There is risk associated with everything we do in life. At The ALS Group we have developed a formula to capture your Total Cost of Risk (TCoR) from a multidimensional standpoint.
We define TCoR as the total cost of your insurance premiums, losses and cost for related outside services (attorney’s, safety engineers, etc). TCoR is a quantifiable, controllable number that can be identified and reduced. Companies that implement best practices are able to identify and develop strategies to manage each of these costs.
Every dollar saved goes straight to the bottom line. The ALS Group partners with organizations to identify, manage and ultimately reduce the cost, herein, increasing your profitability.
“WHAT GETS MEASURED GETS MANAGED!”
Questions to consider:
- Do you use this metric to evaluate how successful your risk management process is?
- Have you benchmarked your TCoR against your peers?
- Do you balance retention vs. premiums so that your risk cost is optimized?