On May 11, 2021, NCCI held their Annual Issues Symposium. NCCI is the largest workers’ compensation rating agency representing 34 states, which is the data used in their analysis. The main event of the Annual Issues Symposium is always their State of the Line Presentation. Here are some highlights from that presentation: Net written premium is down 10% in 2020 vs 2019. This is due to the significant decline in payroll caused by the pandemic. The private carrier calendar year combined ratio was 87% which is about a 2% increase from 2019. This makes four years in a row with
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Public entity risk professionals face unique challenges that most recently include issues with law enforcement liability and a variety of workers’ compensation presumptions. This RIMS 2021 session discussed investigated these various challenges and offered approaches to managing those issues. Speakers included: Mark Walls, Vice President Communications & Strategic Analysis, Safety National Barry Scott, Risk Manager, City of Philadelphia Julie Mileham, Director, Risk Management, Colorado State Office of Risk Management Legislative Changes In Colorado, the legislature recently introduced 557 bills, 178 of which directly apply to the risk management division of the state. Of them, 73 have included fiscal notes, which
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Between the shift to remote learning and mitigating the risks of COVID-19, higher education has had a tumultuous year. And with new risks emerging almost too regularly, retentions and limits are increasing, making obtaining coverage a challenge. In this session at RIMS 2021, four higher education risk management specialists covered the dominant risks shaping coverage for higher education and how they’re impacting coverage. Guests included: Courtney Curtis – Assistant Vice President, Risk Management & Resilience Planning, University of Chicago Craig McAllister – Executive Director, Risk Management, University of Miami Risk Management Susan Liden – Director of Risk Services, Pacific Lutheran University
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Identifying emerging risks and their potential impact is critical to any organization’s ability to achieve business objectives and longer-term strategy. This session at RIMS 2021 investigated various practices in recognizing and assessing emerging risks. Speakers included: Jana Utter, Vice President, Enterprise Risk Management, Centene Corporation Lorie Graham, Chief Risk Officer, American Agricultural Insurance Company Suzanne Christensen, Chief Risk Officer, Invesco Justin Smulison, Business Content Manager, RIMS Emerging risks can come in many forms – they can be novel (not seen before), evolving (behaving differently than they one had) or known/unknown (knowledge of the risk existed, but it just now affects
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Ergonomics concepts can be traced back to WWII when it was first used to assist pilots—minimizing fatigue, reducing error and keeping pilots flying longer. Shifting to today, we’re dealing with the health effects from computer overuse while working from home and injuries from handheld devices, like “texter’s neck” and “gamer’s thumb.” In this session at RIMS 2021, Michelle Despres, Vice President of Physical Therapy at One Call, discusses ergonomics best practices for employees working from home and the cost reduction for employers when an ergonomics program is established. Working From Home A recently published article from The Stanford Institute provides
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Now more than ever, because of the current global pandemic and the myriad of risks in today’s global business and economic climate, organizations must recognize the benefits of having a risk professional seated on a board. This RIMS 2021 session explored why a risk professional may want to serve on a board and the pathway to achieving it. Speakers included: Soraya Wright, Vice President Strategic Initiatives, RIMS James Lam, James Lam & Associates Justin Smulison, Business Content Manager, RIMS Where to Start When looking to serve on a board, a great place to start is with non-profit organizations. There are
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Implementing the appropriate risk process starts with building a foundation that meets your organization’s objectives, but consistent maintenance of your risk policy can help define the value and significance of your strategy. In this session at RIMS 2021, Joseph Mayo, President of J.W. Mayo Consulting LLC, reveals how to implement a risk management process, along with his best practices from industry experience. Building a Foundation The foundation of risk management relies on the risk policy and governance mechanisms. Risk policy needs to define the organization’s risk appetite and tolerance. Once risk policy has been established, the governance framework can begin.
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Due to COVID-19, safety trends and protocols are rapidly changing every day. This session at RIMS 2021 cited several considerations that organizations should have on their radar as employees begin to return to workplaces across the nation. Speakers included: Michael Lorms, Risk Services Manager, Sedgwick Joseph Whitlock, Senior Advisor, Industrial Hygiene, EFI Global Communication COVID-19 safety training entails much more than providing masks and hand sanitizing stations. Communication is key. Even during scary and stressful conditions, organizations should focus on communicating what they do know at the time and make everyone aware that circumstances may change. It is helpful to
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With the ever-increasing role of technology in every aspect of our daily lives, driving your data story has truly become paramount to enhancing your business processes and delivering the right messaging. In this session at RIMS 2021, Steve Rhee, Chief Digital Officer at Gallagher, discusses major data trends in 2021 and how to implement them to optimize your customer’s experience. Five Data Trends Driving Business in 2021 Digital omni-channel and real-time data interaction is critical. Data exchange is now a two-way street. Remove friction and be where your customers are. AI and predictive modeling will drive customer personalization. COVID-19 has
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The use of video surveillance has become critical to successful risk management for every business and public entity. This RIMS 2021 session illustrated ways that video has become the new normal to help manage risk, defend litigation and mitigate damages. Speakers included: Seymour Everett, Partner, Everett Dorey LLP Caryn Siebert, JD, Vice President & Director – Carrier Engagement, Gallagher Bassett Surveillance video has become a risk management game changer. In-person jury trials are now being live streamed during COVID-19, the use of police body cam footage became influential in several cases like that of George Floyd and Jacob Blake, and
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