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Frequently Asked Questions (FAQS)

Q.	What is a Risk Management Advisor?
A.	A Risk Management Advisor is an expert who can be hired on a project or retainer basis to help solve specific problems. They provide not only conventional insurance advisory but also on topics like self-insurance, claims management, loss prevention and project advisory. Many people call themselves consultants even though much of their income is derived from sources other than client fees. They include (1) agents, brokers, and others who sell insurance and insurance-related services, (2) a host of specialists in risk management-related fields such as safety, environmental, fire-protection, and claims-management.¹

Q.	What does a Risk Management Advisor do?
A.	The work performed by risk management consultants can be divided into three general classes: audits, retainers, and special projects. Please see the following links to read more about ALS-UIC services: RMA, Tender & Proposal Management, Broker Selection and Risk Management Plans.

Q.	Don’t all insurance professionals advise or offer professional advice?
A.	Yes, they do, but when comparing consultants with an insurance broker or other, you need to consider the perspective and objectivity. Independent Risk Management and Insurance Advisors do not sell insurance. They are also not affiliated or associated with any firms that sell insurance either. Independent Advisors are paid by their clients and never receive a commission. The potential gain or loss of commission income never enters into the decision-making process, thereby eliminating any potential conflict of interest. At the end of the day, the primary business activity of all agents/brokers is insurance sales.

Q.	I’ve had the same Broker/Agent & Insurance Company for years – Why change?
A.	Simply put, an Insurance Broker has little incentive to reduce premiums, uncover gaps in your coverage and/or seek out no-cost endorsements that can expand coverage. In addition, your insurance broker is only as good as the companies they have access to. As independent risk management consultants, ALS-UIC is bound only to our clients and do only what is best for you. Our decisions are never skewed by insurance companies since we do not accept engagements from them. We seek out only the best companies that offer the most comprehensive coverage and the best service.

Q.	How do I know I need a Risk Management Advisor?
A.	“The first indicator that you may need a consultant is if you have to do something and don’t know where to start,” says Christine Ferussi Ross, research director for Forrester Research in Cambridge, Massachusetts, and co-author of How to Hire Compliance and Risk Management Consultants”. “Another clue might be that you think you know what you want to do, but you want some assurance that you have all the bases covered.” A third indicator, according to Ross, is that you realize that you may need someone to fill in the gaps in your knowledge. “You may know most of what you want to accomplish, but you need someone to provide assistance in a specific area where you don’t have expertise,” she says.¹

	^{1 Selecting and Using Risk Management Consultants by William Atkinson. Risk Management Magazine, April 2007}