Pinnacle provides risk management benchmarking services to clients who want to better understand how their cost of risk, policy limits, retentions, risk management policies and procedures and broker compensation, among other areas, compares to similarly situated companies.
Pinnacle works with clients to first determine the areas for comparison, then develops the requisite survey questions and format. Clients generally determine their own control groups in order to maintain the credibility of the survey data within their organizations, particularly if their organizations have previously established control groups for other types of benchmarking surveys.
Benchmarking surveys are generally sent and returned on a double-blind basis – all parties retain anonymity. However, along with the survey data, Pinnacle provides a list of companies that participated. In order to ensure greater cooperation and more thoughtful responses from the desired control group, Pinnacle will offer to share the results of the survey with the participants.
Pinnacle can also benchmark your company against our own client base. Due to client confidentiality, survey results will not provide your company’s name or the name of the control group companies.
Benchmarking is one of the most common practices within an organization today. Most organizations routinely compare themselves in a number of ways (financial, operational, etc.) to their peers. In tracking the costs and attributes of your risk management program relative to other organizations, you can judge the comparative appropriateness and effectiveness of your program to others. The information collected in this benchmarking process can be used to make the appropriate adjustments to your program.