Outsource Insurance - Managing life insurance portfolios to improve performance and reduce financial and fiduciary risk

Non-profit & Charitable Organizations and Foundations need Outsource Insurance Services

Non-profit institutions generally do not have in-house staff that manages the life insurance portfolio of gifted policies to ensure maximizing the endowment value. Outsource provides a turnkey service to manage both small and large portfolios.

Our services include:

Reduce fiduciary risk related to acting as owner on life insurance policies
Reduce staffing cost and in-house insurance expertise required to manage donated life insurance policies
Identify potential problem policies early with a state of the art online reporting system
Provide suitability reviews and reports
Audit coverage, performance, premium, ownership issues or problems, loans, unpaid premiums, etc
Provide remediation services for poorly performing policies – reduce premium for same coverage or increase coverage for same premium
Recommend alternatives of coverage, financing, and structuring for organization's benefit

Frequently Asked Questions

Why would we need Outsource Insurance Services?

If you have policies that are currently owned by your organization, you will want to maximize the Return on Asset for endowment purposes. If these policies are not reviewed and managed as you do other assets, there could be serious problems that reduce the expected endowment benefit. The role of Outsource is to assist you in developing a program to manage this asset class (life insurance policies), to maximize the cost/benefit, and to provide a systematic method for doing that.

If we don't have a system in place for managing our portfolio of policies, will you also help us set up the processes and protocol to conform to best practices?

Yes, we will provide a turnkey consulting program. Without a systematic approach, a monitoring program will be dependant on particular staffing, and in the event of turnover, the program will fall apart. This is one of the reasons companies choose to outsource this service i.e. to guarantee continuity and consistency regardless of staffing changes.

Can you consult with our organization on gifts of life insurance?

Yes, we recommend that before accepting a gift of life insurance, you have a review of the policy and what to expect from the policy in terms of future premium requirements, potential policy lapse or performance issues that will allow you to better predict the value of the gift.

Back