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2 0 2 0 M E D I A K I T
E S S E N T I A L
O B J E C T I V E
C L E A R
GENETIC TESTING: The next frontier for workers comp cost controls? - PAGE 10
SEPTEMBER 2019
SPECIAL REPORTEXCESS &SURPLUSLINESMARKETPAGE 24
LOST IN TRANSLATIONLanguage differences, work status
create safety hurdles for firms with large Spanish-speaking workforces
PAGE 18
Business Insurance is the authoritative news and information source for executives
concerned about risk and the impact on their business with information for risk managers,
brokers, and other providers of insurance products and services. Business Insurance delivers
in-depth analysis on new- and emerging risks, case studies of successful programs, market
intelligence on trends, and guidance on how to capitalize on opportunities and overcome
challenges. Business Insurance covers core risk management and
insurance areas such as property/casualty insurance, captive insurance,
and other alternative risk transfer vehicle, and enterprise risk management.
Delivered in a multi-media mix, including a monthly print magazine,
and daily online and mobile news, Business Insurance helps readers do
their jobs better.
O U R H I S T O R Y
In 2019, Beacon International Group, Inc. acquired Business Insurance
Holdings with plans to expand the reach and depth of the media
company across national and International borders. Beacon is
part of a family of companies that has been in insurance publishing since 1889. Business Insurance was founded in 1967 by Crain
Communications, Inc. and celebrated its 50th anniversary in 2017.
Business Insurance editorial staff, correspondents, sales and
administrative staff members are situated in major US and
international cities.
Steve Acunto PresidentBusiness Insurance
CORPORATE RISK DECISION MAKERS
13.8%
INSURERS
18%
BROKERS
30%
C-LEVEL EXECUTIVES
13.2%
RISK MANAGEMENT
25%
Business Insurance expertly covers breaking news while delivering insight, commentary and in-depth analysis on topics and industry trends most important to risk managers, c-suite decision-makers and buyers of commercial insurance. As today’s world becomes increasingly complex, it is more important than ever for companies to make well-informed decisions about managing risk and buying insurance. Business Insurance is the most preferred media brand to help today’s companies navigate tomorrow’s risks.
O U R A U D I E N C E
BUSINESS INSURANCE REACHES COMMERCIAL INSURANCE DECISION-MAKERS & BUYERSBusiness Insurance audience (print subscribers & digital users) are involved in the recommendation, specification, approval or purchase of the following services:
Involved in one or more
Property/casualty insurance and reinsurance
Workers compensation
Claims administration for property/casualty
Brokerage services
Employment practices liability
97%
64%
68%
63%
57%
51%
PRINT, DIGITAL & LIVE EVENT AUDIENCE
48KPrint
Circulation
200K Unique Lead Generation
Leads
81KUnique Email
Subscribers
198KAverage Monthly Unique Visitors
21KDigital Issue Circulation
4K Total Live
Event Attendees
412K Monthly Online
Pageviews
52.1KFollowers
319KFollowers
7.2KGroup Members
4.9KFollowers
BI AUDIENCE COMPOSITION
PROPERTY MARKET TURNSBI’s biennial property insurance survey sees
more policyholders paying higher ratesPAGE 16
SPECIAL REPORTPUBLIC RISKMANAGEMENTPAGE 36
Meet the next generation of insurance
sector leadersPAGE 18
DATA PRIVACY: New European law creates global cyber liabilities - PAGE 6
JUNE 2018
2020 EDITORIAL PLANNING CALENDARJANUARY 2020 – DECEMBER 2020
E V E R Y I S S U E D E L I V E R S :
• News Analysis – key coverage of risk management, property/casualty and workers comp trends
• Executive Moves
• New Products & Services
• Insurance Law Roundup
• M&A News
• Up Close – profiles of recently promoted/hired executives
• View From the Top – interviews with industry decision makers
• Cyber & Technology News
• Perspectives – expert opinions
• Off Beat
2020 EDITORIAL PLANNING CALENDARJANUARY 2020 – DECEMBER 2020
Editorial calendar subject to change at the discretion of the BI Editorial team. Material deadline extensions are available upon request.
ISSUE DATESPACE CLOSE
MATERIAL CLOSE
IN-DEPTHCOVER STORY SPECIAL REPORT RANKINGS
& RESEARCH SURVEYS SHOWDAILIES
BI & OTHER INDUSTRY EVENTS
JANUARYdigital-only issue
12/23/1912/30/19
2019 Data Rankings Review
Compilation of BI’s 2019Research & Rankings Reports. Plus additional industry rankings.
