Harness the Power of Group Leverage.
Addressing risk through self-insured pools.
Self-Insured Pools
Traditional insurance is not always the answer for many of our clients, including Catholic dioceses and public entities where the majority address risk through the utilization of self-insured pools. A self-insured pool is member-owned and directed and offers products and services that include:
- Customized Insurance Coverages
- Tailored Risk Management and Loss Control
- Underwriting Expertise
- Claims Management
Pools share core values, but each is unique. Some serve only certain entities (such as school districts, municipalities, or religious institutions) while others offer only some types of insurance (for example, Workers’ Compensation).
Pools provide long-term risk management, and do not offer insurance as a commodity. The goal of a pool is to contain and stabilize long-term costs while reducing risks and increasing safety.
Pools harness the power of group leverage: When two or more entities or institutions share risk, aggregate costs are less than the sum of participating entities’/institutions’ costs. All members’ contributions to a risk pool help pay claims for any member’s claims. When pool members share knowledge and information, they learn to reduce the risk associated with their primary purpose: providing critical community services.
Advantages of Self-Insured Pools
Self-insured pools enable institutions and entities to better control their risks in an increasingly complex environment, including:
- Reducing the risks and associated insurance costs
- Reducing and stabilizing long-term insurance costs and ensuring access to coverage and service needed to sustain key organizational functions
- Providing strong fiscal performance by helping members focus on risk management as an operational priority
- Facilitating long-term planning
Porter & Curtis delivers creative solutions and provides support, including brokerage, risk-control, program design, and actuarial, financial and administration services, to help achieve a pool’s objectives.