Digital technology presents its own unique set of challenges to an organization. Creating a digital governance framework can help address those concerns. In this session at RIMS 2019 Conference and Exhibition, Genevieve Grabman, author of The Technology Takers, explained the ability of such a framework to establish responsibility for policies and procedures and monitor compliance. There is no low-risk option when it comes to modern technology, but refusing to adopt new technologies presents its own business risk. The solution to this dilemma is creating a comprehensive governance framework. An effective framework addresses technology, people and process. Digital-era risks include government
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Emerging risks and developing technology can make risk management decisions difficult. A new, holistic approach to data analytics can help improve risk management decision making throughout an organization as well as providing valuable information to help secure buy-in from the C-suite for those decisions. In this session at the RIMS 2019 Annual Conference and Exhibition, Ben Fidlow, Global Head of Core Analytics at Willis Towers Watson, discussed how to practice a portfolio approach to risk quantification. The confluence of data and technology is transforming the world of predictive modeling. While this can provide information that is quite powerful, communicating the
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At the 2019 Executives in Workers Compensation Conference, a panel discussed pain management challenges and solutions. The speakers were: Mark Pew – SVP Preferred Medical Kathleen Collins – Senior Clinical Pharmacist, Craig Hospital Jamie Goff – Director of Workers’ Compensation Claims, BETA Healthcare Group Kevin Roberts – Partner, Hanna Brophy The opioid epidemic has evolved over time from heroin to fentanyl to carfentanyl. Each drug is more powerful than the last one, and each drug is associated with higher death rates. There is a direct link between the opioid epidemic and prescription painkillers as those addicted to prescription pain killers
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At the 2019 Executives in Workers’ Compensation conference, Jeff Rush from California JPIA discussed pending legislation impacting workers’ compensation and liability claims in California.  California has single party rule, with a Democratic governor and Democrats having a super-majority in both houses of the California legislature. This single party system makes it very easy for the party in power to pass legislation. With the super-majority they can pass tax measures by a wide enough margin as to not trigger voter approval requirements for such measures.  The biggest question around California legislation this year is what will Governor Newsom do? There are
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At the 2019 Executives in Workers’ Compensation conference, a session talked about how advances in medical technology are impacting workers’ compensation. the speakers were: Constantine Gean, MD – Regional Medical Director, Liberty Mutual William Zachry – Senior Fellow, The Sedgwick Institute New technology can be both good and bad. It can create efficiencies and solve problems. However it can also lead to unintended consequences. On the medical side, new technology also tends to be very costly. The FDA recently approved a blood test to diagnose a mild brain injury. it detects certain proteins in the blood that are released following
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At the 2019 Advisen Casualty Insights Conference a panel discussed the rapidly rising costs seen in workers’ compensation catastrophic injury claims. The speakers were: Mark Walls – VP Communications & Strategic Analysis, Safety National Michael Choo – Chief Medical Officer, Paradigm Thomas Ryan – Senior Principle National Practice Integrated Casualty Consulting, Willis Towers Watson Workers’ compensation is different than other casualty lines right now in that it is both profitable for the carriers and rates have been declining for employers. This environment is due to significant declines in accident frequency. Since 2006 accident frequency has declined over 30% While frequency
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At the 2019 Advisen Casualty Insights Conference a panel discussed issues shaping the future of the casualty insurance marketplace. This casualty insurance executive panel is the feature event of the conference. The speakers were: Anthony DeFelice – Managing Director, AON (moderator) Paul Horgan – Head of North America Commercial Insurance, Zurich North America Lori Goltermann – CEO US Commerical Risk and Health Solutions, AON David Perez – Executive Vice President Chief Operating Officer, Liberty Mutual William Hazelton – EVP Construction Industry Practice, Environmental and Excess Casualty, Chubb Jeff Summerville – Head of Casualty Fin Pro North America, Swiss Re Corporate
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At the 2019 Advisen Casualty Insights Conference, a panel discussed the causes of the increasing frequency of high severity losses. The speakers were: Jonathon Drummond – Head of Casualty Broking North America, Willis Towers Watson (moderator) Gregory Katz – New York Managing Partner, Lewis Brisbois Russell Smith – SVP North America Casualty Claims Leader, Chubb Tiger Joyce – President, ATRA Bob Shine – CUO Casualty North America General Insurance, AIG In 1989 there was a large auto accident settlement that involved 21 deaths. This claim settled for $156 million and for many years it was the bellwether when it came
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At the 2019 Advisen Casualty Insights Conference, a panel discussed the challenges and opportunities in the commercial auto market. The speakers were: Ellen Greiper – Partner, Lewis Brisbois (Moderator) Eliot Feldstein – Senior Vice President, Lytx Andrew Johnson – Global Head of InsurTech, Willis Towers Watson Pete Noteman – Technical Director Auto, Zurich 2018 will be the 8th consecutive year of combined ratios over 100% in the commercial auto marketplace, and it appears the combined ratio will be worse this year than ever before. There are many issues driving these poor results including nuclear verdicts, increasing repair costs, and distracted
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At the 2019 Advisen Casualty Insights Conference a panel discussed how risk managers view the current casualty insurance marketplace. The speakers were: Barry Martin – EVP Old Republic Risk Management (moderator) Stephanie Fisher – Director of Risk Management and Insurance, Quanta Services Inc. Lisa Kerr – Vice President Risk Management, Henry Schein Jane Sandler – VP Global Risk Management, McKesson Q: How is the Casualty insurance market impacting Risk Management? Answers: Several different casualty lines of insurance are challenged right now which is unusual to have so many seeing adverse development at the same time. Messaging from the marketplace to
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