Relationship, Reporting and Storage: How Macy’s Uses LineSlip

Tech-based solutions like LineSlip are transforming the way risk professionals do their work.

Douglas Brauch, vice president, treasury & insurance at Macy's Inc. in Cincinnati, Ohio, knew that changes needed to be made in how Macy’s managed policy information, but he wasn’t sure just how that was going to happen as “historically and overall, the insurance industry is lacking in new technology innovation,” he said.

When he learned about LineSlip Risk Manager, our technology platform that extracts and organizes insurance program data, his interest was piqued. This could be a solution for the challenges his team at the national retailer had to contend with: managing its data and information.

Our technology has been especially helpful for Macy’s, whose insurance team had previously spent weeks and even months assimilating data for various reports and evaluations for their dozens of insurance policies at renewal time.

Why LineSlip?

LineSlip was developed for risk managers as an upgrade from tedious, paper-based means of tracking, storing, understanding, and analyzing insurance policy information.

The platform converts program documents into accessible dashboards with a series of views, which can be used for a variety of essential functions, including insurance summaries, and comparing premiums and rates.

Implemented at Macy’s more than a year ago, LineSlip has proved to be just what was needed to provide a central depository for all the company’s policies.

“Building off that created an efficient level of organization that we didn’t have,” Mr. Brauch said.

He added, “The relationship, the reporting and the storage are the big-three for us.” The program, he said, offers a tremendous capability to customize reporting. “So having the ability to see fees and commissions and other things across all our lines is very useful,” he said.

From folders to executive-ready dashboards

Before LineSlip, Mr. Brauch explained, they had no system that would give a dashboard of their risk and insurance programs, “which made it very time consuming and challenging to aggregate all our programs into a report-ready summary.” He noted that their reporting now operates at an executive-ready level with the dashboard giving a comprehensive view of insurance policies and programs.

“Now, when an executive calls and asks for a particular detail or something associated with the policy, I’m able to provide answers much more accurately and promptly,” he said.

Their reporting now operates at an executive-ready level, with the dashboard giving a comprehensive view of insurance policies and programs.

The dashboard has become a key tool for renewals and managing relationships with carriers for companies of any size. “I think it will ultimately drive premium saving,” he said.

Overall is the added benefit of business continuity and resilience that comes from having insurance data in a central location. “Going forward, when I’m not here or someone else isn’t here, people will know where to go to process policies,” he said.

Summary

With LineSlip, organizations can:

• See what is driving premium spend in their complex insurance programs, and fully understand their relationships with trading partners.

• Access fees, commissions, and other information across all lines of coverage in customizable, board-ready reports

• Gain added business continuity and resilience by having insurance data in a central storage location.

• Save valuable time that would have been spent rekeying information into spreadsheets.