This edition of Inspectacast covers the basics of outsourcing loss control to third party providers,like Preferred Reports. You'll learn-
- How to determine a "per contact" cost for vendor price comparison
- The types of vendors and how they operate
- How to craft your initials contact with vendors
- The things to consider when setting your expectations and negotiating services
- and much more
Watch for our "Loss Control Outsourcing Case Study" and an "Insiders Guide to Outsourcing Success" -available for download from LinkedIn, Scribd, and our website soon.
Inspectacast Season 2 Episode 6
Unedited Transcript
Caster- Tom LeGros
Production Date- 7/17/2020
Channel- Podcast Outlets
Copyright 2020 Preferred Reports and Windowless Media Atlanta
Tom LeGros 0:00
Hello, today is Friday, July 17. And this is a late edition of Inspectacast sponsored by preferred reports.
Hi, today's topic is going to be on outsourcing lost control surfaces. And before we really get into it, I just want to say a few things. It is not the intent of this program to talk about taking away people's jobs, certainly, or downsizing companies, but more taking a practical approach to both evaluating your current situation financially within the company, the budgetary situation you face, as well as the marketplace that we're all going to face and then make some decisions on how you may reallocate labor within the company to go to other departments or see which you can outsource for less price while still maintaining efficiency and quality. One of the very real alternatives companies have to turn to for outsourcing, or third party vendors, such as preferred reports and other companies that provide various levels of insurance inspection as well as risk control loss control services, whatever you want to call it. Nationally, regionally, state level local level. And there's companies of all sizes and shapes out there that are willing certainly to assist you with meeting your risk control goals, for the programs that you represent, and also to assist your clients in minimizing risk, and most importantly, helping you with the underwriting process to make sure that you have the risk intelligence you need to make the right type of underwriting decision. Face it. The insurance industry has outsourced functions for quite some time claims is a common thing that are outsourced. While companies may retain the higher claims, fatalities, that sort of thing. Others will outsource the average everyday claims, the lower end stuff that has more of an administrative cost And that the third party claims administrators can run better. And of course, they can also outsource the entire process to a TPA. And the TPA has the responsibility to handle the claims in a timely fashion for the price that they've agreed to. And then the carrier just has to work or the broker, whoever's taking care of that. We just have to work with the TPA on the ones that go to litigation. And of course, it gets into legal budgets and all that kind of stuff. And even the legal part of that is usually outsource, outsource to a law firm as opposed to having in House Counsel, depending on how big you are as a carrier. So loss control is a service that kind of falls into the same category with claims or any of that. It's something that can certainly be done by a third party. One of the first things that you need to do, especially when your board comes to you or your boss is come to you and say hey, we're looking at making some cuts or we're looking at some reductions in budget for your operations or whatever you need to go through and see what you can save on or how you can save or whatever. One of the first things you want to As determined with the cost of internal loss, and that means you're gonna need to have access to your department p&l reports, as well as your productions. And by production that is going to be, you're going to have to put it into a term that you can make as a common term that would be useful to compare it to what a inspections company will compare it to. So let's say that you take all the visits that you do the consultative visits, the actual, you know, pre binding inspections, the discovery period inspections, renewal inspections, and have those visits classified as as single contact events or a case or wherever you want to call it, and then take the cost of the department and divided by the number of those contacts that you do per year, and actually give you an idea of your cost per contact cost per customer contact. While it may not equate to an inspection level contact, it may be something as simple as doing a service visit where you go out and just meet with an insured, discuss maybe some claims that they had in the past or just talk about what they're doing with certain safety programs or whatever or perhaps Offer to teach a safety class like safe lifting, or that sort of thing, as part of the service plan that you that's still a contact, that still requires you to have your staff go out and do those things. And face it the way that internally you have set up. There's a lot of costs that are involved with loss control, or with any department and any type of company. And you've got to make sure that you're going to capture all of the costs that are involved with it. So not only do you have your payroll, benefits, retirement, 401k contributions, that sort of thing, and hopefully your accounting or finance department can help you with with some of those numbers to give you an idea of what the corporate overhead is, but you also have a lot of cases, you'll provide a car or car allowance to your field consultants that go out and do all the different visits, they're naturally going to have a company credit card with an expense account to pay for hotels, food while they're on the road. And quite frankly, a lot of these guys, they cover multiple states and they're on the road 75% of the time. 50% of the time or whatever, they may work in a branch office, or they may even work remotely to cover the computer laptop or whatever they're carrying, probably