Providing independent, innovative, and useful professional management consulting services for over 20 years.
What we do.
We are independent. Our services are rendered on a fee basis which allows us to offer independent counsel to our clients. We do not sell any financial or insurance products, nor do we represent any insurance carrier, agency or brokerage firm. We feel, as do most professional organizations, that product sales based on a commission would adversely affect our independent status. We have found that our clientele are proficient at their core business but often do not have the time or the staff necessary to keep up with changes that occur outside of their core business. Therefore, we become an extension of in-house staffs, offering expert advice while working in a collaborative manner with our clients to help with compliance, safety, efficiency and growth opportunities that affect organizations, working with management to align strategic goals and risk opportunities while reducing any threats to achieving the organizations objectives.
We offer the following enterprise-wide risk management solutions. Click for details.
Property and Casualty Risk Management Solutions
The process of managing risk should be consistent, complete and continually monitored. Generally, the risk management process includes identifying, analyzing, controlling, financing and implementing the most cost-effective solutions that maximize opportunity for and minimize downside risk to assets of an entity.
The risk management process is designed to identify and analyze potential risk, upside and downside, that may affect an entity. Sigma utilizes fundamental techniques to manage risk and applies a risk management strategy across the organization’s units and operations, ensuring continuation of the entity’s mission and organizational strategic objectives. Sigma’s experienced professionals tailor the methodology employed to the entity’s unique culture, management strategy and risk appetite.
Risk Administration
Insurance Certificate Management
RFP & SOQ Document Development and Process Administration
Risk Management Manual Development
Claims Handling Protocol
Job Description Development
Claims Third Party Administrator Selection & Evaluation
Insurance Producer of Record Selection & Evaluation
Risk Analysis
Asset Exposure and Risk
FEMA Insurance Waiver Analysis
Commercial Building Replacement Cost Valuation
TPA Auditing
Workers’ Compensation Experience Modification (E-Mod) Rating Analysis
Claims Analysis and Auditing
RMIS/CMS Evaluation and Recommendation
Merger & Acquisitions
Insurance Archaeology
Risk Control
Contract and Lease Negotiation and Review
Litigation Management
Loss Control Evaluation and Recommendation
Safety Workplace Analysis
Safety Training
Safety Incentive Programs
Field Safety Audits
Risk Financing
Insurance Specification Development and Renewal Analysis
Insurance Policy Review and Recommendation
Total Cost of Risk Development and Analysis
Alternative Risk Financing Study
Captive Feasibility Study
Risk Budgeting
Employee Benefits
The key to maximizing Employee Benefits programs is to manage cost while meeting the needs of a diverse work force. The ongoing implementation of health insurance reform provisions of the Affordable Care Act (ACA) will continue to transform the competitive employee benefit offerings that employers provide. Sigma is committed to keeping its clients informed of issues related to trends, legislation, and compliance—helping you to transition smoothly through a rapidly changing U.S. healthcare benefit landscape.
Sigma understands the important issues facing employers and has developed employee benefit strategies to help manage and streamline your employee benefits package. Our consultants are experts in benefits maximization and bring their expertise to work for you.
Employee Benefits is a complex management field. Consisting of a huge network of activities and functions, Employee Benefits refers to everything related to the employer/employee health and welfare relationship. The needs, therefore, of an Employee Benefits department require organization, analytical skills and the ability to multi-task. Allow Sigma to provide an employee benefit solution to your organization. A solution tailored to your culture, customized to meet your business goals, in compliance with all government regulations – solutions that contain your costs and tax liabilities while increasing your employees’ satisfaction.
We provide assistance with:
Health & Welfare
Employee Benefits Analysis
Specification Preparation & Vendor Selection
Voluntary Products Evaluations
Renewal Reviews and Analysis
Benchmarking and Stewardship Reports
Benefit Statements and Communications
HSA/HRA/FSA Consulting
Retirement & Pension Plans
Actuarial Valuations
Defined Benefit Plan Management
Defined Contribution Plans
Nonqualified Deferred Compensation Plans
Benefits Consulting
Compliance, Communication, & Compensation
ESOP Consulting & Administration
Specialized Benefits and Reporting
Technical & Research
Compensation Consulting
Employee Policy & Handbook Development
Workplace Safety
HIPAA Compliance Services
General HR Compliance
HR Audit
Actuarial
Incurred but not reported claims (IBNR Analysis)
COBRA rates
Employer/Employee Rates and Cost Sharing
Plan design changes
GASB 43 & 45 Reports
FASB 106 Report
Actuarial
What can a consulting actuary provide? Actuaries estimate funding levels for insurance and retirement programs. An analysis of past and future liabilities is necessary to ensure proper financial reporting and program funding. There are several standards that establish specific criteria, which an analysis from Sigma will satisfy.
