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RIMS Presents Top Risk Management Awards

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Janice Ochenkowski RIMS Award

Janice Ochenkowski was presented with the Harry and Dorothy Goodell Award by RIMS Executive Director Mary Roth and President Richard Roberts.

 

NEW ORLEANS—At today’s RIMS 2015 Annual Conference & Exhibition Awards Luncheon, RIMS, the risk management society, announced the winners of its top industry awards.

Janice Ochenkowski, international director of global risk management at Jones Lang LaSalle, received the society’s most prestigious honor, the Harry and Dorothy Goodell Award for furthering the goals of RIMS and the risk management discipline through outstanding service and achievement.

Victoria Nolan Heart of RIMS Award

The Ron Judd “Heart of RIMS” award for outstanding performance in furthering risk management at the chapter level was presented to Victoria Nolan, risk and benefits manager at Clean Water Services and an active member of the RIMS Oregon Chapter.

Three individuals received the RIMS Rising Star Award, which honors up-and-coming risk management professionals under the age of 35 or with less than seven years of experience in the industry. Anna Bendgen, risk management specialist at Sedgwick, Andrew Bent, senior advisor, EH&S risk at Suncor Energy Inc., and Yelena Urcia, senior global insurance analyst at The AES Corporation, were recognized for their exceptional initiative, volunteerism, professional development, achievement, and leadership potential.

RIMS and Business Insurance magazine presented the 2015 Risk Manager of the Year® Award to Kathleen M. Ireland, vice president of global risk management at IBM.

Richard Rabs, immediate past chair of the RIMS External Affairs Committee, was presented with the Richard W. Bland Memorial Award for commitment in the area of legislation or regulation.

This year’s Cristy Award, for the highest marks on the three exams required to earn the Associate of Risk Management designation, went to Michael Grosso, risk analyst at Bimbo Bakeries USA.

RIMS Inducts Three Industry Legends into Risk Management Hall of Fame

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NEW ORLEANS—Today, Gary E. Bird, James D. Hinton and Reginald A. Pitchford were recognized as the 2015 inductees to the Risk Management Hall of Fame (RMHF), a joint venture between AIG and RIMS that celebrates risk professionals who have made exceptional contributions to advancing the discipline.

“With an eye on the future, it’s important that we remember the risk management leaders who have laid the groundwork, generously volunteered their experiences and demonstrated an unwavering commitment to advancing the profession,” said RIMS Executive Director Mary Roth. “Gary, James and Reginald are shining examples of this industry’s best and it is a privilege to announce their induction into the Risk Management Hall of Fame.”

“Throughout their professional careers, these industry leaders have gone above and beyond to make significant achievements in risk management,” said Rob Schimek, President and CEO of the Americas for AIG. “It is truly an honor to recognize them for their success.”

gary bird

Before his death on September 11, 2001, Gary Bird served as director of risk management at the Phelps Dodge Corporation and senior vice president of construction risk management at Marsh & McLennon. He also authored the first three editions of The Wrap-Up Guide, an internationally recognized series that explores strategies and best-practices for managing liability policies designed to serve as all-encompassing insurance for all contractors and subcontractors. For his contributions to the field, IRMI changed the name of its annual construction risk management award in his honor, annually celebrating a risk or safety manager who has implemented an innovative risk management program for a construction project with the Gary E. Bird Horizon Award.

Jim Hinton

James “Jim” Hinton spent 33 years managing risk with the Hospital Corporation of America (HCA) and its predecessor companies and served as president of Health Care Indemnity, Inc., HCA’s captive insurance company. In addition to developing innovative loss prevention programs, he lobbied successfully with industry colleagues to change the legal environment by investing heavily in tort reform efforts. Hinton also dedicated much of his life to leading a number of charities dedicated to aiding individuals with cerebral palsy and other disabled adults, spurred by his son’s struggle with the disorder. In recognition of his dedication to both risk management and social service, the James D. Hinton Memorial Captive Insurance Volunteer Award was created and awarded to Jim after his death in 2012 for his outstanding leadership within the captive insurance community.

reginald pitchford

After serving in the Royal Air Force medical service during World War II, Reginald Pitchford worked his way up in the Canadian risk and insurance fields, becoming a champion of risk management in Manitoba and the RIMS Manitoba Chapter (MARIMS) before it even achieved chapter status in 1976. His work as corporate risk manager at United Grain Growers Insurance Department was characterized by his belief that a primary risk function established a strong foundation, ultimately leading to one of the first successful applications of a series of risk processes that would later be called Enterprise Risk Management. In the early years of MARIMS, he was critical in its growth, serving as chapter president while also holding the position of president of the Insurance Institute of Manitoba and sitting on the Council of the Insurance Institutes of Canada, and taught during the 1960s and ’70s as a Fellow of the Insurance Institute of Canada.