an iPad, probably a cell phone, or at the very least reimbursing them for personal cell phone use. However, depending on your security setup, obviously, VPN access are more secure and access to get to record. So all of those things go into a cost per contact. So if you have a department with five or six different consultants out there that are covering the southeast, or the Northeast or whatever, and they they go out and do all the different functions that you could potentially do all the different inspections, contacts, post claims, you know, work or whatever. When you add those numbers up and divided by your total cost, you may find out that your cost per contact is pretty high to $300 a contact. You'll also find that because those employees are in a 40 hour week that naturally they don't want to work on weekends. They don't want they have vacation. if they have any kind of longevity, they may have longer than two weeks paid vacation. You're going to have, obviously sake leave, you're going to have other benefits that they had, that you're not going to have to worry about with a third party company. So once you come up with that number, and of course, when you're doing that number, you may say, Well, the only thing I'm comfortable outsourcing is going to be the post binding, you know, the discovery period inspection after the agent has found the policy, we want to send somebody out and do a workup on the on the company that insured, that's fine. That's pretty much what commonly sent out, quite frankly. However, companies such as preferred reports, and others can do service work, they can do that initial inspection, they can set up a service plan, based on whatever you want to budget. Usually, depending on what you're writing, maybe it's one or 2% of premium or whatever. So if it's a lower premium thing, you're not going to have a service plan, but if it's a bigger premium, or if it's a higher risk type of account that you want to keep an eye on. You may have a visit every other month, or maybe just do two training sessions and one inspection at the beginning or at the renewal period or whatever. Companies certainly can do that too for outsource. As far as post claims things, if you have a client that suddenly has an increase in claims, vendor companies can do that as well. Not every company can. And we're going to get into that in a second on what kind of companies are out there. But there are certainly consultants out there that can do all of that. And we're going to look at really who makes up the consultancies companies too, as we go on and short shelf. Now, once you figure out how much it costs, you're going to want to figure out what is it going to take to get to you to your savings. So in our case study is going to help you walk through that as well as our guide the outsourcing success that we're going to be coming out with, and I'll talk about that more, but you're going to have to decide what are you going to outsource that will get you to that goal, and then what is the price that you need to look for. So if you know that right now you're paying $300 per contact and you're going to outsource the whole thing. Here, you're only going to retain maybe a vice president or it's all going to be folded under underwriting just what I've seen before where underwriting just takes over and they handled the ordering and in coordination with loss control. The internal loss control gets absorbed into underwriting. Regardless, you come up with a price. And let's say you want it to be 150. Instead of 300, you want to cut 50% of that budget to still provide that loss control. That's when you've got to figure out what is it you want? What is it you need, and go from there. Because you really when you when you go talk to vendors, you need to have what you want in hand, you you should have an idea in your mind, of course, you don't have to necessarily tell them your price, but have an idea in your mind of how much you want to pay. what services are required. What are your requirements to provide those services? What are your standards that you expect? How do you want them to interact with clients? And what type of report Do you want them to give you? And how do you want them to interact with your company, whether it's a direct integration system in a system where you can go right from your policy system, push a button, and it orders a survey with one of your vendors, or is it much simpler than that? You go ahead on to their website and type in an order and they email you back a completed PDF and you're not needed. Interested in the data side, those are all considerations that you have to have in mind when you get ready to go looking for vendors. So let's take a look at what kind of vendors are out there. So that way you have an idea of what you could potentially come up again, there are all kinds of people that do third party loss control. Some are just strictly personal lines, companies, they specialize in doing homeowners, whether it's exteriors, or drive bys where it's just really frontal exteriors where you're just making sure that the property is there and it's an OK condition, at least from a quick cursory look, you can do interiors with electrical and heating or you know, more detailed roof inspections, depending on how old the house is and when it was last updated. And of course, you have the high values and high values can fall into different categories. Some companies are good at just your basic high values other companies can get into more of the historically significant or architectural a significant high values to where they can work with the insurance to to work out the valuation because after all, that's what you're after is the replacement cost and accurate replacement costs. And certainly, the more complex the property, the harder it is to really calculate properly, then there are companies that just focus on commercial lines. Most of them are general practitioners, when it comes to that some may focus strictly on a specific part of commercial lines, maybe maybe