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Risk Management Consultants

RMG Consulting, in conjunction with Phoenix Research Investigations,  is an insurance consulting firm supporting Risk Managers, Insurance Companies, Managing General Agents  and Reinsurers.  Our highly experienced personnel have developed proprietary statistical benchmarking methods to track claim performance, and select claims for audits.

Our goal is to provide our clients with the greatest value for their investment by only using consultants who have substantial successful experience in the line functions and management of their areas of expertise. These are nationally recognized experts in their respective fields. By conducting all business dealings and assignments with the highest degree of professional ethics our aim is to develop long term partnerships with clients characterized by the completion of our work in an exceptionally timely, cost efficient, high "value added" and competent manner. 

RMG Consulting (RMG)  has developed and copyrighted an auditing and benchmarking process to statistically review each component of the claims handling process and individually benchmark each activity.  Results are then summarized and ranked in importance. This new process, combined with our claims auditing and operational experience, allows us to design an extremely effective measurement program that will reduce costs and recover loss funds. 

To maximize the results, an auditor should be aware of the most significant areas for improvement before the claim files are selected for audit. This results in maximizing savings and minimizing operating expenses. We believe that audits should suggest ways to improve processes that result in “real” savings. Our goal is to reduce losses and allocated expenses through the use of focused audits. This includes reviewing the following: 

  • Reducing escrow levels by reviewing loss-funding procedures 
  • Returning funds, and reducing the incurred, from uncashed claim checks 
  • Reviewing large loss prefunding requests to ensure that these funds are not sitting idle waiting for a claim to close 
  • Ensure that only covered claims are paid by reviewing the coverage verification process 
  • Statistically benchmarking claim settlements, managed care, litigations, allocated expenses and recoveries to identify specific branch offices and examiners for focused audits 
  • Using systems to identify where claim reserves are too high, or too low 
  • Determining areas where the time to report a claim or the time to close a claim is significantly increasing the ultimate incurred