Sigma provides actuarial services to governmental entities, associations, self-insureds, trusts and commercial insureds (in a wide variety of healthcare, retail, entertainment, public entity, service and manufacturing industries) throughout the country. We have extensive experience with a broad range of insurance coverages, with specialization in workers’ compensation, automobile, general, products and professional liabilities, as well as employee benefits.
Sigma’s Casualty and Benefits Actuarial Consulting Services include the following types of analyses and Reports:
Projects
Actuarial Reserve Analysis
Loss Projections and Loss Probability Studies
Cash Flow Analysis
Analysis of Effectiveness of Loss Control Program
Input to Risk Management Analyses
Sensitivity Analysis
Loss Portfolio Analysis
Disaster Recovery
Having a well-planned process for Disaster Recovery or Business Continuity can mean the difference between subsisting and excelling when a crisis or disaster hits. Through its multiple partnerships, Sigma assists is clients in planning and preparing against, as well as responding and recovering from, disasters.Let Sigma work with you to develop or review your Business Continuity Plan (BCP) to make sure that you are well-prepared against those disasters that could cripple your business and disrupt your revenue stream. Post-disaster, our disaster consulting services cover every facet of the recovery process, from planning to close-out, so that you can be assured that you receive a full and fair reimbursement.
Adjuster Services
Sigma’s experienced licensed public adjusters help businesses and homeowners settle claims by assessing and documenting every detail of a wind loss, flood loss, or other property disaster. Our public adjusters working for you will also help in preparing the claim and submitting it to the insurance company. We work closely with you and your insurance company to negotiate the most fair and timely settlement possible.
Sigma works for you, the insured. As such, Sigma’s services are independent—we are not tied to insurance carriers, agents or brokerage firms.
FEMA Public Assistance Recovery
In addition, the disaster recovery consultants in our FEMA services unit specialize in providing disaster recovery consulting services to states and eligible applicants as they work through the FEMA Public Assistance program. Our disaster recovery consultants will work with you to recover the funds necessary to rebuild the infrastructure after a disaster.
A disaster recovery consultant can help with:
Determining eligibility
Identifying and categorizing your losses
Developing a funding approach
Reconciling FEMA and insurance recovery
Developing a rebuilding plan
Final inspection and close-out
FEMA program and financial audits
Project management related to rebuilding
FEMA Obtain and Maintain Requirements
IT Systems Audit and Recovery Plan
IT Systems are a crucial part of the daily operations and success of almost any business today. In a busy, highly competitive business environment, we rely on technology for transmission of information as real time and immediately as possible.
Staying connected to clients, colleagues, friends and family, tracking competitors and strategic opportunities—for these we rely upon smart phones, tablets, notebooks, and laptops to access information from practically anywhere at any time. As more and more employees work remotely rather than in the traditional office space, powerful and protected IT Systems are undoubtedly a necessity not a luxury for doing business even BETTER.
Undoubtedly, the IT Department can no longer be merely a silo on the corporate flowchart. More and more, the CIO (Chief Information Officer) manages a complex IT architecture and network through which service is delivered across all business units and to clients.
We can help you with the following IT projects:
Audit Services
Proactive Technology Management
Network Administration
Technology Consulting
vCIO
Let Sigma work with and for you to audit your current system and provide plans TODAY that will help you to recover from business interruption and to restore business continuity AFTER a disaster. Contact us today to get started with your Technology Risk Assessment and Strategic Technology Plan.
Emergency Management Services
Proper Preparation Prevents Poor Performance—these 5 “P’s” are never more true than in a crisis or emergency situation. A well-planned and tested Business Continuity Plan (BCP) is not merely an academic exercise or exercise in meeting minimal compliance requirements. Sigma’s Emergency Management (EM) Consulting Services help you to prepare, plan, and test an emergency response plan suitable to your operations and provide recovery strategies and tools that limit business interruption and get you back to full operational efficiency.
