Author Archives: Caroline McDonald

About Caroline McDonald

Caroline McDonald is a writer and former senior editor of the Risk Management Monitor and Risk Management magazine.
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Risk Managers of ERM Least Satisfied with Brokers, Insurers, Study Finds

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While most risk professionals are satisfied with their insurers and brokers, those from of organizations with enterprise risk management (ERM) programs were the least content, according to the inaugural J.D. Power and Risk and Insurance Management Society (RIMS) 2014 Large Commercial Insurance Report.

The full report, based on findings of the J.D. Power 2014 Large Business Commercial Study, slated for release in February 2015, examines industry-level performance metrics among large business commercial insurers and brokers.

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The study, which interviewed almost 1,000 risk professionals, highlights best practices that are critical to satisfying them.

The 2014 Commercial Insurance Report is based on surveys of organizations with $100 million or more in annual revenue that have purchased a commercial property, workers’ compensation, or auto policy with a profiled insurer or broker. The report represents organizations from more than 20 industry sectors and provides comparisons of the nine largest industry segments:

  • Accommodations, Food Services, Arts, Entertainment, Retail, and Recreation
  • Administrative Services, Education, and Real Estate
  • Financial Services
  • Government
  • Information Technology, Professional, Scientific, and Technical Services
  • Healthcare and Social Assistance
  • Manufacturing and Wholesale Trade
  • Telecom and Utilities
  • Transportation, Warehousing, and Waste Management

ERM is steadily becoming a more prevalent function for risk management at many organizations—with nearly 40% of risk professionals indicating that ERM falls within their area of responsibility—but the survey found that risk professionals who are not responsible for their organization’s ERM function are generally more satisfied with their insurers and broker than those who are. In fact, overall satisfaction is lowest among risk professionals responsible for their organization’s enterprise risk management.

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“A slice in the data showed that any time they might have any particular role in ERM, the satisfaction levels for those that did not have an ERM role was much higher than those who did,” said Timothy Bebout, commercial insurance practice leader at J.D. Power. “Their interaction and their satisfaction with either the broker or the insurer, whether by product line or by particular key indicators, was lower.”

Why was this the case? “The study shows there is more expectation for ERM from a strategic role in companies,” Bebout continued. “Some of the risks are not easily quantifiable and if tied to the need for reliance upon a broker to understand their business, I can imagine that if the risk professional was having difficulty describing or quantifying the risk and the broker was unable to take any sort of action, that would be viewed as a lack of knowledge of their needs.”

The brokers that did well did so because “they clearly understood the risk professional’s business and how to prepare for that renewal, or perhaps a new business proposal to an underwriter. They understood the key things that would make a difference in terms of pricing, limits and specific coverages and deductibles,” Bebout said. As for their communications, “If the average broker interaction outside of a claim is one or two times, risk professionals are saying that is not enough.”

Satisfaction with insurance brokers was based on four factors: ease of contacting, reasonableness of fees, advice and guidance in selecting program offerings and timeliness of resolving contact.

The survey found that overall satisfaction was highest for brokers. This was followed by property insurers, auto and workers compensation. Risk management customers of large commercial insurers were significantly more satisfied with their commercial property, workers compensation and auto insurance providers based on five factors: interaction, program offerings, price, billing and payment and claims.

Billing and payment was found to be the lowest scoring factor in the areas of auto and workers compensation, and among the lowest scoring in the property index. However, billing and payment satisfaction was significantly lower among workers compensation customers than among property and auto customers.

Mary Roth, RIMS executive director noted, “Whether the results of the survey were surprising or expected, we hope that it encourages a meaningful dialogue and actionable performance initiatives.

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The primary objective is to foster improved customer satisfaction throughout the large commercial insurance industry.”

The 146-page, J.D. Power and RIMS Commercial Insurance Report is available for purchase by clicking here. RIMS members can receive the 13-page J.D. Power and RIMS Commercial Insurance—Special Report Snapshot for free as well as a discount on the full report.