workers comp, for instance, that they're very good at. And they may do some other cases on the side, but that's really their specialty. And then you have some companies out there that really want to provide safety and loss control services to either fleet, you know, trucking, aviation, that sort of thing and they specialize. So you would have to look at your book of business, which you're trying to place out with the premium levels are what you're willing to pay to figure out exactly what kind of company you need. There's also the pretty commonplace one is a general practitioner that does both they have personal lines that they'll cover all all levels of, and then they'll do commercial lines going up from your basic Main Street Style mom and pop business owners package or just CGL policy or whatever, and then it goes up into more than that. All the way up to The Marine Jones Act coverage, whatever that you can get into depending on what their operations are. Obviously, some companies prefer to retain doing the larger accounts because the larger accounts with the larger premiums sometimes have more work done with them. Sometimes you'll work with the broker, or the agent with pre binding inspections. So that way before you even give a quote, you get to look at what the risk is. Third parties can do that, too. I know when I did consulting work, I did a bunch of them. It was just a matter of what you're comfortable outsourcing to a vendor, you're also going to want a tech related company, if it's something that you're going to need. For instance, if you're interested in data, if you're interested in getting all the information that comes from those reports, not just in a PDF, you're going to want it in a file that you can have your data team, incorporate into all the other big data that you're warehousing, to do analytics or whatever it is you want, then you're going to need to find a company that's capable of providing that level of service not everyone is some of their systems are not as it Van says others. For instance, we can do a complete what we call data export, or data x is the name of it, where we can export every question and every answer for every inspection that you've done since the time you started, and you will have an outline or a map that will provide you a data dictionary. That way your data, scientists can just take the information and pass it right into your system from that export. Or like some cases. In some cases, there are API's where it's basically a way that computer systems talk to one another, they call another up, ask for information, information gets passed through electronically, and put right into your system. And those are the things you're after, if those are the convenience points that you want. If you want to use your current policy issue and system and integrate it with someone, then you have to find a company that either uses software as a service that can be integrated or has their own system with the it horsepower to be able to do that for you. So remember that. Now as far as the business models of contracting company, vendors will really follow a couple of different models. The most common one is a model where they use independent contractor consultants to do the work. In other words, you will contract with a company, let's say inspection company x. And then inspections, company x will issue that assignment to the most qualified consultant close to the location of the thing that you want visited, or the most experienced customer with that most experienced client service person that has experience with that industry that's nearby. Generally, that's the optimum thing to do is have a trained, experienced consultant close to the location we inspection. And of course, sometimes it's not possible sometimes they'll they'll move them in from other areas, depending on what the specialization is. But if it's just your general inspection, then someone who's experienced with just your main street America style, policy, you know, small retail or convenience stores or whatever, can go off and do it. Those guys are independent contractors, they're their own businesses. In a lot of cases, they are former insurance underwriters, insurance loss control people themselves. Have either retired or left the company because they want a more freedom or whatever. There's all sorts of reasons why people do it. And they find that, you know, this is what they want to do sometimes in between jobs, sometimes they're, they're looking at making a change over to claims and they're doing adjuster classes while they're doing or whatever. Sometimes they're adjusters to that. There's not enough adjusting work out there if you're an independent adjuster, so you do whatever else to bring in income. The two jobs kind of fold in well, so with this, this thing with with the model for independent contractors, these companies are able to really staff areas quickly and they're able to scale quickly. Now, some people may have heard bad things about independent contractors, especially before the pandemic, California was passing or passed a law that was extremely restrictive on independent contractors, under the guise that these people were being mistreated or abused in some way by the companies they contract with understand this, and this is based on a paychecks study that was issued. I think it was earlier this year, January. 