Insurance Industry ‘Disappointed’ by Senate’s Non-Renewal of TRIA

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Last week’s optimism about the possible reauthorization of the Terrorism Risk Insurance Act was replaced by “disappointment” today, as the insurance industry sounded off about the Senate’s failure to pass the House-approved TRIA bill before adjourning. TRIA, the federal insurance backstop that requires insurers to offer terrorism insurance coverage to policyholders, is set to expire on Dec. 31, 2014. More than 60 percent of all U.S. businesses purchase terrorism insurance coverage, according to Marsh USA.

“A major terrorist attack occurring without a TRIA law on the books will be far more disruptive to the U.S. economy than one where TRIA is in place,” Robert Hartwig, Ph.D., president of the Insurance Information Institute and economist said in a statement. “Terrorism insurance policies are going to lapse in 2015, and insurers will be under no obligation to renew them, adversely impacting the construction, energy and real estate industries, among others. For instance, a theatre owner hosting a controversial movie premiere on Christmas Day may have insurance coverage for losses triggered by an act of terrorism but this same business might not have it if a comparable attack were to occur on New Year’s Day.”

The Coalition to Insure Against Terrorism (CIAT) spokesperson Marty DePoy said, “CIAT is incredibly disappointed that the Senate chose to adjourn without reauthorizing the Terrorism Risk Insurance Act, a program that since 9/11 has provided critical stability to the marketplace against another terrorist attack. This is a bipartisan failure; the 113th Congress has let down American workers, American businesses and jeopardized U.S. economic and national security. CIAT urges the new Congress to make TRIA reauthorization its top priority in January and immediately vote to extend the program for the long-term.”

RIMS President Carolyn Snow echoed disappointment. “We are extremely disappointed that Congress failed to pass an extension of TRIA, despite strong bipartisan support.

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The program’s expiration will have many negative repercussions for commercial insurance consumers, the countless organizations they represent and the U.S. economy as a whole.”

She noted that since its inception, “TRIA has stabilized the marketplace by providing adequate capacity at affordable rates. Its expiration will almost certainly cause rates to rise, placing many lending agreements in jeopardy and forcing some organizations to self-insure or simply go without.”

Leigh Ann Pusey, president and CEO of the American Insurance Association (AIA), said AIA is “incredibly disappointed,” adding that by letting TRIA lapse, “Congress has failed to protect taxpayers and the economy.”

She said, “Without TRIA in place on Jan. 1, insurers will be forced to assess their exposures. The program’s lapse will significantly jeopardize the terrorism insurance marketplace that currently protects our nation’s economy against major acts of terrorism. We strongly urge the new Congress to take up the House-Senate negotiated TRIA reauthorization package as its first item of business when it returns in January in order to minimize marketplace disruptions.

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”

Global risk advisor, Willis expressed disappointment as well, noting that its biggest concern is that Clients “will need help in reevaluating their risk exposures according to the changed environment where TRIA is no longer available as a back stop for the insurance market place. Of particular concern is where clients have loan covenants that determine the type and amount of terrorism insurance coverage that is required.”

Mike Becker, executive vice president and chief executive officer of the National Association of Professional Insurance Agents observed, “Disagreement won the day and politics took precedence over protecting the American people. There was overwhelming bipartisan support to renew TRIA, with both parties showing strong leadership to get a compromise deal done in recent weeks. That support was nearly unanimous, with the House approving the TRIA renewal deal 417-7 last week, and the Senate having already passed a similar version 93-4 last July.”

Snow concluded, “RIMS and many other organizations have been pushing Congress to pass an extension for the past two years but Congress senselessly ignored those concerns and waited until the very last moment. This delay has ultimately led to the worst possible outcome.”

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.