Establishing a Strategy for Future Growth: How Novavax Benefits from LineSlip
LineSlip’s tech-based solutions give companies a clear pathway for managing growth and expansion.
This has certainly been the case for Novavax, a biotechnology company dedicated to developing next-generation vaccines for serious infectious diseases, based in Gaithersburg, Maryland. Novavax had been operating as a -clinical-stage company, but that changed abruptly last fall when the firm earned its first vaccine authorization for a COVID-19 vaccine.
“This development,” explained John Marren, senior director, global risk & insurance management at Novavax since November 2021, “has established us as a commercial organization. We’re now authorized in 44 countries and counting, including in the U.S. and EU, and we also have Emergency Use Listing with the World Health Organization.”
Moving from an established research & development organization to a commercial manufacturing company meant the organization’s insurance needs were changing in real time, and changes to insurance programs were inevitable. While programs at Novavax might have been less complex than those of larger companies, there was still a need for a tool to help manage their insurance portfolio going forward.
How LineSlip Works
LineSlip converts program documents to data-rich dashboards, giving risk executives instant access to the information they need to stay empowered and effective. The upgrade from tedious, paper-based processes means faster reporting, clearer stakeholder communication, fewer errors, and more capacity for strategic leadership.
“So far, we’ve captured policy information from our binders, endorsements and policies to create a foundational landscape of our risk transfer programs,” Mr. Marren said. “Basic policy information – premiums, limits, program structures and dates of renewal – all has been captured.”
Planning ahead
With additional clinical trials underway on Omicron variant versions of the COVID-19 vaccine and a COVID-19-Influenza combination vaccine, as well as a robust pipeline, Novavax’s “programs have become more complex; there are more policies and structured programs than in the past,” Marren said. With LineSlip, he has visibility into the specifics of those policies.
He has also pulled together information for the new total cost of risk – TCOR – feature in the system.
LineSlip’s software helps with decision-making regarding challenging insurance factors, including “our total spend on insurance.”
The dashboard is also helpful for conveying the details of their programs to stakeholders. “I’m being asked to talk about our insurance programs and what they mean to the company,” he said. “This helps us to be able to view it in an understandable way.”
Summary
LineSlip allows organizations to:
▪ See and analyze TCOR.
▪ Examine insurance spend and ways it benefits the organization.
▪ Add exposure data for trend analytics and analysis.
▪ Create a comprehensive, easy to understand explanation of insurance programs.
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