From coverage audits that reveal exposures and opportunities to the development of customized programs, Gallagher has the tools and expertise to protect and grow your business. Our team delivers in-depth consulting and expertise to aid all aspects of operating a PEO and Temporary Staffing agency.
Risk assessment and underwriting guidance for PEO's
Our relationships with underwriters and knowledge of premium trends give you insight and leverage, whether you are pricing new coverage or facing a renewal. We help you navigate the underwriting and negotiation process with confidence. During initial carrier marketing submission, we provide:
- Detailed evaluation of client location performance and its impact on carrier pricing.
- Workers' compensation class code assessment.
- Retention evaluation and recommendations.
- Cash flow and collateral guidance.
Ongoing guidance and expertise during the underwriting process
The underwriting process is ongoing, not just at renewal time. We help you assess your risk while working with underwriters throughout the year to help anticipate market changes, before they happen. Our PEO and staffing team works with you to develop a comprehensive plan including, client or location pricing recommendations, individual client performance margin evaluation as well as tools to evaluate prospective client performance. We support you with:
- Submission surrogate with carrier.
- Final premium audit review and carrier assistance.
- Form compliance with carriers/regulatory bodies (state, NCCI, )
Analytical data modeling for continuous performance
Our proprietary methods of program performance analysis provide actionable insights and opportunities. We help you keep your business continuously improving with a monthly analytical scorecard as well as customized interactive reports. The tools we offer include:
- Program performance statistics: payroll, premium, developed loss ratio, frequency, severity, loss rate and lag time.
- Collateral analysis: identifying a potential gap/excess in collateral.
- Complex datasets scrubbed and organized in a simple-to-read schedule.
- Monthly claim development trends on a granular level.
Client profitability analysis
Managing profitability requires real-time data collection that can be used dynamically across all financial operations. We work with you to develop profitability tools using actual payroll, billed premium, loss data and staffing-specific profitability data points for micro awareness and maximum impact. Other profitability methods include:
- Develop client cash flow tools and identify profitability trends in state and class code performance.
- Use analytical data to detail future performance for renewal submission to carriers and evaluate self-insured retention levels.
- Determine impact (on renewal) of potential elimination of clients and/or industries to create renewal strategies.
- Provide both weekly and monthly payroll reporting reconciliation to carriers to alleviate audit discrepancies.
Mergers and Acquisitions Due Diligence Services
We help private equity firms gain full transparency into hidden costs and profit potential prior to a PEO or Staffing Agency purchase. Our team provides due diligence by delivering quality of earning analysis as it pertains to property and casualty insurance programs as well as assess program profitability and calculate KPIs. Our proprietary services include:
- Analyze current program structures and determine what synergies may exist as a result of an acquisition.
- Review insurance accounting transactions (financial statement, accruals, ) and impact on historical quality of earnings.
- Analyze client profitability and retention levels to determine if they are appropriate and potential impact on earnings.
PEO and Staffing Agency leadership and expertise
Management experience is our competitive advantage. Our team is comprised of talent that has proven expertise and leadership at all levels of a PEO and staffing agency. From sales to risk management to accounting and finance, we are staffed with talent that has first-hand knowledge of running and working in a PEO and Staffing Agency. We bring a wide understanding of the HR outsourcing industry, trends and its challenges. Our team has insight into the many facets of relationships between our insured and their clients. And strategies for how to navigate them for successful outcomes for all. Additionally, we facilitate brainstorm action plans to resolve difficult claims with staffing partners, defense counsel and adjusters. Our comprehensive PEO and Staffing Agency consulting includes:
- Comprehensive claim reviews.
- Facilitation of quarterly claims reviews with frontline adjusters.
- Negotiation for accurate reserves and settlements.