RiskMD was formed in 2006, as a company to support a number of commonly owned and affiliated businesses to include a Program Administrator, MGA/MGU, Consulting Company, Captive Management Company, and Brokerage.
RiskMD® is the result of thinking through the business challenges of the insurance industry and two years of applying cutting-edge data concepts and advanced technology to the challenges. Since inception, RiskMD has managed over $28 Billion of co- employed workers’ compensation payroll, to include $720 Million in premium and more than 45,000 claims.
Through the trials and tribulations of industry turbulence and duress in understanding data, the company invested in and developed a revolutionary data management and business analytics platform for the insurance industry.
RiskMD was developed to provide progressive and forward-thinking business intelligence to a variety of players in the industry such as carriers, reinsurers, MGA/MGU’s, as well as agencies and brokerages. In order to build a data system that was both credible from an insurance perspective as well as a data/technology infrastructure perspective, the company would need to form alliances with partners that could provide accretive support throughout the process.
The RiskMD model was fundamentally rooted in actuarial sciences, further affirming that this venture was not a technology company trying to make its way in the insurance industry, but rather an insurance company investing and creating a new thought process and way of transacting business. The company, along with its advisory board member Ray Neff, an actuarial fellow, worked with a variety of actuarial fellows and organizations to understand which data sources and units were credible and meaningful in any given insurance transaction.
The purpose of the company was to bring conhesiveness and clarity to the various operating companies while taking into consideration the dispergent and varying data sources and elements within this structure as well as the legacy systems of its carrier and vendor partners. It is for this reason that the necessity of having a business intelligence tool that could easily display critically important data and make meaningful to drive corporate business decisions and strategy.
Ultimately, the company focused on the acquisition, valuation, and ongoing management of an insurance policy and uses this methodology to mange the profitability of the asset and portfolio of assets depending on its client type.