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
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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
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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
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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
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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
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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
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The speakers in this RIMS 2016 session were: Jimmy Kirtland, VP, Corporate Risk Management, Voya Financial Aloysius Tan, Data Analyst, Advisen Four directors and officers (D&O) claim trends have grown in significance. Drivers of these trends include regulatory changes – the most major trend, shift in the focus in terms of prosecution, plaintiff’s bar identifying new sources of revenue and response by corporate defense bar. The four claims trends that are emerging and were presented include: Patent infringement – prohibits the unauthorized use of a patented invention and is covered by title 35 of the US code. Here D&Os are
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Safety officer claims for work-related injuries are unique and expensive, thus it is important to effectively manage these claims. The RIMS 2016 speakers for this session were: Diane Caminite, Risk & Safety Manager, San Diego Unified Port District Susan Hastings, Partner, Laughlin, Falbo, Levy & Moresi This session’s speakers are from California and talked about labor code 4850 under Workers’ Compensation. Here, when a safety officer is injured and unable to work, labor code 4850 comes into play. After qualification, the 4850 salary continuation benefit will provide full salary for up to a year among other benefits. Special presumptive injuries
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The speakers in this RIMS 2016 session were: James Van Meter, Aviation Practice Leader, Allianz Global Corporate & Specialty Mark Lauderbaugh, Director, Risk Management, Crown Castle International Corp. With over 4,000 FAA approved small unmanned aircraft systems used in commercial operations and an average of 50 new ones per week, the FAA estimates that by 2020 there will be about 30,000 unmanned aircraft systems (UAS) used for business purposes. In addition, there are over 400,000 registered hobby users. Integration of UAS is a top priority and the FAA is finalizing rules for commercial UAS operations. Companies and their clients can be exposed to
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Being a risk manager can be a thankless job and may also lead to becoming a scapegoat when things go wrong. You cannot prove a negative and there is only a chance that something is going to happen, so when it doesn’t, is that a result of good risk management? In this RIMS 2016 session, Rodney Farrar, Director at Paladin Risk Management, explained how to demonstrate the successes of your risk management programs to get the proper credit you deserve. The task of measuring the benefits risk management brings to an organization is a challenging one. Unlike finance or human
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