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TRANSCRIPT
Wisconsin Association of Mutual Insurance Companies Directors Seminar November 9, 2015
Kimberly Ersland
Reinsurance Regional Marketing Manager
Grinnell Mutual Reinsurance Company
“Flaming enthusiasm,
backed by horse sense and persistence,
is the quality that most frequently makes for success.”
--Dale Carnagie
What are your expectations?
Opportunities
Anti-Trust Statement
Variance by company
Disclaimer
“The mutual idea is an idea whereby every man might help
another, without any disservice to himself.” – Benjamin Franklin
Diversify Risk
Profitability Pay Claims Future viability
Duty to society
Comply with Legal/Regulatory requirements
Customer Needs
Why do we do it?
What is Risk? Hazard or chance of loss
Probability of loss
Insurance An arrangement or agreement that protects someone
from incurring future losses
A contract that transfers the risk of a specified loss to another party in exchange for the payment of a premium
Risk Transference
--thefreedictionary.com
Perform same experiment a large number of times
Average of those results should be close to the expected value
The more trials performed the more accuracy
How does that relate to insurance?
Law of Large Numbers
Bad Faith more often discussed
Good Faith
Insurable Interest
Insured must have an interest in the property insured
Can be variables and numerous person(s) with interest
Not insurable interest just because a person pays premium
Indemnity
Act of making someone “whole”
Equal to what was lost, not better
Subrogation
the assumption by a third party (or an insurance company) of another's legal right to collect a debt or damages
Understanding Operations
Goal Attainment
Internal Constraints
Efficiency
Expertise
Size
Resources
Other Brand
External Constraints
Public Opinion
Competition
Economic Conditions
Regulations
Demographics & expectations
Catastrophic losses
Board of Directors
Guardian
Proactive vs Reactive
Strategic Planning
Business Plan
Leader
Policyholder
Employees
Community
Management
Control environment
Assess Risk
Control activities
Communication & Information
Monitoring
Internal Control
Underwriting
Loss Control
Claims
Processes
Develop & Maintain profitable book of business
Selecting appropriate risks
Enforcing underwriting guidelines
NEED guidelines
Premium reflect exposure
Additional coverages where appropriate
Underwriting
Underwriting
Oversight of book of business
Policy growth/loss
Review
Reduce insured losses
Improve underwriting decisions
Encourage improvement
Potential additional revenue
Reduce potential errors & omissions
Loss Control
Physical Survey
Comply with contractual promise
Relationship to financial health of company
Overpayment
Underpayment
Claims
Claims Handling
Acknowledgement &
Assignment
Identify policy & Set Reserves
Contact Insured
Investigation
Document Determine Cause, Coverage & Loss Amount
Conclude Claim
Asset
Liability
Policyholder protection
Finance Management
Finding talent in the marketplace
Pay structure
Job Satisfaction vs Motivation
Succession Planning
Human Resources
Talent Development
Training
Education
Disaster Recovery
Products
Farm
Home
Specialty/Niche Market
Current vs Goals
Trends
Surplus Growth
Underwriting Gain or Investment Income?
Line of Business
Multivariant rating planning
Rate Adequacy
BIG DATA
Policy Administration
Imaging
Information Technology
Physical
Technology
Importance
Risks
Data breach
Hactivism
Ransomware
Security
What questions do you have for me?
Kimberly Long Ersland Reinsurance Regional Marketing Manager
Grinnell Mutual Reinsurance Company
800.362.2041 x 5676