Compilation of 2019Rankings Reports
World Captive Forum
FEBRUARY1/10/201/17/20
Professional Liability
D&O Key issues for executive risk
Year-end Broker M&A Analysis
PLUS Cyber Symposium; PLUS D&O Symposium
SPECIAL ISSUESpecialty &
Emerging Risks1/24/201/31/20
Specialty & Emerging Risks
Specialty & Emerging Risks Cyber, technology, climate change risks, entertainment risks and more
WSIA Spring Summit
MARCH2/10/202/17/20
Intellectual Property Risk
CaptivesART market overview and exclusive rankingsEmployee Benefits
Rankings of Captive Domiciles & Captive Managers
U.S. Insurance Awards; CICA
APRIL3/6/20
3/13/20
Risk Management RIMS IssueRisk Management Innovation; U.S. Insurance Award Profiles; Lifetime Achievement Award Profile
TBD RIMS RIMS
MAY4/10/204/17/20
Cyber Risk Claims ManagementClaims Industry Developments; Claims Tech & Exclusive Rankings
Top 10 TPAs Signet Ad Study
JUNE5/8/20
5/15/20
Break Out Awards Property Insurance & Risk ManagementLatest development in property insurance, business interruption, risk mitigation
Break Out Awards; PRIMA
JULY/AUGUST6/5/20
6/12/20
Annual Broker Issue
Broker Trends & Profiles IBI’s annual review of the brokerage industry
Top 10 Global Brokers;Top 100 US Brokers;Broker Report & Rankings I
TBD
SEPTEMBER8/7/20
8/14/20
Excess & Surplus Lines
Excess & Surplus LinesMarket overview, hot products, and exclusive rankings
Top 10 Wholesalers;Top 10 MGAs;Top 10 E&S Insurers
WSIA Annual Conference; Diversity & Inclusion Conference
SPECIAL ISSUEInnovation & Technology
8/25/209/1/20
InsurTech and the latest innovations in commercialinsurance
Innovation Award Winners InsureTech InsureTech Connect
InsureTech Connect
OCTOBER9/14/209/21/20
Health Care Risk Reinsurance Trends, issues and Monte Carlo report;Broker Trends & Profiles IIBroker productivity and innovation
Top 10 Reinsurance Brokers;Top 10 Global Reinsurers;Most Productive Brokers; Benefits Specialists; Beyond the Top 100;Broker Report & Rankings II
PCIA; ASHRM
NOVEMBER10/9/20
10/16/20
Construction Risk Professional LiabilityE&O, D&O etc.Cyber riskCyber Market Update
Largest D&O Insurers;Largest Med Mal Insurers;Largest A&E Insurers
Signet Ad Study
PLUS Annual Conference
DECEMBER11/6/20
11/13/20
Women to Watch Insurance Education Top Risk Management Schools
TBD Women to Watch
2019 – 2020 EVENT CALENDAR*
NOVEMBER 2019 – DECEMBER 2020 | BusinessInsurance.com/events
SPONSORSHIP OPPORTUNITIES
SPEAKING OPPORTUNITIES & AWARDS NOMINATIONS
SUSAN STILWILLHEAD OF SALES, EVENTS [email protected]
KEITH KENNERPUBLISHER [email protected]
KATIE KETTDIRECTOR, MARKETING & [email protected]
*Events subject to change.
EVENT LOCATION ONLINE LINK
NOV 15 WOMEN TO WATCH AWARDS & CONFERENCE (UK)
London BusinessInsurance.com/conference/W2WEMEA
DEC 11-12 WOMEN TO WATCH AWARDS & CONFERENCE (US)
NYC BusinessInsurance.com/conference/W2W
JAN 30-FEB 1 WORLD CAPTIVE FORUM Miami BusinessInsurance.com/conference/WCF
FEBRUARY
MAR 12 U.S. INSURANCE AWARDS NYC BusinessInsurance.com/conference/USIA
APRIL
MAY
MID-JUNE (3 DATES)
BREAK OUT AWARDS NYC Chicago San Francisco
BusinessInsurance.com/conference/BreakOut
JULY
AUGUST
SEPT 2-4 DIVERSITY & INCLUSION CONFERENCE
Chicago BusinessInsurance.com/conference/DiversityInclusion
SEPT 21-23 INNOVATION AWARDS Las Vegas BusinessInsurance.com/conference/Innovation
OCTOBER
NOVEMBER WOMEN TO WATCH AWARDS & CONFERENCE (UK)
London BusinessInsurance.com/conference/W2WEMEA
DECEMBER WOMEN TO WATCH AWARDS & CONFERENCE (US)
NYC BusinessInsurance.com/conference/W2W
PREMIUM POSITIONINGCOVER 1 Opportunities available upon request
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1ST RHP +10%
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Opp TOC +10%
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2020 PRINT DISPLAY 4-COLOR ADVERTISING RATES
$13,036
$36,328
$18,740
$18,740
$10,840
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$6,691
$6,505
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$12,196
$12,196
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$4,471
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$10,161
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$13,905
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$8,498
$5,504
$5,098
$5,098
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$21,967
$11,428
$11,428
$6,967
$6,967
$4,496
$4,180
$4,180
3X 9X 15X+
That’s what it means to specialize. And you deserve a carrier that gets that. We make it a point to know all there is to know about a wide range of industries from manufacturing and technology to real estate, life science and more. With our deep specialization, The Hartford can help you develop customized product solutions for the complex risks of your mid- to large-size clients – allowing us to be there for both of you in a way that many carriers cannot. The Buck’s Got Your Back.
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YOUR INSURANCE CARRIER HAS TO REALLY KNOW YOUR CLIENT’S INDUSTRY TO ACTUALLY BE THERE FOR THEM. AND YOU.
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EDITORIAL INFOGRAPHIC
POSTERExamples include:
Risk Management Tech, Data & Analytics, Property,
Cyber, Diversity
FOUR-PAGE DATA POSTER$21,250 NET
CUSTOM INFOGRAPHIC
POSTERSubject must be agreed upon six weeks prior to
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FOUR-PAGE DATA POSTER$25,000 NET
CYBERSECURITY2017In August 2017, Business Insurance conducted an online survey of its subscribers with the objective of understanding how companies are preparing for the increased threats to cyber security and how they are protecting themselves and controlling the costs of such attacks.
This report is based on the responses of 322 risk managers and commercial insurance buyers who are familiar with and actively participated in cyber risk management/insurance decisions/programs in their companies. An additional section of the report is based on 852 insurers and insurance brokers — nonbuyers — who are familiar with any type of cyber protection their company may offer. The base used is total answering each question.
