounting (Broker Ledger Reconciliation)
• Backlog Processing Assistance
• Accounting Support
• Company Secretarial.

The benefits

Our consultancy services allow our clients to improve their management of both costs and resources, and they also help to safeguard corporate reputation. In many cases we are providing expertise in a specific function or class of business where the client has no or limited resources in-house. We can also support in-house experts – perhaps adding additional manpower at peak times or helping to clear backlogs. We provide ongoing support in areas where it is not economically viable for the client to handle in-house. Whatever the specific situations that call for our consultancy services, costs are kept competitive because our expertise is shared by our wider client base.

Fees

Our fee structure varies according to the needs of our clients. Generally, we operate on a competitive hourly rate, with initial budgets based on the scope of each project and the time and resources it will require. Increasingly, we also work on a contingency basis ensuring we are aligned with our clients’ interests.

Our team

PRO has an extensive team of (re)insurance professionals located in its offices in the UK, US, Spain and Italy. PRO carries out considerable activities in the global (re)insurance markets maintaining regular contact with its international counterparties. As a result of its wide client base, PRO has over 4500 active relationships with cedants and reinsurers worldwide.

The range of clients and portfolios managed by PRO has enabled the development of skills and experience in all classes of business (except life) and all functional competencies.

PRO has established a pool of consultancy resource to provide a dedicated base of experienced professionals to undertake project work.