Services
Marketing
As an experienced Reinsurance Intermediary, we will market your reinsurance program in a professional manner. Our knowledgeable staff will only seek out the highest quality markets available for your product. We are experienced in marketing both treaty and facultative programs. We also have a great deal of experience in international insurance and reinsurance. We currently place several large blocks of international reinsurance business.
We will work closely with you to bring this same level of expertise to service all of your reinsurance needs.
Underwriting
Our key employees have an extensive underwriting background in all forms of insurance and reinsurance. Blending our underwriting skills with our knowledge of the market, we can intelligently discuss your reinsurance needs, evaluate your risk exposure and help structure appropriate reinsurance protection, obtaining the best terms and conditions available.
Actuarial
The actuarial department at CSP has the expertise to evaluate your existing reinsurance program and make recommendations as to pricing and structure of alternative reinsurance arrangements. Loss distributions can be created using your own historical data and/or industry statistics. Simulation techniques and modeling services can be used to generate alternative scenarios for comparison purposes.
Actuarial services are also available to supplement your own pricing and reserving capabilities. Loss development techniques can be applied to set appropriate reserve levels for your various blocks of business.
Medical Bill Repricing
Consulting Services of Princeton, LLC has the proven ability to review and adjudicate medical claims submitted under Occupational Accident policies. In addition we can provide these services to an employer who has claim exposure under a self-insured retention. We have the systems to appropriately discount medical bills based on a usual, customary and reasonable standard as well as avoid payment for duplicate services. We can provide this service for a fee which is substantially lower than other vendors in the market.
Product Development
Product development services include providing turnkey products such as:
- Critical Illness
- Accidental Death & Dismemberment
- Workers Compensation Opt-Out
- Accidental Death Annuity Benefits
In addition, we can review your current product design, underwriting guidelines and marketing strategies to assist you in improving or simply fine-tuning a particular product.
Claims Processing
We work closely with the reinsurer to establish claim procedure, along with the necessary documentation for proper claim submissions. We then review all reinsurance claims for completeness and accuracy before submitting them to the reinsurer for payment. This helps ensure that the claim recovery will be received in a timely manner, with a minimum of questions or delays.
Accounting & Administrative Support
Our accounting and administration department has a vast level of training and experience, and can offer you the following:
- New Account Setup
- Premium Processing
- Billing, Reporting to Reinsurers
- Accounts Receivable Aging
- Fiduciary Account Management/Reconciliations
- Contract Compliance
Auditing
We at CSP scope our audits in a highly cost effective manner. After identifying exactly what the purpose(s) of the audit is, we design a comprehensive audit program that will enable us to reach supportive conclusions. We evaluate the effectiveness of the policies and procedures in place as they relate to underwriting, premium processing, claims adjudication and administration, and the level of competence of the staff performing these functions.
Modeling
Accumulation
To make sound decisions you need to understand your exposure to potential catastrophic events. CSP has developed a catastrophe accumulation model which tracks exposure and simulates loss experience under various possible catastrophic events, both natural and man-made. The CSP accumulation model is dynamic and flexible. It offers an insurer/reinsurer an enhanced tool to monitor its catastrophic loss exposures and allows a company to run alternate loss scenarios based upon variable input assumptions. CSP also provides services which can develop a customized model tailored to a specific risk.
Download our brochure.
Site Specific
CSP has developed a Site Specific model which is unique to the Life Insurance industry. The model tracks exposures and simulates loss experience under various natural and man-made events taking into consideration the risk concentration based on population density and specific site capacity at a named location.
Pandemic
The threat of a worldwide pandemic is real. Over the last century, there have been 3 pandemics resulting in over 775,000 deaths in the United States alone. According to the Insurance Information Institute, a severe pandemic could result in life insurance losses of almost $133 billion. CSP has developed a model which can estimate the potential excess claim cost for a portfolio of business under various scenarios. The CSP pandemic model can assist a company in evaluating the cost/benefit of different reinsurance arrangements.
Download our brochure.