Case Study #1 – ERM
Reducing costs of risk mitigation while aggressively managing the risk environment.
Situation
Rapidly growing company in highly regulated industry faced escalating insurance costs, numerous operational risks and uncertainties
Actions
1. Company data collected from executive management identified over 30 significant risks
2. A blinded evaluation produced a Risk Map with minimal bias
3. New processes were implemented to address risks with high frequency
Results
1. Mitigation of several severe, widely unknown, contingent risks was accomplished after they were communicated beyond their information silo (single department).
2. Excessive insurance was identified in some cases, allowing reduced premiums.
Case Study #2 – Claims Management
Insurance claims are subject to settlement risk
Situation
Company incurred a significant fraud loss that was largely denied by it’s insurance carrier under it’s crime policy.
Actions
1. A new claims advocate was enlisted
2. A specialty legal firm was engaged
3. A commitment was made to renew with the carrier, subject to a satisfactory settlement
4. Relationship with the carrier, based on many years of continuity, was highlighted, along with leverage based on the above factors.
Results
Settlement was revised to nearly the full policy limits.