2020 or late in 2019. But basically the study found that in general, independent contractors are older, more educated, oftentimes they have a bachelor's degree or higher. They're experienced in the industry where they provide services. And the reason they're doing it is not because they have no choice or they're unemployed is because they want to do it. And in fact, they're quite successful at it because the average pay that was paid out to independent contractors on the paycheck study, I think was in the range of 50,000 a year. And depending on where you live, 50,000 may be good or bad, but that that is a range and it was a nationwide study. So the idea that people are being forced into some kind of servitude, as a contractor just isn't supported by not only this study, but if you look back in the past, there are studies that have come out almost every other year, looking at independent contractors, whether it's done by the by the US government, or by other companies interested in this. were independent contractors or small business people they're in business because that's what they want to do. It is not because that is what they have to do. They're not being abused because certainly is An independent contractor, you can choose to work or not to work for someone to do cases or not to do cases. And man, it's really up to you. They also had the ability to negotiate rates, they have the ability to control when and how they conduct the inspections within the standards of practice for the, you know, for the client. So there's a great deal of autonomy. And what you really get, and I certainly got from it was I had a lot of family time with my kids, when they were growing up, we had a lot of opportunity to travel at really no expense because I was doing work, you know, while we were traveling, and it was not a bad life for them, when they were growing up, they got to see a lot more than what it would have been, if I was sitting in an office somewhere doing whatever it is that would have done. So that's certainly something to think about. The other models are some type of employee model and the employee model. There's several different ones and I'm not gonna really go into all of them that are possible out there, but it's where the employee is paid on a commission rate. In other words, you're still paid per piece just like an independent contractor, but you're guaranteed minimum wage and the ideal thing is to make sure that you never have To pay off something without them actually working for it. So you need to have enough work to support having an employee in a certain area that you're going to have to pay 40 hours at minimum wage, which may not sound like much, but if you're not billing for that you're losing that money. The problem you have with that model is you can have less coverage, especially in areas that don't have a lot of work. Whereas with the independent contractor, you usually have an independent contractor who works for and based on our studies, they usually work for at least three companies. So you know, they work for preferred, and perhaps Midwest tech and and you know, one of the other ones out there, Mueller or whatever, there's not just one company they're not one trick ponies, the only way to really make it work when you're rural or suburban sometimes is to have multiple companies that you contract with so you go out and do the work. So it's much easier to scale with the independent contractor. Some people prefer the employee model we get some questions about that when we're we're doing interviews or whatever about it with potential clients and Just don't be as concerned with it because either way, you're still going to get the service that you're looking for. I mean, that's that's the goal of everyone The goal of the providers to provide what you want. And your goal is to get what you want. And the idea is to arrive at a common price and make sure they have service. After the quick break, we're going to look at actually how you communicate with a vendor and how you can structure the deal and then monitor it going forward so that way, it's successful. These are frightening times for your insurance. They're understandably
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All right, welcome back. So let's talk about finding vendors and getting them to do your work for a reasonable price. You can you can take a very formal approach, you can use a request for proposal with a procurement process, you know, to go through that you do that all the service companies, however, that requires you to have a really complex process, there's usually a great deal of paperwork, a great deal of information that they need to provide to you than it is involves several different meetings sometimes over a period of months, until it finally gets to the point where pricing is discussed. And then, you know, there's more stuff that goes on. And you'll see in our case study because we really talk about, you know, a bureaucratic style procurement process. It doesn't help you get to where you need to be. In other words, you won't get your savings quickly, if that's the way you need to go. Because such a procurement process will deprive you of some vendors, because vendors do not necessarily have the internal administrative staff to dedicate an employee to spend 40 hours putting together a proposal packet that specifically answers the questions that you're looking for. And sometimes I've seen these questions. They're, they're way more than what should be needed to bring on any vendor. It gets into operations and internal things that companies don't really like to discuss. And certainly you wouldn't want companies to ask you how you handle you know, what are your underwriting models? What's your formula for success sort of thing. But at the same time, obviously, they want business so they're willing to put up with so much. It's best To keep things simple, and it's best to talk to your friends in the industry, because they all have opinions, especially the ones that that have been in long enough and have used vendor company, they'll tell you which ones they feel are good, which ones they use, which ones they don't. And then what I would suggest is go through do some of your own research and come up with a list of three or four to start with. And from there, contact them by phone, you don't need to have a meeting immediately with them and say, Look, we're interested in hearing what you had to offer. We'd like to set up a phone conference, or if they want to come visit you probably not it's probably gonna be more of a phone conference nowadays with the virus and all these are our expectations. And I would upfront provide those expectations. And those