National Restaurant Group Improves Cash Flow by $215,000 Through Analytics and Negotiation.
National Restaurant Group engaged BKS’ Partners Hospitality Practice to analyze its risk management practices, claims history, and adequacy of insurance coverages. National Restaurant Group knew significant financial leakage was occurring due to risk management breakdowns, unimaginative negotiation with carriers, and sloppy insurance architecture. Here is an overview of the ingredients BKS used to serve up just what they ordered.
• The loss rate per $100 of payroll was 20% higher than BKS’ average restaurant client
• Major property, auto, liquor, crime, and EPLI coverage deficiencies were exposing millions of assets
• 60% of claims activity was attributed to lacerations, slips/trips/falls, and lifting
BKS Partners used detailed analytics to uncover where risk mitigation resources could best be applied and how to optimize carrier negotiations. Our hospitality coverage technicians recommended the right recipe to fix these problems and create the appropriate architecture. During our in-depth analysis, specific behavior-based loss control practices were implemented to reduce the frequency of these claims drivers.