How to Be a Better Risk Manager with a 30,000 view of Your Insurance Program
It has never been more important for risk managers to stay focused on their evolving exposures and nuances of their insurance programs. 2021 has brought constant threats and requirements associated with not just COVID-19, but also increasing natural disaster risks, heightened cyber vulnerabilities, among other complex and difficult exposures.
All this amid a hard commercial insurance market.
Given this landscape, it’s understandable for you and your team to zero in on individual policies, terms and conditions, as well as contingencies to deal with the myriad of risks confronting their organizations.
However, in this climate it would be a mistake to neglect taking a broad view of your insurance programs – what we at LineSlip call a 30,000-foot View. Available on demand using our software, the 30,000-foot View highlights overall program data insights that would have previously taken hours (even days) to compile. With a single click, you get the following benefits
An Historical Perspective
At least every six to 12 months, step back and revisit the various trading relationships you’ve had over time with your insurance carriers and brokers. Review lines of insurance and any changes to terms and conditions, premiums, limits and sublimits.
Whether you’ve just taken the reins of the risk management department or have been there for many years, it hasn’t always been easy to compile all the information needed for these assessments.
Traditionally, risk managers have had to collect this information manually from binders, broker agreements, final program documentation, schematics, spreadsheets – even 3×5 index cards – year by year.
Today, however, technology-driven applications, such as those provided by LineSlip Solutions, make it easy to compile and maintain this information — so easy that you can access it with the click of a button.
Strategic Insight And Leverage
Based on the historical perspective you’ve gathered, whom do you regard as your best partners today and how have they performed over time? Which ones have helped the most and responded the fastest when you had a significant loss event or helped you get through a difficult renewal?
With which carriers do you have the greatest potential leverage in negotiating renewals, new coverages, higher limits or any key policy or program adjustments? In what ways might you rearrange layers/carriers for better efficiency? Who owes you?
With all the data for these types of evaluations typically embedded in multiple documents, any related analysis can be arduous. With LineSlip, however, you can easily compile data into spreadsheets and quickly create graphs and charts that tell the story.
Elevated Enterprise Education And Management Reporting
By knowing and understanding the “big picture,” you can easily explain it to senior leaders and other key executives across your organization, including significant potential financial exposures to the CFO; workers’ compensation trends, supply chain and resiliency issues to Operations; cyber, product, environmental and management liability issues and insurance coverages for discussion with your general counsel and Legal.
For all these exposures, it’s critical to understand, assess and evaluate how your insurance program provides an effective “backstop,” as well as any potential coverage gaps or shortfalls.
By zooming out on their insurance programs, risk managers will be in an excellent position to lead these efforts. And new technology partners, such as LineSlip, can make sure you can quickly assemble all the necessary details of your insurance programs whenever needed. Ready to see a 30,000-foot View for yourself? Schedule a demo here.