Category Archives: Loss Control

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Reducing Inspector Risks During Catastrophic Response

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The risks associated with disasters extend far beyond the initial destruction. For insurers, disaster damage assessment and claims processing can pose both significant financial risk as well as introduce personal risks for claims inspection teams. The safety of these teams is dependent upon a strong understanding of the situation on the ground. As a result, insurers need to take steps to maintain visibility of the situation, efficiently handle damage claims processing, and, above all, limit the risk exposure of claims and response teams on the ground.

Utilize credible catastrophe information
Having accurate geographic information to pinpoint potential asset damage before deploying inspection teams can aid faster claim resolution and provide more efficient claim processing. Looking to trusted resources that offer key data on approaching catastrophes can help teams better prepare for the situation at hand. The National Oceanic and Atmospheric Administration (NOAA) offers constant information and updates on pending and current weather conditions, storms and other catastrophes to allow organizations to stay up-to-date on the latest conditions. Likewise, the Federal Emergency Management Association (FEMA) can also offer deeper insight into disaster recovery efforts so that adjusters are prepared for the situations they walk into.

Knowledge is power when it comes to efficient claims processing and safe deployment of inspection agents. Data from credible resources allows adjusters to more safely maneuver through potentially hazardous conditions. But even the wealth of knowledge offered by NOAA and FEMA is often not enough to minimize an organization’s post-disaster risk profile.

Emphasize image collection of disaster areas
When disaster hits, roads can become impassable, buildings can become structurally unsound, and areas can become impossible to access. The last thing an insurer wants to do is send its claims adjusters into a hazardous zone unprepared.

Preparation is key to effective claims inspection that minimizes time in the field and the risk of unforeseen, hazardous circumstances. To that end, satellite and drone imagery have become key technologies used by insurance companies to improve processes and protect claims adjusters.

The concept of satellite and drone imagery to assist in claims processes and reduce inspector risks is hardly a new concept. Novarica recently estimated that nearly 20% of P&C carriers are pursuing imaging solutions. In fact, PricewaterhouseCoopers forecasts that drones alone will have a $6.8 billion impact on the insurance industry in the coming years.

Satellite imagery provides wide-area, high-resolution analysis of damaged areas to help organizations understand the breadth of the damage, while drones can be deployed to specific sites to conduct detailed damage evaluations at a micro-level. Combining satellite and drone imagery can give teams a full view of the extent of catastrophic damage so they know exactly what to expect upon on-site inspection.

In some cases, detailed imagery and analytics can often provide enough information to prevent adjusters from ever having to set foot on a property, allowing them to accurately and efficiently process claims from the safety of a desk. In fact, Cognizant estimated that drone usage can make a claim adjuster’s workflow 40% to 50% more efficient, which can be especially important when managing the high number of claims that come in response to a catastrophe. This can also decrease claims management costs, help protect the well-being of employees and significantly reduce adjuster accidents.

The amount and strength of natural disasters in the U.S. will not decrease anytime soon. But the use of credible information resources and thorough imaging technology can help insurers reduce their financial and safety risks, so they can better help others address their own.

Q&A: Resiliency in India

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The 2018 Lloyd’s City Risk Index was analyzed during the RIMS Risk Forum India in Mumbai, and it notes a possible turning point for the subcontinent’s cities regarding resiliency. In short, Indian cities were rated as weak, but recent government and public investments and campaigns that focus on strengthening infrastructures and people may strengthen those assessments.

During a November 14 morning session, “Assessing the Impact of Natural and Man-made Threats on India’s Economy,” Shankar Garigiparthy, country manager and CEO of Lloyd’s India discussed how much economic output (GDP) cities in India could lose annually as a consequence of various types of rare risk events – such as the Kerala floods this past July – or from more frequently occurring events such as cyberattacks.

He discussed with Risk Management Monitor reasons why he is hopeful for a resiliency turnaround in India and how the combined wills of the government, media, public and business can strengthen the country’s infrastructures and ultimately, its risk ratings.

RMM: How do India’s cities rank in Lloyd’s City Risk Index?

SG: Lloyd’s City Risk Index was published three months ago and we researched 279 cities. We found that a vast majority of cities within the subcontinent of India have been rated as very weak from a resilience point of view. They are at high risk for flood, geopolitical security, market crash, just to name a few.

RMM: What steps are being taken to improve the collective resiliency?

SG: What we have seen in last three or four years is a significant level of investment from the government in terms of building infrastructure. It’s been in the form of roads, bridges, railways, ports, and airports, there has been a significant level of investment. And it seems there is more to come. In the budget, the government has announced more – which is encouraging to see from an infrastructure-building point of view.

