What We Do
TriPoint is one of the leading authorities in the U.S. on Performance Based Insurance™.
We will help you control your insurance destiny, eliminate unpredictable premium swings and earn the financial rewards you deserve.
Many companies who have a Zero Accident Culture still have claims and those without such a culture will definitely have claims. It’s important to have a process to manage injuries and claims and to limit them to their lowest possible. Don’t think for a minute that reporting a claim to an insurance company will end up with the lowest settlement. It takes knowledgeable Injury Management Consultants who know how to intercede and drive claims to their lowest possible values. At TriPoint, this is one of our greatest strengths. Because we are trying to maximize the Financial Rewards for our PBI clients, it’s essential that we reduce claims to their lowest level. This second pillar can make the difference between high financial rewards and average.
TriPoint’s insurance solutions fall under two categories, Performace Based Insurance and traditional business soultions. We pride ourselves on being able to identify risks and develop loss control strategies to prevent claims for all of our clients.
Performance Based Insurance
What is Performance Based Insurance?
Essentially, Performance Based Insurance, or PBI, means that a company’s premium is not based on market rates but on their individual claim performance. In other words, their premium is determined by their losses not insurance carrier rates. Why is this a big idea? First, it allows a company to determine their own insurance destiny instead of relying on the insurance market. Second, they earn financial rewards for low loss levels and a strong safety culture. With conventional insurance, those with the lowest loss levels are subsidizing those with the highest loss levels. We call this Subsidy Based Insurance or “The Robin Hood Rip Off”. Your poorly managed competitors rob you of the financial rewards you have earned through your hard work. With PBI, you retain the money normally used to subsidize other companies. To learn more about how PBI works, watch this quick video.
Advantages of Performance Based Insurance:
✔ You have complete control over your insurance destiny
✔ Your premium is based on your claim performance and not market rates
✔ The financial rewards or dividends you earn can reduce your premium from 20-50%
✔ Little or no subsidy to others (your competitors)
✔ The more you control claims, the The stronger your safety culture, the more you save
✔ Eliminate the hassle of going out to bid
Disadvantages of Traditional Insurance:
✘ You subsidize your unsafe competitors
✘ You have no control over your insurance destiny
✘ Your premium is subject to unpredictable market/price swings
✘The insurance company earns the financial rewards
✘You’re out to bid every year to keep the system honest
✘You earn no underwriting income – the insurance company earns the reward
✘Everyone else’s experience – even your competitors’ – determines your cost
Who is Performance Based Insurance For?
As creators of the Performance Based Insurance concept, we are one of the few insurance brokers in the U.S. devoted to these alternative insurance solutions. Many Performance Based Insurance type programs are only offered to companies spending $500,000 or more on their business insurance. We’ve seen companies spending millions annually who have never seen these concepts. Yet we offer Performance Based Insurance solutions to companies whose annual business insurance spend is as low as $100,000.
There are 3 primary types of Performance Based Insurance
A “group” of companies collectively insure each other by forming their own insurance company. This is the most popular for middle market companies paying between $100k and $1M in premium for workers comp, GL and auto. This market has doubled in the last 5 years and thousands of middle market companies now participate in group captives.
An insurance company that is wholly owned and controlled by it's insured entity; its primary purpose is to insure the risks of the insured company and its insureds benefit from the captive insurer’s underwriting profits. This is common for companies paying $1M+ in premium.
A cash flow workers compensation (and GL and Auto) insurance program that allows the insured to retain a portion of each loss through a substantial deductible. Because of the deductible, there is a large upfront premium savings. The premium savings depends on the size of the deductible.