GREATEST CONCERNS
22.6%Terrorists penetrating
system to destroy information
18.5%Employees or other
authorized users stealing trade secrets
11.5%Competitors
penetrating systems to commit corporate
espionage
51.0%Operational risks or
natural disasters
50.2%Employees manipulating data or
systems undetected
Hackers that penetrate systems84.0%
CYBER INSURANCE — UPTAKE + CLAIMS
CYBER COVERAGE CYBER CLAIMS
2017 2017
Don’t have 19.7%
15.0%
Made claims Not sure 6.1%
Not sure 2.3%
Have74.2%
No claims82.7%
2016 2016
Don’t have 31.7%
15.5%
Made claims Not sure 3.1%
Not sure 2.1%
Have65.2% No claims
82.4%
2015 2015
Don’t have 41.7%
9.3%
Made claims Not sure 3.4%
Not sure 1.8%
Have54.9% No claims
88.9%
Of those with cyber coverage:
22.1%have coverage in other
policies, e.g. commercial general liability insurance,
errors and omissions insurance
76.2%have stand-alone cyber
insurance policies
1.7%not sure
CYBER BREACHESThe TOP FIVE most common type of breaches are:
61.3% Phishing
46.8% Employee action/mistake
37.1% Malware
48.4% Hacking
25.8% Social engineering
CYBER POLICY PREMIUMSThe average premium on the stand-alone cyber insurance policies is $188,250 with an average limit of $12.7 MILLION.
Less than $10,000 7.6%$10,000-$19,999 8.4%$20,000-$29,999 9.2%$30,000-$39,999 7.6%$40,000-$49,999 5.3%$50,000-$74,999 11.5%$75,000-$99,999 7.6%$100,000-$199,999 6.9%$200,000-$299,999 6.1%$300,000-$399,999 2.3%$400,000-$499,999 3.8%$500,000-$749,999 1.5%$750,000-$999,999 0.8%$1 million and more 3.1%Don’t know 6.1%Prefer not to answer 12.2%
The average number of times of those who experienced a breach the past year is 1.8 TIMES.
5x or more 1.6%
3x14.5%
4x4.8% 1x
53.2%
BUIN
_XL Poster 1117.indd 210/27/17 1:01 PM
Produced by the Business Insurance Research Department and published in the November 2017 issue of Business Insurance, available exclusively to print subscribers. Limited copies of the
issue are available for single copy sale via Business Insurance Customer Service, [email protected] or 954-449-0736. This document and information contained therein is
the copyrighted property of Business Insurance Holdings (©Copyright 2017) and is for your personal, non-commercial use only. You may not reproduce, display on a website, distribute, sell or
republish this document, or the information within, without the prior written consent of Business Insurance.
9.7% Less than 1 month ago 14.2% 1 to 3 months ago 10.6% 4 to 6 months ago 8.8% 7 to 9 months ago 9.7% 10 to 12 months ago 18.6% 1 to 1.4 years ago 18.6% 1.5 to 2 years ago 9.7% More than 2 years ago
8.6%Not sure
42.1%Yes49.3%
No
22.6%Terrorists penetrating
system to destroy information
18.5%Employees or other
authorized users stealing trade secrets
11.5%Competitors
penetrating systems to commit corporate
espionage
51.0%Operational risks or
natural disasters
4.9%Other
2.5%None of the above
50.2%Employees manipulating data or
systems undetected
AGE OF CYBER POLICIESTWO-THIRDS of companies first purchased cyber coverage less than five years ago, with an average age of their cyber insurance policies of 4.2 YEARS. More than half of insurers, brokers and related service providers began offering cyber products to clients in the past five years.
BUYERS NONBUYERS2017 11.7% 8.7%2016 17.8% 14.9%2015 20.6% 15.9%2014 8.9% 8.1%2013 6.7% 5.7%2012 5.0% 2.2%2011 0.6% 2.6%Before 2011 20.0% 15.7%Not Sure 8.9% 26.1%
76.2%have stand-alone cyber
insurance policies
1.7%not sure
40.9 PERCENT of breaches in the past year resulted in quantifiable losses. Other damages include:
58.3% Cost to remediate
28.3% Work stoppages
18.3% Brand and reputational damages
13.3% Lost business or revenue
13.3% Equipment damages
5.0% Litigation
16.7% Other
7.0%Not sure/don’t know
18.4%External notification
74.6%Internal discovery
Almost THREE-QUARTERS of the breaches were discovered internally.
2x25.8%
3x14.5%
4x4.8% 1x
53.2%
Most companies purchase their stand-alone cyber insurance policies through a broker.
3.0% Directly through the insurer
1.5% Through a captive
1.5% Other
0.8% Not sure
93.2% Through a broker
Percentage of those who experienced cyber breach in the past five years
Of those who experienced breach, 53.1% said they experienced it less than a year ago. The average time frame of those breaches was 14.1 MONTHS AGO.
BUIN
_XL Poster 1117.indd 310/27/17 1:01 PM
2020 PRINT INFOGRAPHIC POSTER ADVERTISING RATES
2020 PRINT REGIONAL 4-COLOR ADVERTISING RATES
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$6,315
$8,480
$9,229
$9,953
$10,675
$11,410
$12,136
1X
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$9,651
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6X+
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Profiles of all the winners, including the 2018 Lifetime Achievement Award
PAGE 32
WORKPLACE BULLYING
Focus on boorish behavior heightens liability threats
PAGE 22
SPECIAL REPORTEMERGING & SPECIALTY RISKSPAGE 26
SAFETY TIMETABLE: Railroads struggle to meet control systems requirements - PAGE 4
APRIL 2018
YOUR CLIENTS MAY NOT HAVE THE MULTINATIONAL COVERAGE THEY THINK THEY DO.
The Hartford® is The Hartford Financial Services Group, Inc. and its subsidiaries. 18-0145 © February 2018 The Hartford
Simply having multinational coverage may not be enough. Even good coverage can leave businesses exposed in unexpected ways. We partner with businesses and their agents and brokers to create global risk solutions that meet their specific business and risk finance needs. Give your clients the multinational coverage they think they have. Visit thehartford.com/multinational.
