Rikor Onboarding Experience 1. Discovery Call (15 Minutes): The process begins with a quick 15-minute discovery call. During this call, we gather essential details such as the franchisee’s opening date, immediate insurance needs, and any specific requirements. This step ensures we understand the franchisee's business and goals to recommend the bes...

Franchisors need to add contacts that fill an insurance compliance support role.    Log in as a Franchisor (Rikor admin will set that up) Click “Settings” Press “Add Contact” Enter First Name, Last Name, Email and Password Press “Add” Contact is created and the user will receive an email invitation and reports that are toggled “on”  ...

How to read a COI Report for a Franchisee The rms™ prepares a COI Report for every franchisee who has uploaded a COI. To view a COI report, select the franchisee from the “Zee” list. You'll see the menu to the right, and select “report.” This is shown below:   How to Read the COI Report The COI Report is shown below, each required policy is listed i...

  Accurate revenue projections play a vital role in securing manageable insurance premiums that align with your business’s financial reality. During the quoting process, one common challenge is insureds providing ambitious revenue goals instead of realistic figures. While aiming high is a positive mindset for growth, it’s essential to understand how...

1. Franchisees with No Coverage from Rikor These are franchise owners who have chosen to secure their insurance policies entirely outside of Rikor. They may have coverage from other providers, but Rikor does not manage or monitor their policies. This group often faces challenges like inconsistent coverage, policy exclusions, or issues with meeting f...

Policy Status The rms™ thinks of a policy in 3 possible states; Active, Lapse, or Expiring. The definitions of those respective states are listed below:  ...

Platform User Experience Platform users need to see a panoramic view of all brands. The Platform user is able to see the left side navigation; Real-Time Auditor™, Franchisors, Franchisees,  Expiration, Development, Report, Contact ASAP, Record Status, Logs, Affiliate Portal. Real-Time Auditor™ The Real-Time Auditor™ displays 3 analyses; Franchisee A...

RMS Introduction   Monitoring risk across a large portfolio of businesses is challenging. Risk management is when a key stakeholder wants to monitor insurance coverage. RMS™ monitors Rikor uses its in-house proprietary “Risk Management System ( rms.™ )” to monitor compliance between franchisors and franchisees. Franchisors get inside access to log i...

COI Analysis Each COI is analyzed by the rms™ for FDD compliance. The RMS reads the coverage in the COI and compares that to the Risk Profile of the brand. The COI Summary is a report specific to the individual franchisee based on the most recent COI. Each respective requirement is itemized and scored against the requirements in the FDD. The score i...

Risk Profile Each brand has a unique risk profile. Risk profiles are numbers that represent the nature of the work that is being done. Insurance companies rate the quote based on this code.   TODAY'S TOP NAICS CATEGORIES TOTAL INDUSTRY CODES TODAY: 385 NAICS CODE POSTED TODAY 01/24/2024 541511 - Custom Computer Programming Services $ 24,289,649 5413...

Entity Status The rms™ defines an overall entity status for each account in two different ways, Policy Status and Compliance Staus. This overall status for the entity summarizes all accounts. Rikor Agency definitions for an entity are detailed below.    Entity Policy Status Definition Not-Verified One or more required policies have not been verified...

Franchisor Experience Franchisor users will see an overview of each franchise by clicking on the ‘Overview’ tab. This dashboard indicates several KPI’s (Key Performance Indicators) that aggregate (display all zee data) insurance data at the brand level. This includes;  Average Compliance Score, COI Request Status, and Compliance by Coverage type .  ...

Compliance Score The compliance score is the average score of all required coverage scores. Every requirement has a value of 1, every coverage can have a range of value from 3-13 points. The total score is divided by the number of met requirements by the total requirements. This % is the entity compliance score.    This score can be found in multipl...

RMS communication The rms™ communicates with franchisees via primary communication protocols. Every protocol is designed to anticipate the needs of the franchisee and protect their investment. When there is an issue that the rms™ discovers, a communication protocol is triggered. This protocol sends emails and sms to initiate contact with the contact...