risk management services capabilities
DESCRIPTION
A generic presentation of our capabilities at BB&T Insurance ServicesTRANSCRIPT
Risk Management Services
Section Tab
Overview of BB&T Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I
Insurance Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II
The Risk Management Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . III
Your Relationship Team . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . IV
Table of Contents
2
Helping our CLIENTS achieve economic success and financial security;
Creating a place where our EMPLOYEES can learn, grow and be fulfilled in their work;
Making the COMMUNITIES in which we work better places to be; and thereby
Optimizing the long-term return to our SHAREHOLDERS while providing a safe and sound investment.
By focusing our efforts on our clients, employees and communities, BB&T has historically provided a higher return to our shareholders than our peer group.
Placing our clients’ needs before our own, providing nationally recognized training for our employees and returning both time and money to our communities ensures our continued success.
Our MissionTo make the world a better place to live by:
3
Reality - What is, is. Reason - Logical decisions based on facts. Independent Thinking - Promote both responsibility
and creativity in our employees. Integrity, Honesty - We say what we mean and mean
what we say. Justice - Those who contribute the most receive the most. Pride - We live our values everyday. Self-Esteem - Achieved through excellence in our work. Teamwork - We work together. All day. Every day. We have a high level of commitment to Productivity.
BB&T’s Ten Core Values
At BB&T, every employee is expected to perform their respective duties keeping in mind our core values and how they impact our daily lives and the service we provide our clients.
4
Forbes magazine named BB&T to its Platinum 400 list of America’s “Best Big Companies” for the fifth consecutive year.
Clients ranked BB&T number one above all other commercial banks, investment firms and credit unions for offering products and services that are best for the customer rather than its own bottom line, according to a nationwide survey of customer attitudes toward their financial institutions.
Consistently recognized by Fortune magazine as one of America’s “Most Admired Companies.”
BB&T in the National Spotlight
Headquartered in Winston-Salem, N.C., BB&T Corporation is consistently ranked among the country’s safest and soundest financial institutions.
BB&T is included in the S&P 500 index and listed on the New York Stock Exchange under the trading symbol “BBT.”
Ranked No. 260 on the 2009 Fortune 500 list of America’s largest corporations.
Our web address is www.BBT.com
5
BB&T is committed to building and growing a comprehensive offering of specializedfinancial services.
One of the nation’s largest financial holding company with more than $170 billion in assets.
7th largest insurance brokerage in the U.S.
Largest wholesale insurance broker in the U.S.
Business Insurance has ranked BB&T Insurance Services No. 1 among the top 10 brokers for organic growth and productivity the last several years.
Recognized in 2008 by Greenwich Associates for outstanding performance in the Large Corporate Insurance Brokerage category.
Other Corporate Distinctions
6
BB&T’s overall insurance operation includes seven subsidiaries that integrate strategies and resources to meet our clients’ needs:
BB&T Insurance Services, Inc. McGriff, Seibels & Williams, Inc. BB&T Insurance Services of California, Inc. CRC, Inc. AmRISC American Coastal Insurance Company BB&T Assurance, Ltd.
The combined companies of BB&T Insurance rank as the 7th largest in the U.S. and 8th largest in the world.
Insurance Operations
7
BB&T Insurance Services Locations
8
BB&T Insurance Services has grown through acquiring high-value agencies that were primarily in the bank’s footprint. As our clients have grown, the probability of their business insurance needs expanding outside the footprint has increased. Accordingly, our acquisition strategy has changed to address the needs of our changing client profile. Further, we have added an operation in Bermuda to assist our clients’ in accessing the growing Bermuda insurance market. Today, BB&T Insurance Services has over 150 locations across the U.S.
BB&T Insurance Services represents all of the world’s leading insurance companies. In addition to the global insurers, we also represent many of the finest regional insurers.
This mix of representation allows us to tailor the insurance program for all of our clients, from the smallest main street business owner to members of the Fortune 500.
The premium volume we place with these companies provides us negotiating strength to ensure our clients are receiving the best possible insurance program. We are a “Top 5” performer with most of our top 25 insurance company partners and the largest market for many.
Representing the World’s Leading Insurers
9
Our clients are our partners
Knowledgeable and consistent team
Resource delivery
Proactive and innovative
Broker service agreement
Decentralized, local marketing/account placement
Performance standards and annual planning
Stewardship
Our success is attributable to our commitment to provide our clients the highest level of service in the industry. We team with our clients to develop risk management objectives and establish a plan to achieve them.