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BUSINESS INSURANCE SEPTEMBER 2018 21
BY JUDY [email protected]
Flying on airlines is as safe as it has ever been thanks in part to more advanced technology, which has helped to dramatically decrease the incidence of aviation mishaps.
But technology, which has led to airplanes being described as flying computers, creates some nagging worries, particularly about the risk
of computer hackers taking control of aircraft, which experts describe as a remote, if dire, possibility.
Experts say the technology for someone on the ground to take control of a plane exists, although it is not in use outside the military.
Recent air disasters, apparently beyond the reach of today’s available technology to avoid, include the still-mysterious dis-appearance of Malaysia Airlines Flight MH370 and the 2015 Germanwings tragedy when a pilot flew his plane into a mountain, killing all 150 aboard, includ-ing himself (see related story).
Meanwhile, there is significant capaci-ty within the aviation insurance market, despite the withdrawal of some markets.
“There’s been a major evolution in cock-pit technology and air traffic technology probably since the end of the mid-1990s,” said Eric Donofrio, regional chief under-writing officer for North American avi-ation for XL Group Ltd., which does business as XL Catlin.
“Basically, what we’ve seen is more computing power onboard the airplane,” which has been a “game changer,” said Mr. Donofrio. “We’ve seen a major drop in loss frequency since the ’90s until now.”
In the “old days,” if there was a problem with a temperature sensor, a pilot would
inform maintenance, said Mr. Donofrio. Now, however, the information is trans-mitted “in real time.”
The days of “pilots staring at round gauges” have ended, and they are receiv-ing data on their computer screens on weather, terrain, other aircraft and air-craft operating conditions, including cabin conditions and the availability of oxygen, said Michael Slack, an aviation plaintiff attorney with Slack & Davis
L.L.P. in Austin, Texas.Mr. Donofrio noted also that some
airplanes have “envelope protection” sys-tems so that if the pilot tries to fly out-side of certain parameters, the autopilot will bring it back in. That system is not focused on suicide issues at the moment, “but I don’t think it’s much of a leap to apply that same concept” to adapt it to that, he said.
In fact, the technology to control a plane already exists. According to the official report issued in July on the miss-ing Malaysia Airlines Boeing 777, Chi-cago-based Boeing Co. received a patent for such a system in 2006.
The system, “once activated, would remove all controls from pilots and auto-matically fly and land the aircraft at a pre-determined position” and would “prevent anyone on board from interrupting the automatic takeover,” according to the report. But the system has never been
installed on an aircraft, the report said.One reason no one has purchased the
technology is its expense, said Mary F. Schiavo, former inspector general for the U.S. Department of Transportation who is now a member of Motley Rice L.L.C. in New York. Another is “they don’t have to” under current regulations, Ms. Schi-avo said.
The flip side of this technology’s avail-ability is the concern the wrong people will assume this control by hacking into an airplane’s computer system.
“There’s a danger and there’s also a potential benefit” with such capability, Ms. Schiavo said.
In 2014, a security researcher warned airplane satellite communication sys-tems were vulnerable to hacking through in-flight Wi-Fi. Experts say even if that claim is accurate, a plane’s Wi-Fi and cockpit systems are entirely separate.
However, there is at least some risk of hacking, say observers. As internet connectivity for flight control systems advances, it could create more risk, “but obviously a very big focus of the regula-tory agencies is to make sure … the safe-guards that block this are going to be very strong,” said Mr. Donofrio.
The Federal Aviation Authority said in a statement in response to a query on this issue that it “has a comprehensive, proactive approach in place to protect the nation’s airspace system from cyber security threats and respond rapidly to those threats,” and works closely with the private sectors to share information and mitigate threats.
DISASTERS A REMINDER OF HIGHER RISKS OF AVIATION
R ecent airplane disasters include 2015’s Germanwings crash and the still-unexplained disappearance of
Malaysia Airlines Flight MH370 in 2014.In March 2015, while on a flight
from Barcelona, Spain, to Dusseldorf, Germany, pilot Andreas Lubitz locked the captain out of the cockpit and deliberately flew the Germanwings Airbus A320 jet into a French mountainside on a flight from Barcelona to Dusseldorf, German, killing all 150 people on board.
Experts say that since the incident, more European airlines have adopted the “low-tech” preventive approach of requiring two personnel in the cockpit at all times, which is already required in the United States.
Malaysia Airlines Flight MH370 disappeared on March 8, 2014, with 239 people on board while on a flight from Kuala Lumpur International Airport to Beijing.
The official investigative report issued in July said there was a “significant lack of evidence” to explain the plane’s disappearance, but the diversion
“likely resulted from manual inputs.”Mary F. Schiavo, former inspector
general for the U.S. Department of Transportation who is now a member of Motley Rice L.L.C. in New York, said she believes the pilots may have been
somehow stricken by hypoxia, which is oxygen deprivation to the brain.
According to the Federal Aviation Administration, common causes of hypoxia include rapid decompression during flight,
pressurization system malfunction or oxygen system malfunction.
Other incidents include: n A total of 288 people were killed
when Air France Flight 447, en route from Rio De Janeiro to Paris, crashed into the Atlantic in May 2009, killing all 288 people aboard. An investigative report the next month concluded the accident was caused by a succession of events, including the crew’s failure to appropriately respond to a stall situation.n In April 2018, a woman died
on a Southwest Airlines flight after she was partially sucked out a plane window that was hit by debris from a blown engine. The Federal Aviation Administration subsequently ordered an “emergency airworthiness directive” requiring inspections of the type of engine involved.n All 103 passengers and crew
survived when an Aeroméxico plane en route to Mexico City from Guadalupe, Mexico, crashed shortly after takeoff on July 31.
