Designing Insurance Program

Get the Right Insurance Product Tailored to Your Needs

With our extensive experience and deep industry expertise, we are able to create insurance programs that are specifically designed to meet your unique needs.

Underwriting

Underwriting is the process through which an individual or institution assumes financial risk in exchange for a premium. Insurance underwriters assess the risk involved—such as the potential fire risk in a factory—and determine the terms for coverage. It is crucial to evaluate risks both before the policy period begins and at the time of renewal, ensuring proper risk assessment and premium amounts. We work alongside you to assess, define, and finalize the best underwriting strategy for your business.

Steps Involved in Risk Inspections

Minimizing Risk

Thorough underwriting helps you better understand potential risks, while a well-structured insurance program ensures all risks are comprehensively and accurately covered.

Frequent Reviews

At Prisha Policy, we hold regular meetings throughout the policy term to stay aligned with any changes in your business operations and methodologies. This proactive approach ensures that your policy neither over-insures nor under-insures your assets.

Clearer Understanding of Offerings

With a wide variety of insurance policies available, it can be challenging for newcomers to grasp all the terms and clauses. We provide a clear and detailed plan that outlines the pros and cons of different policies, guiding you to choose the best option for your needs.

Underwriting Expertise

Prisha Policy has a dedicated underwriting team with years of experience across various industries. This expertise gives us the flexibility and knowledge needed to navigate challenges in the risk assessment process and ensure your coverage is appropriate.

Steps Involved in Designing an Insurance Policy

Insurance is an essential risk management tool that helps finance and grow businesses, but there is no one-size-fits-all solution. Designing an effective insurance program requires several key steps to determine the “best fit” for any business. While these steps are typically applied to large, complex businesses, they can also be valuable for creating cost-effective insurance plans for companies of all sizes.

Risk Analysis and Assessment
The first step in creating an insurance policy is identifying and evaluating potential risks. A thorough risk analysis is crucial to understanding the specific challenges and exposures a business faces.

Risk Allocation and Ownership
Once risks have been identified and assessed, the next step is determining how to allocate them. This involves deciding who is best positioned to “own” each risk. The approach to risk ownership can vary based on commercial factors, such as whether the risk owner is willing to accept the risk for a reasonable cost, design evolution, or other external influences. A well-structured plan for risk ownership will facilitate the development of contracts, insurance programs, and contingency budgets.

Insurance Program Design, Feasibility, and Budgeting
At this stage, the focus shifts to designing a feasible insurance program that meets the business’s needs while aligning with its budget. It’s important to assess the viability of the program and ensure it provides adequate coverage without exceeding financial constraints.

Policy Formation and Procurement
Finally, the policy is formalized, and the procurement process begins to acquire the right insurance coverage. This step involves finalizing the details of the policy and securing it through the appropriate channels.