We commit to you that the team you meet during the initial phases of our relationship is the same team that will work with you over time.
Client Advocacy Excellence
10
Understand your business and your industry
Inspect operations
Review discontinued operations and future plans
Review contracts and leases
Evaluate loss history
Recommend most appropriate risk treatment
Identifying exposures to loss is the beginning of our risk management process. Only by understanding your industry and your unique approach to business can we design a risk management program specifically for you.
Whether your program is comprised of first-dollar coverage or high self-insured retentions, our objective is to reduce your total cost of risk.
Exposure Assessment
11
Understand your financial objectives
Analyze losses and trends
Determine most cost effective retention levels
Transfer risk where appropriate
Allocate cost internally
Select underwriters based on client needs
Once exposures are determined, we work with you to determine the most effective treatment for the risk. Based upon your financial capacity to absorb losses, your overall risk appetite and the underwriters’ willingness to competitively price your assumption of risk, we will design the most cost effective program for you.
Risk Financing
12
Risk Financing
When your losses are predictable and manageable, there are often better ways to finance risk than trading dollars with an insurance company. BB&T’s risk financing specialists will begin the process by gaining an understanding of your financial objectives. We will then analyze your losses and trends to determine the most cost effective retention levels.
We will help you transfer risk where appropriate, allocate costs internally and finance risk creatively with the ultimate goal of helping you achieve your financial objectives.
Loss Control Loss Control Taxes, RMLs, Surcharges Taxes, RMLs, Surcharges
Ins. Co. Overhead & Profit Ins. Co. Overhead & Profit
InsuranceInsurance
Loss AdjustmentLoss Adjustment
LossesLosses65¢65¢
12
Staff resources and specialties
Identify loss drivers
Measuring safety performance indicators
Maximize insurer staff resources
Develop action plans & assign responsibilities
Provide educational materials and seminars
Explain process and effects to underwriters
The strength of our risk management consulting services is built on specialized areas of consulting that impact your long-term cost of risk. The deployment of effective resources provides a team-based approach to meet the diverse needs of our clients. The result of this working relationship and consultative role is a well-conceived risk management service plan that improves everyday safety performance and advances your organizational objectives.
Risk Control Capabilities
14
Understand your needs
Develop strategies to achieve goals
Identify specific consulting initiatives to reduce the overall cost of risk
Implement appropriate consulting services
Interact with insurance company/claims to accomplish goals
Provide results
Review for Next Steps
Your BB&T Insurance Services claim professionals offer expertise in specialized areas of claim consulting. Our unique services provide expertise to reduce our clients’ cost of doing business.
Our services include advocating your position in workers’ compensation, property, general liability, products liability and many other coverage arenas.
These services are customized to meet your needs and reduce your total cost of risk.
Claims Consulting Capabilities
15
Develop comprehensive and informative submission
Arrange client meetings with leading underwriters
Analyze and compare quotes to client’s objectives
Propose options and recommendations
Marketing your program to the insurance companies is the culmination of our risk management process. Once we have determined the optimal program design, we will then determine which insurers have the ability to best meet your needs.
We believe strongly in facilitating meetings between our clients and their underwriters. These meetings are excellent forums for all parties to better understand each other’s objectives and develop long- term relationships.
Account Marketing
16
Establish standards of performance for all service providers
Monitor performance
Execute changes as needed
Stewardship
Part of our program specifications includes performance standards for everyone involved on your account. We will work with you to establish a service plan and develop measurable performance criteria, then benchmark the results year over year.
During the year, we will monitor the performance of all service providers and make adjustments where necessary. We will also meet with you periodically to report on our progress in meeting your objectives and to determine if any mid-year adjustments to the service plan are required.
Program Management
17
To listen to you and understand your business, your needs and your objectives
To develop a risk management program specifically for you
To deliver world standard service
Our Commitment
18
Our commitment to you is to listen and understand your needs and help you achieve your objectives.
We will develop a risk management strategy specifically for you to meet your unique needs.
We will always make your objectives our priority.
We will endeavor at all times to deliver world standard service, the standard to which all others will strive to attain.
• Producer: Michael PufferDirect Line: [email protected]
• Team Members: Jennifer Wells, Account ManagerDirect line: [email protected]
• Certificates of Insurance: Karin JonesDirect line: [email protected]
• Agency Managers: Dave Jones –SalesDirect Line: [email protected]
Doug Moore – OperationsDirect Line: [email protected]
• Commercial Lines Manager: Candy RobinsonDirect Line: [email protected]
20
Your Service TeamYour Service Team