Tips for Safe Winter Driving

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Winter is suddenly upon us. In Buffalo, New York, four deaths have been attributed to a winter storm that dumped up to six feet of snow. The storm was blamed for three more deaths in New Hampshire and Michigan. Whether commuting to work, driving a long-haul truck or overseeing a fleet of vehicles, winter presents business hazards. To stay safe and on the road during inclement weather, experts advise keeping vehicles in top condition with frequent safety checks. The National Highway Traffic Safety Administration reports that “failure to keep in proper lane or running off the road” and “driving too fast for conditions” are the two of the most frequent driver behaviors causing accidents.

For safe winter driving, the NHTSA urges drivers to:

• Check your battery

• Check your cooling system

• Fill your windshield washer reservoir

• Check windshield wipers and defrosters

• Check floor mat installation to prevent pedal interference

• Inspect your tires

• Check the age of your tires

• Stay vigilant while driving

Long-haul truckers have special concerns. ShiftintowinterBC urges drivers to be on the lookout for black ice. Ice buildup on windshield wipers is a sign that conditions are favorable for black ice. Drivers should also slow down when approaching shaded areas, overpasses and bridges—portions of the road that freeze sooner than others. The organization recommends dropping speeds to match conditions, leaving more distance from the vehicle in front and pulling off the road if driving conditions become too extreme.

To avoid potentially dangerous situations, the Insurance Information Institute (I.I.I.) offers these winter driving tips:

  • Give yourself enough time to arrive at your destination. Trips can take longer during winter than other times of the year, especially if you encounter storm conditions or icy roads.
  • Bring a cellphone so that those awaiting your arrival can get in touch with you, or you can notify them, if you are running late. But avoid the temptation of using the phone while driving, as it can be a dangerous distraction—pull over first.
  • Drive slowly because accelerating, stopping and turning all take longer on snow-covered roads.
  • Leave more distance than usual between your vehicle and the one just ahead of you, giving yourself at least 10 seconds to come to a complete stop. Cars and motorcycles usually need at least 3 seconds to halt completely even when traveling on dry pavement.
  • Be careful when driving over bridges, as well as roadways rarely exposed to sunlight—they are often icy when other areas are not.
  • Avoid sudden stops and quick direction changes.
  • Be sure to keep your gas tank full. Stormy weather or traffic delays may force you to change routes or turn back. A fuller gas tank also averts the potential freezing of your car’s gas-line.
  • Keep windshield and windows clear. Drivers in cold-weather states should have a snow brush or scraper in their vehicle at all times. Your car’s defroster can be supplemented by wiping the windows with a clean cloth to improve visibility.
  • Do not activate your cruise control when driving on a slippery surface.
  • Do not warm up a vehicle in an enclosed area, such as a garage.
  • Keep your tires properly inflated and remember that good tread on your tires is essential to safe winter driving.
  • Check your exhaust pipe to make sure it is clear. A blocked pipe could cause a leakage of carbon monoxide gas into your car when the engine is running.
  • Monitor the weather conditions at your destination before beginning your trip. If conditions look as though they are going to be too hazardous, just stay home.

 

Lack of Skilled Workers a Challenge Facing Construction Industry

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NASHVILLE—While a number of issues face the booming construction industry, one concern that has been discussed throughout the IRMI Construction Risk Conference here is the shortage of skilled workers. Projects are larger than ever, with technology and the global supply chain only adding to their complexity, making it even more difficult to find talent.

“The construction industry is absolutely in a war for talent,” said keynote speaker Dominic Casserley, chief executive officer of Willis Group Holdings. He cited a 2013 Willis survey that found 93% of respondents listed a “lack of skilled workers” as their biggest concern. He noted that many workers who left the construction industry during the financial crisis have since gained new skills in other areas and are not coming back.

An example, he said, is in his home, the United Kingdom, which decided in the last two years to return to building nuclear power stations. They had not done this for a number of decades and “quickly found that there were no engineers left. There was nobody capable of building a nuclear power station in the United Kingdom, so our new power station is being built by our great friends, the French. That’s what happens if you lose talent in an area of construction.”

