Question

What is the feasibility of obtaining self-funded insurance for a company?

Answer 1

answer: Self funded insurance for company have many advantages like

1.Overall cost of insurance will get reduced as any insurance provider organisation adds administrative costs etc with in premium itself.

2.Internal risk management system will be more strengthen.

3.Organisation will have better understanding regarding what type risk it can face and how to tackle such provlems .

4.Oragnisation will get experienced to manage risks in long term perspectives.

5.While it faces risks then reduction in settlement time and compensation payment can be executed in controlled manner.

However initial cost of setting self funded insurance will indeed be costly and requried skilled administrative staff to manag it effectively.