At Philly I-Day 2016, a session discussed the best practices to protect confidentiality of communications between brokers and their clients. The speakers were: Lee Epstein, Esq – Partner, Weisbrod Matteis & Copley PLLC Kevin McPoyle – Co-Founder and President, KMRD Partners, Inc. Often times the first party that an insured communicates with after a major loss is their broker. If these communications fall into the wrong hands it could have a significant impact on potential coverage litigation. A real world example of this is communication around coverage for the World Trade Center following the 9-11 disaster. A judge ruled that
(Read the full article…)

Philly I-Day 2016 kicked off with an executive panel discussing a variety of issues facing the insurance industry. The panel was: Donald Aspinall – VP Global Risk Management, Comcast NBC/Universal Christine LaSala – Chair, Willis Towers Watson Chris Maleno – SVP Chubb Group Roger Fell – Managing Director, Marsh (moderator) Question: Our industry is consolidating. What does that mean to all of us? Answers: There is a lot of capital in the insurance marketplace and the economy is growing which leads to more things to “insure”. There has not been many large mass tort claims or natural catastrophes in the
(Read the full article…)

The goal of this session was to show participants how they might: Define the characteristics of a risk-intelligent culture. Measure their organization’s alignment of risk culture, risk strategy and risk management. Incorporate tools that strengthen their risk culture. The speakers in this RIMS 2016 session were: Heath Jones, Director, Enterprise Risk Management, Tennessee Valley Authority Dmitriy Borovik, Energy and Resources Enterprise Risk Management Services Leader, Deloitte & Touche LLP The speakers first defined and provided an overview of a risk culture. A risk culture is based on values, beliefs, knowledge, attitudes and understanding about risk shared by a group with
(Read the full article…)

Airbags, ground beef, ice cream and medical devices: all subjects of high-profile product recalls. Just the word “recall” can send a chill down the spine of even the most seasoned risk professional. Whether the product is yours or it contains a component your company produced, a recall can damage finances and brand value with years of litigation and protracted insurance coverage disputes. Speakers in this RIMS 2016 session were: Joann Lytle, Partner, McCarter & English, LLP Tabitha Prestler, Director of Risk Finance & Insurance, Wilbur-Ellis Company There have been numerous well-known product recalls in the news in recent years and
(Read the full article…)

You would be surprised by what fraud bosses know about your underwriting and claims operations and team members. This RIMS 2016 session discussed current trends and developments for detecting fraud and shutting it down. Speakers included: Stephen Truono, VP, Global Risk Management, Starwood Hotels & Resorts Worldwide, Inc. Tom Mulvey, Assistant Vice President, ISO/Verisk Kenneth Jones, Vice President of Investigative Services, The Travelers Companies, Inc. Investigative departments are becoming better trained, with programs built around data and analytics. They are traditionally comprised of around 65% law enforcement, combined with other roles like claims professionals and analytics professionals.  Companies are starting
(Read the full article…)

At the 2016 RIMS Annual Conference, Daniel Lisenbey, President and CEO of Broadspire talked about the looming staffing shortages in the insurance industry. Understanding the issue 25% of the insurance industry will retire by the end of 2018, and over 40% will retire in the next 10 years. Nursing is used extensively in the insurance industry and by 2020 there will be 1.5 million nursing jobs in the US that will be unfilled. For the nursing industry, there is simply not enough infrastructure at the colleges to educate enough nurses to keep up with the demand. In 2015 the Millennials
(Read the full article…)

This session at RIMS 2016 illustrated how to methodically examine and review the right activities in claims audits to improve the bottom line. Speakers in this session were: Jenny Novoa, Senior Director of Risk Management, Gap Inc. Joe Picone, Claim Consulting Practice Leader, Willis Towers Watson An audit is a “methodical examination and review.” In a claims management context, it assesses compliance with the carrier and industry best practices and special handling instructions. A “typical” claim audit determines if the TPA/carrier’s performance is meeting their obligations in the service agreement. It also determines adequacy of reserves, benchmarks the TPA/carrier and
(Read the full article…)

Litigation is often one of the largest cost drivers in many workers’ compensation programs. In this RIMS 2016 session, panelists shared how they revamped each element of litigation management to drive down costs and achieve sustainable results. Speakers included: Amy Turner, Senior Manager Risk Management Compliance, Wal-Mart Stores, Inc. Karen Stankevitz, Director of Consulting, Aptus Risk Solutions A small percentage of claims can drive a large percentage of program costs. By managing litigated claims, you can significantly impact program performance. It’s important to shift your focus on this small percentage of claims. You must start by defining a “win”…and that
(Read the full article…)

The “grand bargain” of workers’ compensation relies on injured workers giving up their right to sue in civil court in exchange for certain statutory benefits in a no-fault system. A trend in judgements, however, has allowed injured workers to pursue these and circumvent the exclusive remedy protections for employers. This RIMS 2016 session examined the role that employers liability insurance plays in protecting organizations from employee injury, disease or death claims caused by workplace practices or conditions that are not covered by workers’ compensation. Speakers included: Mark Walls, Vice President Communications & Strategic Analysis, Safety National William Zachry, Vice President
(Read the full article…)

Every day in the United States, someone dies in an incident related to workplace violence, however, only 70 percent of U.S. businesses have a workplace violence plan – many of which are incomplete and untested. Workplace violence should be at the top of your vulnerability and threat analysis. This RIMS 2016 session illustrated how to mitigate this risk by properly implementing the Behavioral Risk & Threat Assessment (BeRThA™) program. Speakers included: Suzanne Rhulen Loughlin, Founder/EVP/CAO, Firestorm Solutions, LLC Harry Rhulen, CEO, Firestorm Solutions, LLC People do not just snap. There are warning signs, red flags, cues, signals – but often
(Read the full article…)