Diane Baker is an accomplished insurance industry executive with three decades of experience in the field. She currently serves as the chief executive officer of Risk Assist Consulting, a risk management consulting firm that offers services in commercial risk consulting.
As the CEO of the company, Ms. Baker is responsible for managing daily operations for her company, supporting employees, and building relationships. Ms. Baker draws on 30 years of experience in the industry. Throughout her career, she has used her polished communication skills to ensure her clients' satisfaction. She also has expertise in commercial insurance, professional liability and risk management.
Ms. Baker has studied risk management at Simon Fraser University. She is affiliated with a number of professional and civic organizations, including the British Columbia Society of Fellows and the Professional Liability Underwriting Society.
To relax away from work, Ms. Baker goes to an annual yoga retreat to a former monastery in Puglia, Italy.
How to improve the broker-client relationship through technology
Commercial insurance brokers work on a full time basis to protect the clients from those risks where commercial insurance will respond. This is a full time job and one that is always under competition from competing experts within the industry.
Those other exposures to loss or vulnerabilities are left to the client to identify for the most part and to manage on their own. But what is we could provide you with a software package, on a web based platform, where all areas of the commercial operations are discussed in detail with the customer. A Risk Map would be developed indicating their vulnerabilities as well as future tasks. They could deliver this to the board of directors and confirm that the beginning of their Enterprise Risk Management program was underway.
At RiskAssist Consulting, we have this software package through ClearRisk Manager that will provide your client with a risk map indicating his/her vulnerabilities and strengths, the most serious exposures that are insured, as well as the uninsured exposures that are self-insured (either knowingly or not).
In addition to this the program we have another product – Claims Manager. It offers the following:
- Track claims and incidents by location, and compare locations against each other;
- Serves as a place to keep all your asset schedules and coverages, and relate this to the asset with the associated claim;
- Track all incoming and outgoing certificates of insurance, with automated expiry emails sent to the client and the contractor;
- Robust reporting that enables you to ‘slice and dice’ any data associated with claims;
- Google-like searching within the application that allows searches of claim records using words or names associated with, or contained inside of, the record;
- Automated reporting that can send reports via standard email to anyone inside or outside of the system at predefined times.
In a cost effective manner, you as the commercial broker will reassure your customer that you are focused on their needs beyond simply the commercial insurance program. They will confidently remain your loyal customer.
The cost of a full time Chief Risk Officer will run between $100,000 and $150,000 per year. Through RiskAssist Consulting Inc. we will provide these services at a totally affordable cost of between $10,000 and $35,000 per year depending upon how many reports and meetings the client requires. We will manage their insurance program for them, manage the Risk Map, communicate with all departments, provide a single report to the board on all matters; i.e. production, HR, Technology, Accounting, Sales, etc.
Often your client contact is the Chief Financial Officer. The CFO is an important person at the company but has a lot of other matters on his/her plate. He or she depends upon you to take care of the insurance. But have you been informed of the full picture?
- Is the company planning on a merger or an acquisition?
- Is there a transfer of shares being discussed?
- Is the company being threatened by some 3rd party and about to lose its market share?
- What are the future plans? How will these plans impact your relationship (and your income)?
How many of your clients have asked for assistance on 1. Continuity Planning 2. Disaster-Preparedness 3. Enterprise Risk Management (which is referred to in every Review Engagement Statement or Audited Statement)
We can help you with this and engage your client in a way that will enhance their reliance upon you as the insurance broker.