expectations would be what type of inspections you want them to do or what kind of services you want them to provide. And the level of training and experience you expect the people doing that work to have, what is the time that they take on average to turnaround in order and that would be from the time that you order it to time that you get it back. You should give them some idea of your quality expectations. You know, we we want to make sure that we have Always have, you know, if there's a GL policy, we want the sales numbers, if we want payroll figures, we want accurate information on their operations, whatever, you need to be specific about the scope of what you expect, and give them some anticipated volume based on what you had prior years, you, you may not be able to predict the future, right now, forecasting might be a little bit hard to do, because we're not quite sure. What could potentially happen as the market shakes itself out. But you can always say, you know, in the past, we have done X number of visits for the type of things that we want you to do. We've done, you know, 200 service calls in New York we've done or as a nationwide thing, try to give them some idea, because if the company doesn't have the coverage or doesn't have the skills or experience they should be able to say at that point, well, we would like to try to do this but just understand this is what our situation is or whatever, depending on how they handle their sales and ethics and stuff. They should be truthful with you Just as you should be truthful with them. You Can at this point, give them an idea of a price range, but just be careful of ranges. And don't be worried about pricing yourself too high, although there's always the opportunity of pricing yourself, you know, paying too low. So I think it's best to get the expectations out there. Let them look at what you have to offer, and then come back to you should have those expectations really outlined 30 days, for instance, if it's a if it's a discovery, period inspection, 30 days to get it back two days to fix anything that you send back to them. That's bad, you know, that is wrong information or whatever, or that you need more clarification on. And then what do you consider the time to close out a case closeout would mean they were unsuccessful at completing the inspection for whatever reason, and they've done everything they can to get it done. When do you pull the trigger to close it out. And ultimately, depending on what situation you have with the client issue, a notice of cancellation and that's stuff that you should dictate in advance so that way they know what they're doing, or know what they're dealing with. You don't need to get in the weeds with very specific SLA level, you know, service level agreement information here, just give them enough to know what you're expecting. Unfortunately, most companies and insurance expect the same things. And they're not really super high, demanding expectations, their standard for the industry, like I said, 30 days, for instance, in getting the inspection and because in most states, you have 60 to 90 days, some you actually have 30 days and some even less, one even less. But, you know, that certainly would be something to discuss. If you need a custom report, if you need your report to look just like your internal report did make sure they have the technological ability to do so. And certainly bring up the idea that tech is going to be an issue. We're going to one our data, we're going to want you to give us our data by some type of data stream, XML API, whatever we do not want it in a PDF editor. Because some may not be able to deliver that and you might be able to kind of get rid of the people you don't want to talk to right off. When you get to price. There really needs to be added. decision may, which is are you going to go with a sole provider? Or are you going to go with multiple companies and some say, Well, I don't wanna put all my eggs in one basket, I'll spread it out and others will go with a sole provider. The key with going with a sole provider is the fact that you're giving them volume and with volume should come a discount. That means that if you ordinarily we charge carrier 150 for an inspection, if I'm going to give you all my inspections, this is how many I expect, what can you do now, and maybe the price will drop to 130. Or maybe they'll throw in some additional services, such as two additional service visits for x price or whatever that helps you fit in with your budget. So that is certainly useful with going with a sole provider. If you're using multiple vendors, it's probably best not to use vendors that cover the same area or not give them cases in the same area because that will dilute the availability of work. And that will ultimately run into trouble later on when they evaluate what their costs are and how much money they're making versus what they're making off of other clients. And you may find that they'll raise their price. When it comes time, you know when the ears up and it's time to renegotiate, or whatever. Or you may find that their service level drops, their quality level drops, because they're not paying as much attention to your account. So you don't want to run into that you want to structure the deal. So that's good for everybody. And we're going to get well more into that in our outsourcing guide, as well as in our case study. But you'll see the the potential mistakes that could happen when you're doing that. If your inspections are simple, and it's an easy ordering process or whatever, then it's not as big a deal. But if it's something more complex, then obviously, you're going to need to make sure that they understand what you're also going to have to determine and then discuss with them how they're going to interact with your customer, how they're going to interact with your underwriting staff, who's going to be responsible for directing them who's going to be responsible going problems and all that kind of good stuff. Let's say you pick a vendor to and you're