Judy Greenwald
See AVIATION next page
Accidents Casualties
1942 1947 1952 1957 1962 1967 1972 1977 1982 1987 1992 1997 2002 2007 2012 2017
FATAL AIRLINER HULL-LOSS ACCIDENTSThe number of fatal airliner (14-plus passengers) hull-loss accidents and fatalities per year. The figures do not include corporate jet and military transport accidents/hijackings.
Source: Aviation Safety Network
100
80
60
40
20
0
2,500
2,000
1,500
1,000
500
0
REUTERS
Malaysia Airlines Flight MH370 vanished in 2014 after taking off from Kuala Lumpur. While some debris was found, investigators have failed to explain its disappearance.
COVER STORY
AIRPLANE CYBER RISK
TAKES FLIGHT Technology makes air
travel safer, but creates new vulnerabilities
20 SEPTEMBER 2018 BUSINESS INSURANCE 32 SEPTEMBER 2018 BUSINESS INSURANCE
SPECIAL REPORT
PERCENTAGE OF TOTAL BUSINESS
Rank Company/principal officer2017 premium
volumePercent change
2017 gross revenues
Percent change
Nonadmitted business 2017
Underwriting manager MGA
Wholesale broker
Lloyd’s of London
coverholder Employees
1 Risk Placement Services Inc. Rolling Meadows, Illinois www.rpsins.com Joel Cavaness, president
$3,400,000,000 6.3% $300,000,000 5.3% 60.0% 0% 60.0% 35.0% 5.0% 1,700
2 Burns & Wilcox Ltd. Farmington Hills, Michigan www.burnsandwilcox.com Alan J. Kaufman, chairman/president/CEO
$1,600,000,000 6.7% $390,000,000 6.8% 70.0% 7.0% 38.0% 40.0% 15.0% 1,813
3 Victor1 Chevy Chase, Maryland www.victorinsurance.com Christopher Schaper, CEO
$1,233,237,795 87.4% N/A N/A N/A N/A N/A N/A N/A 7002
4 AmRisc L.L.C. Houston www.amrisc.com Dan Peed, group CEO
$877,982,510 5.0% $116,300,000 16.3% 73.00% 27.0% 48.0% 0% 25.0% 160
5 Appalachian Underwriters Inc. Oak Ridge, Tennessee www.appund.com Bob Arowood, president
$464,000,000 1.3% $46,449,000 2.5% 35.0% 5.0% 70.0% 10.0% 15.0% 365
6 Johnson & Johnson Inc. Mount Pleasant, South Carolina www.jjins.com Francis Johnson, president
$442,331,146 6.4% $83,834,082 69.2% 85.0% 0% 62.0% 30.0% 8.0% 291
7 K&K Insurance Group Inc. Fort Wayne, Indiana www.kandkinsurance.com Todd Bixler, president/CEO
$405,000,000 17.7% $80,100,000 12.0% 5.0% 0% 98.0% 2.0% 0% 302
8 Specialty Program Group L.L.C. Summit, New Jersey www.specialtyprogramgroup.com Christopher M. Treanor, president/CEO
$164,313,319 6,161.5% $30,187,934 5,420.0% 51.0% 74.0% 8.0% 15.0% 3.0% 129
9 Midlands Management Corp. Oklahoma City www.midlandsmgt.com Charles C. Caldwell, president/CEO
$161,000,000 1.3% $32,100,000 3.5% 14.0% 3.0% 73.0% 16.0% 8.0% 101
10 Russell Bond & Co. Inc. Buffalo, New York www.russellbond.com Gary A. Hollederer, president
$55,800,000 (6.2%) $6,083,488 (14.2%) 45.0% 0 47.0% 39.0% 14.0% 50
LARGEST MGAS/UNDERWRITING MANAGERS/LLOYD’S COVERHOLDERS Ranked by 2017 wholesale premium volume from property/casualty placements*
*Companies that derive more than 50% of their wholesale premium from acting as a managing general agent, underwriting agent or Lloyd’s of London coverholder; 1Formerly The Schinnerer Group, parent company of Victor O. Schinnerer & Co. Inc. Acquired International Catastrophe Insurance Managers L.L.C. in August 2017.; 2From company website; N/A = Not available
Source: BI survey
MANAGING GENERAL AGENTSRanked by percentage of MGA business
Rank Company Percent
1 K&K Insurance Group Inc. 98.0%
2 DMI Insurance Services Inc. 95.0%
3 FNA Insurance Services Inc. 75.0%
4 Midlands Management Corp. 73.0%
5 Appalachian Underwriters Inc. 70.0%
Source: BI survey
Rank Company Percent
1Bonding & Insurance Specialists Agency Inc., dba BISA
80.0%
2 Specialty Program Group L.L.C. 74.0%
3 AmRisc L.L.C. 27.0%
4 Worldwide Facilities L.L.C. 15.0%
5 Burns & Wilcox Ltd. 7.0%
* Based on data submitted to BI survey.
UNDERWRITING MANAGERS*Ranked by percentage of underwriting business
PREMIUM TRENDSWritten premium of the top 10 MGAs/underwriting managers, in billions of dollars
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Source: BI survey
$4.50 $4.35$5.16
$5.45$6.14
$7.02
$12.09
$7.24$7.78
$8.80
14 SEPTEMBER 2018 BUSINESS INSURANCE
Prescriptive modeling adds new dimensionBY LOUISE ESOLA
While predictive modeling helps claims managers understand where a workers compensation claim could
end up, experts say prescriptive modeling holds the key to a question payers must consider before a claim goes south: what to do about these risks?
The field of prescriptive analytics and modeling is being used in workers comp to move beyond using data to predict what will happen to a claim to anticipate what will happen to a claim if certain interven-tions take place.
