On-Demand Webinar

Webinar – How to Maximize ROI in Your Cyber Risk Mitigation Efforts

Find the right balance between mitigating and transferring cyber risk to maximize ROI and validate your approach with the C-suites and the board of directors.
By: | April 6, 2016 • 2 min read

Presenters

SOA_Webinar

Overview

Webinar Sponsor

Webinar Sponsor

A survey of 248 risk managers from around the world reports that 65 percent include cyber security among their top five emerging risks (23 percent as their top emerging risk), and 15 percent identify cyber risk as the top current risk.

While insurance carriers are making more capital available to counter it, the amount of unknowns in cyber risk far outweigh the knowns; chiefly a lack of cyber-related loss history to determine adequate pricing. At the same time boards of directors are pressuring risk managers to buy cyber coverage.

A sound risk management approach involves investing the right amount in risk mitigation to secure your systems; while at the same time taking into account the capacity and limitations of cyber coverage.

This webinar will give risk managers insights to make better decisions when it comes to investing valuable resources in cyber risk mitigation, and an actuarial perspective on cyber coverage; i.e., when it’s appropriate to buy it and how much coverage should be sought.

An expert panel will discuss:

  • The history of cyber risk and the growing degree of concern it is creating for risk managers.
  • The importance of clear communication with your board of directors and C-suites on the unknowns in cyber insurance coverage; its benefits and its limitations.
  • Actuarial insights into the challenges faced by insurance carriers in underwriting cyber risks and how underwriters are arriving at insurance premiums.
  • Analyzing the costs and benefits of cyber risk mitigation and insurance coverage to improve the ROI.
  • Building the teamwork and stakeholder buy-in to adequately fund risk mitigation strategies and acquire insurance coverage as needed.

The Recording

Download a PDF slide deck of the presentation.




Dan Reynolds is editor-in-chief of Risk & Insurance. He can be reached at [email protected]

4 Companies That Rocked It by Treating Injured Workers as Equals; Not Adversaries

The 2018 Teddy Award winners built their programs around people, not claims, and offer proof that a worker-centric approach is a smarter way to operate.
By: | October 30, 2018 • 3 min read

Across the workers’ compensation industry, the concept of a worker advocacy model has been around for a while, but has only seen notable adoption in recent years.

Even among those not adopting a formal advocacy approach, mindsets are shifting. Formerly claims-centric programs are becoming worker-centric and it’s a win all around: better outcomes; greater productivity; safer, healthier employees and a stronger bottom line.

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That’s what you’ll see in this month’s issue of Risk & Insurance® when you read the profiles of the four recipients of the 2018 Theodore Roosevelt Workers’ Compensation and Disability Management Award, sponsored by PMA Companies. These four programs put workers front and center in everything they do.

“We were focused on building up a program with an eye on our partner experience. Cost was at the bottom of the list. Doing a better job by our partners was at the top,” said Steve Legg, director of risk management for Starbucks.

Starbucks put claims reporting in the hands of its partners, an exemplary act of trust. The coffee company also put itself in workers’ shoes to identify and remove points of friction.

That led to a call center run by Starbucks’ TPA and a dedicated telephonic case management team so that partners can speak to a live person without the frustration of ‘phone tag’ and unanswered questions.

“We were focused on building up a program with an eye on our partner experience. Cost was at the bottom of the list. Doing a better job by our partners was at the top.” — Steve Legg, director of risk management, Starbucks

Starbucks also implemented direct deposit for lost-time pay, eliminating stressful wait times for injured partners, and allowing them to focus on healing.

For Starbucks, as for all of the 2018 Teddy Award winners, the approach is netting measurable results. With higher partner satisfaction, it has seen a 50 percent decrease in litigation.

Teddy winner Main Line Health (MLH) adopted worker advocacy in a way that goes far beyond claims.

Employees who identify and report safety hazards can take credit for their actions by sending out a formal “Employee Safety Message” to nearly 11,000 mailboxes across the organization.

“The recognition is pretty cool,” said Steve Besack, system director, claims management and workers’ compensation for the health system.

MLH also takes a non-adversarial approach to workers with repeat injuries, seeing them as a resource for identifying areas of improvement.

“When you look at ‘repeat offenders’ in an unconventional way, they’re a great asset to the program, not a liability,” said Mike Miller, manager, workers’ compensation and employee safety for MLH.

Teddy winner Monmouth County, N.J. utilizes high-tech motion capture technology to reduce the chance of placing new hires in jobs that are likely to hurt them.

Monmouth County also adopted numerous wellness initiatives that help workers manage their weight and improve their wellbeing overall.

“You should see the looks on their faces when their cholesterol is down, they’ve lost weight and their blood sugar is better. We’ve had people lose 30 and 40 pounds,” said William McGuane, the county’s manager of benefits and workers’ compensation.

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Do these sound like minor program elements? The math says otherwise: Claims severity has plunged from $5.5 million in 2009 to $1.3 million in 2017.

At the University of Pennsylvania, putting workers first means getting out from behind the desk and finding out what each one of them is tasked with, day in, day out — and looking for ways to make each of those tasks safer.

Regular observations across the sprawling campus have resulted in a phenomenal number of process and equipment changes that seem simple on their own, but in combination have created a substantially safer, healthier campus and improved employee morale.

UPenn’s workers’ comp costs, in the seven-digit figures in 2009, have been virtually cut in half.

Risk & Insurance® is proud to honor the work of these four organizations. We hope their stories inspire other organizations to be true partners with the employees they depend on. &

Michelle Kerr is associate editor of Risk & Insurance. She can be reached at [email protected]