ready to go. You've got your vendor agreement signed. Personally, I suggest a service level agreement that says this, you know, put it in the contract. This is what we're expecting. A lot of the times you see those SLA s with penalties, and depending on the company and how big they are, whatever some of the penalties can be kind of disproportional to what with the service that they're expecting. In other words, we expect you to deliver the product, we're asking for 99.9% of the time, or we want a big discount, you have to look at what your own internal department did and what their time service does. And I can, I can bet you that any vendor worth their salt will beat the turnaround times that your internal department did, just because they're not limited to just one employee covering five states, they've got 60 employees covering those five states. And those 60 employees are not stuck on a 40 hour clock. So they can work these inspections whenever they can fit it into their schedule, no matter whether they put in 50 hours this week, or 10 hours is their business. So they're going to do what they have to do to get your report done. So you'll see things improve. So don't try to to put a higher standard on the third party provider than you did with your own internal department because it's just it's not going to work out that way. So be realistic with the SLA and They should also at the same time if they think it's unreasonable should tell you so that way, you're not going to get into a one sided agreement that is doomed to fail from the beginning. And we're going to discuss in more detail this idea of what is called vested outsourcing. And it's a concept that was developed a few years back at the University of Tennessee, if I'm not mistaken, that explains how to formulate a true outsourced partnership, where you can still have some level of comfort and control over what goes on with your product out in the field being done by this third party company. And the third party company also knows that they're not getting ripped off, they've got a good deal going and they've got a good interaction, and that the two of you both can communicate to make things just understand the most important thing that you can take away from this is it's never going to go right First off, there's always going to be hiccups always going to be there may be problems with forms problems with the way appointments are set. And there's always going to be complaints. I can tell you from experience, both as a full time employee, later manager and founder of a company and before that as an inspector sometimes no matter what you do. You're going to get a complaint from an insured, I will tell you that usually it's because they know there's going to be recommendation or there's issues. Sometimes it's the agent and not the insurer themselves, but it doesn't want to run the chance of losing a commission, that sort of thing. So they try to, you know, make complaints, and usually your underwriters or anybody that handles and will know what the Standard Book of complaints are, is the weird ones that generally concerned you more than the other, they were late. We didn't like the shirt, they wore that kind of stuff, but expect complaints to happen. And just have a process built out in your agreement. And having a relationship good enough to where a couple of phone calls and email later everything can be worked out is not going to be exactly like you were used to it's not going to be exactly like having an internal department, but it should be pretty close. You should be able to get what you want done done, but in a much better price. And you shouldn't sacrifice quality and if you find after a year that you really haven't saved money or there's just been too many issues it hasn't been working, then try something else or go back to moving some internal people or take back some of the services or Find another vendor, don't feel stuck, certainly. And do not hesitate to talk to your vendor about the problems you're in and see what can be done to improve things. Because obviously, you've invested a lot of money in time as they have to put the deal together. So it's not something you throw away. Well, I've already gone on a little bit long, and that was late actually getting this out. So don't want to keep you more than I have to watch out for our case study that we're coming out. It's going to be a case study that uses a fictional company. That's a large company, an older company that has, you know, very entrenched ways of doing things and a very bureaucratic procurement process, and how the people that are involved work their way through all those issues and come up with a system that works, you know, as far as renting out services, and we're also going to have an Insider's Guide to outsourcing success, where we're going to take you through some of the pitfalls that could potentially happen as you go through outsourcing or as you go through using a vendor and selecting a vendor and hopefully that will help you if the time comes that you need to outsource services or if you're outsourcing services now and are looking to make changes That'll help you. Thanks a lot. And our next inspector cast will be on Tuesday as scheduled. And it will be on how COVID has affected operations for your insurance, and how you may really want to know about it. A good example are restaurants that are now providing, you know, delivery services when they didn't before or outside dining that happens to be in the parking lot unprotected, where cars can hit their patrons and stuff. There are some states that have, you know, waivers of liability for people that are operating their businesses during the pandemic, but a lot of that has to do with if somebody catches the cold, they're Coronavirus. While they're eating. They're not so much getting hit by a car in a parking lot because they're sitting outside on the parking or dining outside. So be sure to tune in for that. Thanks a lot. Have a great week.
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