However, where we still see a bit of lack is in the area of insurance penetration in the country. That’s where I think insurance companies can be a useful partner and tool to mitigate some of the level of these risks.

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RMM: Could this be a chance for insurers to get in on the ground floor of India’s improvement projects?

SG: Yes.

RMM: What incidents have influenced the government to act?

SG: The Chennai floods [in 2015] and the floods in Kerala [in July]. That was a once-in-a-hundred-years occurrence. The entire state was flooded, which I think was the first of its kind. It was completely underwater.

Similarly, the Chennai floods marked another major event. Since then, monsoon has happened but the level of flooding has been managed pretty well.

In the session, we examined the Mumbai floods in 2005. And even last year, there was flooding here for a day, but within a day the water receded pretty quickly and was pumped out. The machinery kicked in and we were able to get out of it pretty well.

RMM: What led to that success?

SG: It was a combination of low tide and the government investing in the necessary pumping mechanisms to actually pump the water back into the sea, and unclog some of the stormwater drains as well. Steps are being taken, slowly but steadily.

RMM: What other institutions are taking measures to build resiliency?

SG: There are a few companies [which I won’t name] that are leading the way and it is encouraging to see that.

The media is also equally playing a fairly significant role as well. That’s also helping because public awareness is something that is critical. The media is raising awareness in terms of the importance of protecting your infrastructure and environment and the need for trees and planting.

RMM: Would you agree that the will to change and improve existing infrastructures is as important as the funding?

SG: I think it’s all there. The government has shown willingness to improve infrastructure. The people have demanded it, so there is a push and a pull coming from both sides. And we are seeing that development happen. Compared to where we were five or ten years ago and where we are now, there’s been a massive change.

There is still more that can be done. I’m not saying that we’re there yet. But it’s not an easy thing, as well.

Given India’s geography and how the political scenario is within the country, we will always be exposed to natural catastrophes.

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Flooding is going to be a constant phenomenon for us.

There is investment being done but it’s patchy. In some states there has been fantastic infrastructure investment and in others, less so. I think that has got to be addressed and that’s where the public [should be] demanding more actions there, where infrastructure investment has not been up to the mark.

Q&A: California Businesses Prepare for the Next Quake

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On October 18, more than 10 million Californians participated in The Great Shakeout to prepare for the next catastrophic earthquake and bring awareness to earthquake preparedness across the state. The United States Geological Survey (USGS) predicts a 99% chance of a magnitude 6.7+ earthquake in the Bay Area within the next 30 years, preparation is essential.

Kate Stillwell is a structural engineer and founder and CEO of Jumpstart, a new earthquake insurance provider which helps families and individuals following a disaster via text. As a business owner and lifelong Californian, Stillwell took part in the Shakeout and shared her experience and insight for earthquake preparedness.

Risk Management Monitor: How difficult is it to get businesses to take part in an event like the Shakeout?

Kate Stillwell: The trick is to make it fun. It only takes a few minutes, and if you can get some good laughs out of it, all the better. Also, for the San Francisco Bay Area, the anniversary of the 1989 Loma Prieta earthquake is always the same week as ShakeOut, so people remember and talk about it around the proverbial water cooler.

RMM: How beneficial is it for them to take part?

KS: It builds muscle memory. You need to know what to do without thinking because you won’t be thinking.  Just as important is that the drill strikes up a conversation about other ways to get prepared, not just at work, but at home, too.

RMM: What did you take away from this year’s event?

KS: We got a great video of ourselves and since we’re in a co-working space, we did it in front of all the other startups, which reminded them they need to practice and get prepared, too. 

RMM: What are some commonalities that small, medium and large businesses share when preparing for earthquakes?

KS: Businesses of all sizes must keep their employees safe. Employees need to know how to react, to “Drop, cover, and hold on,” like we emphasize during the ShakeOut, and to climb under desks or other sturdy objects and stay put. Businesses also generally face the challenge of convincing employees to take preparation seriously and review preparedness plans, that’s why national events like the Great ShakeOut are such an effective tool.

RMM: How do small, medium and large businesses differ when preparing?

KS: Small businesses have the advantage of all co-workers knowing one another and being able to physically look out for each other in the event of a disaster. For homeowners, we always say that neighbors are the people you’ll rely on in the event of a disaster, and it really is similar at work. Colleagues are able to look out for each other in the event of an earthquake, and this is much easier for smaller teams. In a larger business, you can replicate these positive effects by grouping people by team.