“(Prescriptive modeling) is taking it beyond what the predictive model defines… The prescriptive side is suggest-ing what you should do,” said George Fur-long, Tampa-based senior vice president for managed care programs, outcomes and analytics for third-party administrator Sedgwick Claims Management Services Inc. “We are moving down the path from knowing that there is a risk to identifying what to do differently about that risk.”
“We want to help deploy strategies at the desk level to understand what we can do differently with this claim and to help educate the adjuster and nurses,” he said on the relatively new practice of prescrip-tive modeling.
Prescriptive modeling has its roots in predictive modeling, which payers have
been engaged in over the past decade (see related story), experts say. But a surge in data collection in workers compensa-tion, along with technological advances in predictive modeling for injury claims, is allowing payers to better understand where a claim could go wrong and why.
“It’s growing leaps and bounds,” said Jayant Lakshmikanthan, Santa Clara, California-based founder and chief executive officer of Clara Analytics Inc., which partners with Aon Inpoint Claims, a data and analytics arm of Aon P.L.C., on improving workers compensation out-comes by acting as an “air-traffic control-ler” on claims coming in and what to do.
“I think what we have seen in the last few years is the increase in the awareness of being able to use this information,” he said.
Predictive modeling alone is similar to the process that tells hurricane fore-casters, using mounds of data and the paths of previous similar storms, where a certain hurricane is likely to hit — an analogy Jeffrey White, Rolling Mead-ows, Illinois-based senior vice president
and product manager for workers com-pensation at Gallagher Bassett Services Inc., likes to use when he talks about the trend in managing care and outcomes for injured workers.
“The spaghetti models (for hurricanes) come out when the storm shows up, (and) it’s not always right but you kind of know you can start making prepara-tions” depending on where you live, he said. “That it’s coming down the path, I know I have to get ahead of it … (With workers comp), what you are trying to do is take historical data and learn trends so
that you can better understand what the possible outcomes will be.”
From there, payers must deploy expertise to heed the warnings and act on the claims that could pose problems, but predictive modeling fails to address what comes next, experts say.
Predictive modeling is not the tool to keep a claim from getting complicated, said Mark Moitoso, Atlanta-based execu-tive vice president and risk practices lead-er at Lockton Cos. L.L.C. Experienced claims adjusters and managers are at the heart of why predictive modeling works to close claims, he said.
From there, payers must deploy exper-tise to heed the warnings and act on the claims that could pose problems.
“(Predictive modeling) does not take away the need for a (claims professional) to figure out what the next steps are to avoid the identifying factor (in increasing costs),” added Paul Primavera, Washing-ton-based executive vice president and national risk control services group leader at Lockton.
Melissa Dunn, Chicago-based regional claims advocacy leader in the Midwest/Great Lakes region for Arthur J. Gal-lagher & Co., who spent parts of her 28-year career in the risk management and workers compensation departments for employers such as Ford Motor Co. and McDonalds Corp., illustrated a typical example of taking steps beyond predictive modeling to prescriptive.
“You have a 55-year-old in Pennsylva-nia with a back injury after falling from a ladder; you might want to get a nurse involved and you might want to proceed to surgery quickly because nine out of ten times, these cases wind up in surgery after months of aggravating the injury,” she said. “Predictive analytics doesn’t save money; people do. It isn’t the data alone; it’s responding to that data, and the adjuster taking action.”
WORKERS COMP
DEPLOYING DATA n Claims organizations with a claims
closure ratio of 100% or more deploy predictive modeling eight times more frequently than firms with less success in closing claims.
n Half of all organizations use data warehousing, and usage among high performers is five times the rate of lower performing peers.
Source: Rising Medical Solutions, “How to Close the Claims Performance Gap: Top 3 Findings in 5 Years of the Workers’ Compensation Benchmarking Study,” 2018
DEARTH OF TALENT, NEED FOR COSTLY TECHNOLOGY HINDER PREDICTIVE MODELING
D ata collection and deciphering could be a valuable tool in workers compensation, but the use of
predictive modeling is lagging in the sector due to hurdles such as a lack of money and talent resources and competition.
Smaller organizations haven’t been able to latch on to the trend, said Anne Marie Collins, Chicago-based principal with Aon Inpoint Claims, a data and analytics arm for Aon P.L.C.
“The hurdles are the sophistication of the various systems needed; (information
technology) is expensive and we find the budget is the biggest hurdle in order to progress,” said Ms. Collins.
“The kind of talent you need to build a predictive modeling program is a hurdle; you need actuaries, programmers,” said Melissa Dunn, Chicago-based regional claims advocacy leader in the Midwest/Great Lakes region for Arthur J. Gallagher & Co.
The larger claims organizations have
had the practice in place for a decade or more, she added.
Size also matters when it comes to data collection itself because smaller organizations “simply do not have enough data” to present accurate
possibilities on similar claims, said Jayant Lakshmikanthan,
Santa Clara, California-based founder and chief executive officer of Clara Analytics Inc., which partners with Aon Inpoint. “Without the
data, there is no foundation,” he said. Sandip Chatterjee, Rolling Meadows-
based senior vice president of product development for digital and advanced analytics at Gallagher Bassett Services Inc., said the data needed to engage in predictive modeling is vast and gets better over time, with the addition of new information such as age, type of injury, how the worker was injured, what events took place, what the medical visits entailed and what the doctor saw and said.
Louise Esola
“Predictive analytics doesn’t save money; people do. It isn’t the data alone; it’s responding to that data, and the adjustor taking action.”Melissa Dunn, Arthur J. Gallagher & Co.
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long the claim process will take, the study found.• Services provided at first notice of loss (FNOL).
Concierge-like services, such as making hotel reservations, scheduling repairs and discussing repair options for a property claim, result in significant improvements in customer satisfaction, according to J.D. Power.
