Rikor’s Mission is to remove virtually all insurance compliance risk and friction through service and technology for franchise-based institutions. Essentially, Rikor is focused on inking an insurance contract that is likely to be triggered and provide adequate coverage. This means preventing franchisees from being uninsured, or under-insured, and can leave you vulnerable to unintentional exposures. Our vision is to reimagine insurance distribution for small business owners within franchising. Rikor maintains appointments with most of the national carriers and more than 2 dozen other specialty carriers including wholesalers. Rikor is licensed in all 50 states and quotes all insurance coverages franchisees need to adequately protect their investment. Rikor acts on behalf of executive stakeholders to collect, monitor, and quote insurance.

Rikor will collect, monitor, and quote insurance on behalf of the stakeholders. Rikor uses automated communication protocols to collect proof of insurance. We find that the brands with the highest response rate to emails seeking proof of COIs have consistent reminders from the Director of Operations. All COIs are analyzed by RIkor’s Risk Management System (rms™). Rikor provides access to all DOOs so they can log in and stay aware of their organization’s insurance compliance. The rms™ allows rikor to monitor every policy at scale. The coverage is compared to each brand’s unique FDD requirements. The most successful DOOs encourage the franchise owners to be responsive to Rikor’s emails. Eventually, a stronger culture of ‘Risk Management’ will build and compliance will naturally improve. Rikor also quotes insurance for the brand based on the FDD requirements. This is a challenging task for a franchise owner. There are many opportunities to be uninsured, underinsured, or exposed to unintentional exclusions. It's beneficial to learn those three terms and how they clarify risk to a franchise owner. Some mistakenly feel like having an insurance policy guarantees they are covered in a likely event. Rikor is here to provide expert consulting to the franchisees. Some of the issues require education and training for the franchisee. That education can help them understand the importance of participating year-round, leading them to be in the best position possible during foreseeable events.

All that is required of a franchisee is to be responsive to emails from rikor. Rikor wants franchisees to feel supported and taken care of. Rikor does everything in its power to make collecting, monitoring, and quoting frictionless. If there is any new technology that reduces the franchise owners' burden, we will pursue it. The automated messages from rikor are meant to be user-friendly, easy to read, and easy to participate in. Our forms ask the minimum number of questions and take less than 5 minutes. Rikor stores all previously collected insurance information, so we try to never ask for the same data twice. Our systems processes and technology are all designed to streamline outcomes.

Key Takeaways: 

• Mission: remove virtually all insurance compliance risk and friction through service and technology for franchise-based institutions.
• Prevent franchisees from being uninsured and underinsured
• Franchisees buy insurance through Rikor because it is easy and FDD-compliant
• Franchisors partner with Rikor because we offer automated insurance compliance monitoring and transparency 
• All insurance data is stored in the rms™
• Rikor offers educational webinars 
• We aim to make all processes as friction-free as possible