RMM: How have preparedness plans changed in recent years? What significant improvements, if any, have you noticed or instituted?

KS: The rapid development and improvement of earthquake sensor networks have been the most significant improvement in earthquake preparedness recently. The USGS ShakeAlert system began Phase 1 operations just a couple days ago, providing hospitals, transit systems, and other institutions the earliest possible earthquake warnings so they can initiate life-saving operations. It’s not enough time to evacuate a building, but it is enough time to stop the elevators and open the doors, so people don’t get trapped. These kinds of full-system improvements are making huge strides in helping us prepare and stay one step ahead of the next big earthquake.

RMM: What are some difficulties California businesses – or businesses with operations there – face, that differ from those in other high-risk areas?

KS: One of the biggest factors is downtime. There are so many externalities outside of a business’ control, which affect how soon an operation can get back up and running. The prudent approach for a business with operations in California is to locate any operations requiring continuous uptime, such as out-of-state data centers. Also, consider designating a secondary location for executive operations until the home facilities can be occupied.

RMM: What are the most effective safety drills businesses can perform?

KS: No matter what type of emergency, a really important drill is to practice an alternative chain of command with a command-and-control style of making decisions.  This is so foreign to the normal style of making decisions. In emergency situations, the best person to be in the “command” position is usually not the day-to-day business leaders; it’s someone with emergency response training.

Visit here for more information about Jumpstart.

5 Tips for Choosing the Right TPA

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While many risk managers have had excellent experience with their third party administrators (TPAs), others have been disappointed. Unfortunately, when the match isn’t right, the risk manager may be left with poor claim outcomes, higher claims and insurance costs, and difficulty identifying issues and making corrections.

The key to successful relationships often hinges on the risk manager’s ability to set  priorities and evaluate prospective TPAs and other claim service providers accordingly, based on objective, outcome-based metrics. Here are five tips for choosing TPA and claim service providers that are best suited to meet your needs:

  1. Look beyond household names. Too often, risk managers narrow their options based on name recognition.
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    While this might appear to be a safe choice, it may not yield the best fit. And that can lead to higher costs, poor outcomes, and ineffective relationships. Even with name-brand providers, mismatches might exist between the risk professional’s priorities and the service provider’s capabilities and operating cultures of the two organizations, available industry expertise, and resources such as risk management information systems.

  2. Articulate your needs and priorities. An effective relationship starts with knowing the specific requirements of your enterprise and setting relevant priorities. Are you in an industry with unique risks? Do you have a backlog of complex and legacy claims? Is your geographic footprint local, regional or national? Do you have significant operations in states with challenging regulatory frameworks? Do you need a provider with a strong reputation for closing difficult claims or managing litigation? How valuable are the TPA’s data management resources or risk management information system to your program? What’s your claims volume? Conduct a careful assessment of your needs, establish priorities, and create a request for proposal and related scorecard for evaluating candidates.
  3. Check how closely the TPA’s capabilities and resources match your needs. Areas you might examine include: staffing and account management, geographic locations, adjuster case load, pricing structure, reserving practices, quality assurance and training, MMSEA (Medicare, Medicaid and SCHIP Extension Act of 2007) reporting, litigation and subrogation management, managed care, data handling and reporting capabilities, and transition planning.
  4. As practical, insist on outcome-based metrics and use them to compare candidates. When you break it down, the fees charged by claim service providers represent only a small percentage of claim costs. Whenever possible, try to obtain metrics on actual claim outcomes rather than process. Analyze time and cost of various types of claim closures and percentages over time that might apply to your organization, check average claim duration and costs, and examine these results by state, your industry sector and other relevant breakouts.
  5. Know which adjusters will be assigned to your program. They’re the gatekeepers who will make a big difference in your results. So, be sure you know who the adjusters will be on your account. If your largest claims typically demand experienced adjusters with proven track records make sure that’s what you’ll be getting. Find out about their adjuster turnover rates. While some attrition might be expected, you want to avoid situations where you’re constantly re-educating adjusters to get up to speed—especially on complex and legacy claims. Try to ascertain whether their adjusters fit your culture, claims handling approach and priorities.
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Once you make your TPA selection, evaluate their performance on a regular basis. Track the TPA’s results against what you anticipated based on the metrics they provided in response to your request for proposal (RFP).

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By adhering to an objective selection process, including making sure the TPA’s team and capabilities are aligned with your priorities, you’ll be in the best position to get the results you want.