Organizations are putting programs in place in the emerging markets to train talented resources “close to where the action is,” he said. Going forward, however, “We don’t see this challenge getting any easier.
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” Looking at millennials as a potential workforce, which represent 27% of the U.
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S. population, “you will see that they have some pretty interesting attitudes about work.”

Casserley noted that of millennials:

● four out of five feel they need to be recognized for their work and want regular feedback

● 72% would like to be their own boss

● 79% would like to have their boss serve as a coach or mentor

● 88% prefer a collaborative to a competitive work culture

● 88% want to integrate work and home life

● 74% want flexible work schedules

Asked how firms can bring millennials into their workforce and be flexible while still getting the job done, he said he views this as an opportunity for companies. “I think this is a very talented, aspirational, exciting generation.

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They are highly tech-savvy and have grown up in a global world.”

What employers will need to do, he said, is to “get their minds around how to harness that asset.” An interesting aspect about millennials, he noted, is their belief in having social value in what they do. “I can tell you, that for the generation entering the workforce today, that really matters. They want to work for a firm that means something to them so they can go home and feel proud of what they do.

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”

While all generations may feel this way, millennials are expressing it more openly. “And until you can get your mind around describing what [your industry] does and why it is important to the way the world goes around, I think we will struggle to attract and attain people, particularly that generation,” Casserley said, adding that if members of the industry don’t do this, “you are going to constantly lose people.”

Jack Gibson, president and CEO of the International Risk Management Institute (IRMI), agreed, noting that the construction industry is often viewed as a workplace where people are injured and the insurance industry is seen as a life insurance sales force. “Both industries do so much good, but we have not done a very good job of delivering that message,” he said. Gibson encouraged contractors to get involved in mentoring programs as well as the Insurance Industry Charitable Foundation (IICF), which has contributed more than million in local community grants and more than 155,000 hours of volunteer service.

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Zero Tolerance Needed to Stop Construction Injuries

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Photo by Caroline McDonald

NASHVILLE–For David B. Walls, president and chief executive officer of Austin Industries, construction safety became a lifelong mission the day he had to answer to the father of a worker killed in an accident.

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“Why did you kill my son?” he asked Walls over and over.

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“Those words haunted me,” Walls said during his keynote address at the IRMI Construction Risk Conference here. “Nothing I could do would bring him back.” Tragic events such as this are “defining moments,” he said.

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“But we need to get passionate about safety without experiencing a fatality.” Walls explained that the construction industry has a long way to go, with the worst record for fatalities, according to the U.S. Bureau of Labor Statistics.

Organizations, he added, should focus on the physical work environment and the company culture. They also need to realize that a world-class safety program leads to higher quality throughout the organization.

One prerequisite is strong leadership. A good leader takes the time to really listen to people, admits to making mistakes and shares recognition for a project well done with employees, he said. This person also should be consistent in addressing safety issues and assertive enough to stop workers from continuing on a job if unsafe conditions are evident.

An effective leader needs to be accountable and hold the entire team accountable when it comes to safety. For example, workers need to know that breaking certain safety rules could cost them their job. After all, he said, “you have a moral obligation to get employees home to their families each night in a safe condition.”

Walls recommended frequent discussions of company successes as well as failures. Weekly dialogues of near-misses, for example, can raise awareness about how they could have been prevented and encourage safe behaviors. Posting the safety records of contractors “makes them improve quickly,” he said. Walls advocates for both classroom and thorough on-the-job training.

Safety managers and employees also need to focus on what they might be overlooking, the “sins of omission.” For example, he said, “what are you not doing that you could be doing to save lives?” The litmus test, he added, would be for a manager to ask him or herself, “Would I let my child work here?”

Asked by an audience member how to get the necessary buy-in from a CEO, Walls advised, “Get the CEO to walk the job and see the hazards. Go to the job site and see where someone fell and where the accident took place. Two to three people a day are dying in this industry and it is unacceptable.”