Risk Management Services is responsible for overseeing the majority of the University’s insurance programs, from purchasing the appropriate coverage to adjusting insurance claims. Many of these programs are self-insured or have large deductibles, and we assure the necessary internal funding requirements are in place for the University’s portion of a loss. Some of these programs are state-administered, requiring us to serve as the liaison between the University and the State of North Carolina.
This process serves the interest of our campus customers in several ways. Using our experience, it assures that the proper insurance coverage is being purchased and that the premiums are paid in a timely fashion with no lapse in coverage. And it relieves campus departments of this administrative duty so they can focus on their educational missions.
Although we initially pay the premium, these insurance costs are ultimately allocated back to the campus department that requested the coverage. This internal charge-back program is done electronically through ConnectCarolina. By making campus departments responsible for their “cost of risk,” they take greater ownership and fiscal responsibility.