Claims or Loss Consulting
Sigma is available to provide claims or loss consulting services for both property and casualty losses.
Casualty Claims Analysis
Sigma’s team of claims experts can provide a review of your loss history and work with your internal team to identify and promote loss control opportunities for prevention and mitigation of future losses.
Property Claims Analysis
The disaster recovery consultants at Sigma work closely with you to determine your eligibility and help process both your property insurance claim and your FEMA grant application. Our disaster consulting services cover every facet of the recovery process, from planning to close-out, so that you can be assured that you receive a full and fair reimbursement.
Loss Control
We will work closely with your risk management team to correctly identify and assess your risk and exposure.
Business Income and Business Interruption Analysis
Post-loss, businesses that have business interruption insurance coverage may not have either the time or the expertise to analyze, prepare, report, and follow-up on a claim. Our highly qualified team of forensic accountants serves as your trusted advisor.
Claims Preparation
Claims analysis and auditing will ensure that your loss history is accurately represented. This will aid your underwriter in accurately ranking your current loss environment, which may result in lower insurance premiums. If your firm utilizes Third Party Administrators who serve as an independent administrator of your loss activity, Sigma will work with your administrator to ensure industry-accepted claims handling practices are being followed. This may result in more accurate handling of claims activity and lead to decreased claim costs.
Forensic Accounting
Forensic accounting utilizes the skills of investigative accounting and litigation support. Sigma does not work for insurance companies but frequently represent adjusters, policyholders or legal counsel.
In the insurance claims arena, a forensic accountant provides an analysis of an insured’s operational and financial records to determine whether the insured has indeed sustained a quantifiable and qualifying loss, under the terms of the applicable insurance contract. Sigma’s team of experienced accounting professionals work with you to provide audit and review services, specifically as relates to business income analysis for property insurance losses, tort related losses or contractual losses.
Business Interruption Analysis
Post-loss, businesses that have business interruption insurance coverage may not have either the time or the expertise to analyze, prepare, report, and follow-up on a claim. Sigma represents the claimant, not the carrier, and will work, file, and follow to closure a claim on your behalf so that you are on the path to recovery more quickly.
Sigma’s forensic accountants typically work on the following business interruption-related projects to calculate:
Initial business interruption loss reserves
Actual loss sustained
Loss from operations (production and sales)
Expenses to reduce the loss (mitigation and expediting expenses)
Extra expenses
Compliance of reported values and co-insurance obligations
Market loss analysis and competitor share gain
Our highly qualified team of forensic accountants serve as your trusted advisor. We provide a comprehensive and detailed analysis report that will outline the business interruption loss in terms consistent with insurance policy language with all supporting documentation.
When your business depends on keeping the momentum going, you can’t afford to be stopped. Let Sigma help you back onto the road of financial recovery faster.
Expert Witness and Litigation Support Services
Sigma does not sell insurance and is not affiliated with any insurance company or sales agency. As such, Sigma’s team of consultants are uniquely qualified to provide truly independent consulting services, as well as expert witness and litigation support services. Whether you need someone with proven trial and deposition testimony experience, insurance claim and policy analysis, or support services for varied types of insurance or claim litigation, let Sigma’s experience and track record for excellent results work for you.
Resumes of our expert witness staff are available by request for law firms seeking expert witness or litigation support services.
Risk Management Information Systems
Sigma can provide an in-depth review of an organization’s use of risk management technology. Sigma can review a client’s website for property content including reporting forms, procedures, manuals, training and loss reporting. Data is the lifeblood of any organization and we assist in assessing the usability and quality of your data. We assist with technical, functional and qualitative analysis.
Transitioning from paper and online forms to web and mobile collection tools can greatly streamline the collection process and ensure a higher level of data quality. Storing all related property (and casualty) risk management data in a single system would facilitate reporting and analysis and ensure real-time access from any location.
Sigma’s Risk Management Information System services and data management team can help our clients identify alternative system providers, evaluate current in place systems, conduct needs assessments, create system specifications, evaluate alternative systems, help create and implement systems.