“Speed is a huge component of customer service,” noted Ken Tolson, president of Crawford Claims Solutions U.S. “Policyholders care about speed, and insurance carriers care about costs. One of the challenges — and necessities — in improving the customer experience is pulling disparate technologies together for customers.”
Because a claim is typically a policyholder’s last interaction with an insurer before the policy renewal, a negative experience with the claim is unlikely to make the customer inclined to continue doing business with the company. Speed and ease of quoting and binding will be long forgotten if the claims experience fails to reinforce the value of the insurer’s offering. The customer experience matters in claims, perhaps more than ever.
Insurance claims: Then and nowTo understand how new and emerging technologies are reshaping the claims experience, consider the nature of the traditional claims process. A simple property claim such as damage from a fallen tree limb, for example, entails multiple steps, each of which may involve more than one decision maker:
The policyholder reports the claim, perhaps to an agent or broker or directly to the insurer. The insurer commences gathering data to evaluate the loss, involving an onsite inspection and estimation of repair costs. A field adjuster is dispatched to the loss location. The adjuster accesses insurance policy data to determine coverage eligibility and documents loss information. Review of the loss data leads to approval (or denial) of the claim and, ultimately, settlement. From first notice of loss to indemnification, this process can take days or weeks. For complex claims, particularly those that involve litigation, that timeline can be much longer.
In a competitive insurance marketplace, insurers’ ability to differentiate their offerings is critical to their growth and profitability. An area where innovative technologies are already making a difference is claims service. The claims experience is an enormously
important differentiator in insurance. A claim is where an insurer’s promise is fulfilled, expectations are met or exceeded, and the process of recovery from a loss begins. Technology innovations are enabling insurers and claims companies to enhance the customer’s experience, increase policyholder satisfaction, affirm policyholders’ trust, build lasting relationships and bring unprecedented efficiencies to the claims process. This report explores some of these new technologies and how they are changing the claims journey, increasing responsiveness and improving the customer experience.
Why customer experience mattersOrganizations that succeed in differentiating their offerings with customers accomplish a difficult task: they make their customer’s experience memorable. Research shows that humans have difficulty recalling information they hear, but memory retention and recall are much greater for things that we can see and touch.1 Phone calls have long been a common tool to communicate with claimants, particularly to assess satisfaction after a claim. If auditory processing results in weaker memory retention, however, then insurers and claims companies are missing an opportunity to make each customer interaction memorable. Visual and mobile technologies facilitate the exchange of information in multiple media, including photos and live video, which brings a new dimension to customer communication — and differentiation.
The J.D. Power 2019 U.S. Property Claims Satisfaction Study found that policyholders’ overall claims satisfaction with their property insurers is high, but a few areas offer opportunities for improvement.2 For example:
• Customer communications. Three key metrics in claims satisfaction where J.D. Power found many insurers miss the mark are: fairness of settlement, time required to settle the claims, and keeping the claimant informed of the claim’s progress.
• Claim length estimates. Insurers can do a better job of managing the customer’s expectations about how
1 “A message from your brain: I’m not good at remembering what I hear,” National Geographic, March 13, 2014. https://news.nationalgeographic.com/news/2014/03/140312-auditory-memory-visual-learning-brain-research-science/
2 J.D. Power 2019 Property Claims Satisfaction Study, February 28, 2019. https://www.jdpower.com/business/press-releases/2019-us-property-claims-satisfaction-study
A new look at claims:Innovation is improving the customer experience
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108%
106%
104%
102%
100%
98%
96%
94%
92%
90%2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Source: A.M. Best Company, ISO, III
P&C Industry Combined Ratio
101.0%
99.3%
101.1%
106.5%
102.5%
96.4%97.0%
97.8%
100.7%
103.7%
99.2%
Source: NAIC Statistical Review of P&C Insurance Annual Statement, Schedule P
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
P&C Loss Payments and Adjusting Expenses(in million U.S. dollars)
$400M
$350M
$300M
$250M
$200M
$150M
$100M
$50M
$0
LOSS PAYMENTS
ADJUSTING & OTHER
The goal in claims: customer satisfactionTRADITIONAL FLOW OF P&C CLAIMS
Some elements of the traditional property and casualty claims process have become accepted as facts, such as:
• Costs go up the longer a claim file remains open.• Expenses rise as more individuals are required to
interact with the file.
These outcomes occur everywhere along the continuum of claim complexity: from a minor automobile accident, to residential hurricane damage, to a petrochemical plant explosion. Key to reducing these costs are innovations that accelerate claim closure and increase the efficiency of data gathering, analysis and decision making.
In decades past, assigning adjusters to conduct onsite inspections for every claim lengthened the industry’s cycle times, made expenses harder for insurers to control and prevented expert resources from attending to more complex claims. Today, innovation is occurring in the claims process itself. Every step is moving much faster, with triage and allocation of resources occurring quickly due to advances in telecommunications and analytics. Similarly, different levels of adjusting resources are now available, equipped with tools and training to capture and report claims data faster than ever before.
3 “2018 Commentary on year-end financial results,” Insurance Information Institute, May 6, 2019. https://www.iii.org/article/2018-commentary-on-year-end-financial-results
4 “Statistical Compilation of Annual Statement Information for Property/Casualty Insurance Companies,” National Association of Insurance Commissioners, 2018. https://www.naic.org/prod_serv/STA-PS-18.pdf
“The overall goal in claims is customer satisfaction,” said Meredith Brogan, president of WeGoLook, a Crawford company. “The objective of a strong claims response is to match the complexity of resources to the complexity of the claim. Insurers and customers in this instance are looking for the same things: quality outcomes and service delivered consistently.”
Technological evolution adds efficienciesThe importance of insurance to economic growth, and the U.S. insurance industry’s difficulty in achieving sustained underwriting profitability, underscore the need for insurers to embrace ways to become more efficient — particularly in claims processing.
From 2013 through 2015, the U.S. property and casualty industry reported three consecutive years of underwriting profits, generally defined as a combined ratio below 100%. The last time the industry achieved a similar result was 1971-1973, according to the Insurance Information Institute. In the past 11 years, the industry’s combined ratio has fluctuated widely (see chart at top, left).3
On the claims side, property and casualty loss payments have also fluctuated. Adjusting expenses and other payments, as reported on Schedule P of insurers’ annual statement under accounting rules established by the National Association of Insurance Commissioners, have remained relatively constant since 2008, averaging $33.2 billion annually (see chart at bottom, left).4
Looking back further in time, insurers’ results suggest that adjusting costs for certain claims have shrunk. For example, statistical analyses conducted by reinsurance intermediary Guy Carpenter & Company LLC and management consulting firm Oliver Wyman show historical trends in actual accident year loss ratios, net of reinsurance, across various lines of U.S. property and casualty insurance.5,6 In the studies, Guy Carpenter and Oliver Wyman define the loss ratios as paid and reserved losses and allocated loss adjustment expense (ALAE) at 120 months of development, divided by earned premium. Acknowledging volatility in losses, the reduction in loss ratios suggests improvement in the efficiency of claims adjusting practices from more than two decades earlier.
5 “Annual Statistical Review: Plotting a Path in a Changing Market,” Guy Carpenter Strategic Advisory, October 2017.
6 “Insurance Risk Benchmarks Research: Annual Statistical Review,” Guy Carpenter Strategic Advisory and Oliver Wyman Actuarial Consulting, September 2014.
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Claims are the insurance product Tips on choosing insurers that focus on claims serviceBy David Crowe | Chief Claims Officer
At many insurance organizations, claims may seem incidental, like things that occur while the company’s employees are busy focusing on other duties. Fortunately for policyholders, not every insurer views claims that way. An insurer that is committed to its customers takes claims seriously as a critical part of its business and wants to be there to help when something bad happens. In many ways, claims are the insurance product. Below are five characteristics related to claims service that insurance buyers should consider when choosing an insurance partner.
Able and willing to pay claims. Financial strength is obviously important in an insurance partner, to provide protection for the long term. Having the capital to pay claims, however, is not the same as being willing to pay legitimate claims, or to pay them promptly. A track record of consistently positive claims experiences is a strong indicator of a company’s willingness to deliver on its promise to pay claims according to the terms and conditions of its policies.
Focuses on relationships. Does the insur-er’s claims team meet with prospective and ex-isting customers before claims are filed? An in-surer that integrates its claims and underwriting teams and makes them available to talk about
customers’ expectations cares about building and nurturing relationships. Through experi-ence, the best time for a customer to talk with an insurer about a claim is before one happens.
Searches for coverage. When a customer files a claim, an insurer generally can follow one of two paths: find ways to deny the claim or search for ways to cover it. An insurer commit-ted to delivering good claims service will look for ways that it can provide coverage, rather than put energy into rejecting coverage. This is where a close collaboration between underwriting and claims operations is helpful. Where gray areas may exist in the policy wording, the claims team can seek insights from underwriters about the coverage intent and find ways to pay the cus-tomer’s claim. Some insurers are taking tougher positions with regard to coverage decisions in lines where profitability is a problem. A preferred approach is to strive for consistency in claims handling regardless of the line of business.
Understands what’s important to the cus-tomer. Every policyholder has different needs, and what is important to one may be less im-portant to another. There really is no substitute for taking the time to have conversations with decision makers at customer organizations, to
understand what they value and what will be important to them when they file a claim. For example, a business defending a liability lawsuit may be inclined to fight tooth and nail, rather than try to settle. Knowing what’s key to the customer will help the insurer keep the policy-holder informed of its options and better serve its needs in the future.
Communicates clearly. Communication is not just a two-way street; it should have multiple lanes. When it comes to claims, insurers need to communicate with their customers as well as internally, across teams. A lack of communica-tion or unclear communication is problematic in several ways. For example, imagine how a policyholder might react to silence after filing a claim, with the only acknowledgment of the claim being a reservation of rights letter, without any conversation with the insurer. At best, such a policyholder would have an unfavorable view of the insurer, no matter how the claim gets resolved, and might be unlikely to renew with or recommend the company. Similarly, poor com-munication between underwriting and claims teams can lead to unmet expectations for the customer as well as missed opportunities for the insurer. When insurers emphasize frequent and clear communication, both for internal teams and customers, they can provide the claims service customers need and expect.
For more insights on risk management, insur-ance and claims, please visit www.bhspecialty.com or call Dave at 617.936.2906
David Crowe is the chief claims officer for Berkshire Hathaway Specialty Insurance. He joined the com-pany in April 2013, as a member of its founding leadership team, before it began writing business. He has extensive experience in property, casualty and specialty claims.
Berkshire Hathaway Specialty Insurance (www.bhspecialty.com) provides commercial property, casualty, healthcare professional liability, executive and professional lines, surety, travel, programs, accident and health, medical stop loss, and homeowners insurance. Based in Boston, Berkshire Hathaway Specialty Insurance has offices in Atlanta, Boston, Chicago, Houston, Indianapolis, Irvine, Los Angeles, New York, San Francisco, San Ramon, Seattle, Stevens Point, Auckland, Brisbane, Dubai, Dublin, Düsseldorf, Hong Kong, Kuala Lumpur, London, Macau, Melbourne, Munich, Perth, Singapore, Sydney and Toronto.
The information contained herein is for general informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any product or service. Any description set forth herein does not include all policy terms, conditions and exclusions. Please refer to the actual policy for complete details of coverage and exclusions.
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