Using L oss Data to Win Ove r Clie nts 14 th ,11am E We binar : Se pte mbe r DT Ho w c an yo u use lo ss da ta to justify yo ur c o ve rag e re c o mme nda tio ns a nd he lp de te rmine a ppro pria te limits? Whe n c lie nts a sk yo u fo r re le va nt lo ss e xa mple s, ho w do yo u re spo nd a nd a lso furthe r diffe re ntia te yo ur b ro ke rag e se rvic e s?
e d: “How can I insure myself Insur against unexpected losses?” : “I know the market but I Br oke r have no data to suppor t my limit recommendation.” 2
Today’s Presenters Zac h Boggs Stac ie L ilie n Clie nt E xpe rie nc e E ve nt Co nte nt & Ma na g e r Pro g ra mming Ma na g e r 3
able of Conte nts T • Clie nt I nsig ht Re po rts – Whe re to Orde r – What’s Included • Use Ca se s – L a rg e L o sse s – L imit Ade q ua c y – L o ss Be nc hma rking 4
Clie nt Insight Re por ts He lp Answe r Se ve r al Que stions 1. How Muc h Cove r age Do My Pe e r s Have ? • Pre mium, L imit, Re te ntio n 2. Whe r e Doe s My Pr ogr am F all Within My Pe e r Gr oup? • L imit Ade q ua c y 3. What T ype s of Risks Do I F ac e ? • L o ss E xa mple s 4. Am I Ge tting a Good Rate ? • Ra te Pe r Millio n 5. Is My L imit Ade quate ? • L o ss Be nc hma rking 5
Re por ts on De mand Or de r Page o – o – t – t – Industr y CI Pr CI Pr CI E xpe r CI E xpe r Be nc hmar k Re ne wal Ne w Re ne wal Ne w Re por t Busine ss Busine ss Pr ogr am Be nc hmar ks X X X X X L oss Data for E ac h X X X X Re que ste d L OB Company Infor mation X X L oss Be nc hmar king X X Plac e me nt Analytic s X X http:/ / r e por tsonde mand.advise n.c om 6
Re que sting L OBs 7
What’s Included • Pre mium • L imit • Re te ntio n • Ra te Pe r Millio n • Qua rtile s o n Qua rtile s • L a rg e L o ss E xa mple s • L imit Ade q ua c y 8
Pr ogr am Be nc hmar king T he Clie nt's Pre mium o f USD 17,000, whe n c o mpa re d to the L OB Pe e r Gro up - Umb re lla / E xc e ss, is in the Hig h T he Clie nt's L imit o f USD 18,000,000, whe n c o mpa re d to the L OB Pe e r Gro up - Umb re lla / E xc e ss, is in the Hig h Middle o f the ra ng e . T he c ha rt a b o ve illustrate s the pe rc e nta g e o f pro g ra m c o unts tha t a re within e a c h Middle o f the ra ng e . T he c ha rt a b o ve illustrate s the pe rc e nta g e o f pro g ra m c o unts tha t a re within e a c h pre mium ra ng e . limit ra ng e . T his g ra ph illustra te s the a mo unt tha t a c o mpa ny, in the middle 50% o f pro g ra ms, wo uld pa y pe r o ne millio n do lla rs in limit. T he g ra ph still inc lude s c o mpa nie s tha t a re b e lo w the 25th and a b o ve 75th pe rc e ntile s in the c a lc ula tio ns, ho we ve r, fo r illustra tio n purpo se s, the y a re no t sho wn. 9
Sc e nar io #1 Pr oduc e r : “My client’s asking for HIPAA violation e xample s. What can I show him?” 10
L ar ge L oss E xample s 11
Sc e nar io #2 Insur e d: “I don’t think I need cyber c ove r age . Why ar e you trying to sell me some?” Br oke r : “See for yourself.” 12
L imit Ade quac y Wha t a re a de q ua te limits in this pe e r g ro up? 13
Sc e nar io #3 Insur e d: “I don’t think my losses are as se ve r e as othe r companies.” Br oke r : “Let’s look at your individual losse s vs. your pe e r s and a high le ve l vie w of losse s in the same group.” 14
L oss Be nc hmar king Ho w b ig a re typic a l lo sse s in this pe e r g ro up? 15
F r e que nc y vs. Se ve r ity What’s the breakout of risk I face? 16
Clie nt Insight Pr ofe ssional I nc lude s I nsura nc e Pro g ra m Be nc hma rking a nd a ne c do ta l L o ss Da ta a c c e ss Clie nt Insight E xpe r t Also a dds L imit Ade q ua c y, L o ss Be nc hma rking , Pla c e me nt Ana lytic s 17
Got Suppor ting Doc ume ntation? • 10-pa g e Insur anc e Pr ogr am Be nc hmar king Me thodology do c ume nt sho ws ho w we tra c k a nd ma tc h this tra nsa c tio n da ta • Our mo st-re que ste d L al fe a ture s ma c ro oss Data c ollate r o ve rvie ws o f o ur lo ss da ta se ts • 8-pa g e L oss Data Me thodology re po rt de sc rib e s ho w we c o lle c t a nd c urate lo ss e ve nt da ta • Our 18-pa g e Advise n Por tfolio Analysis do c ume nt illustrate s the b e ne fits o f c o mpa ring yo ur Bo o k o f Busine ss to Advisen’s T ra nsa c tio n & L o ss da ta 18
26 th for Join us on Oc tobe r our Cybe r Risk Insights Confe r e nc e in Ne w Yor k! We e xpe c t mo re tha n 1,000 pe o ple to re g iste r to he a r fro m o ve r 75 spe a ke rs who a re to p e xpe rts in the c yb e r insura nc e spa c e . Our multi-tra c k c o nfe re nc e will fe a ture the ho tte st to pic s inc luding c yb e r risk ma na g e me nt, de ve lo ping issue s in the cyber insurance space and insight into the ‘Dark Side’ of the web - with a fo c us o n the pe o ple b e hind the la te st c yb e r inc ide nts. L e . e ar n mor 19
L e a ding the wa y to smar te r a nd mo re e ffic ie nt risk a nd insura nc e c ommunitie s. Advise n de live rs: the r mation into ight infor the r ight hands a t the r ight time to powe r pe r manc e . for About Advise n L td. Advise n is the le a ding pro vide r o f da ta , me dia , a nd te c hno lo g y so lutio ns fo r the c o mme rc ia l pro pe rty a nd c a sua lty insura nc e ma rke t. Advise n's pro prie tary da ta se ts a nd a pplic a tio ns fo c us o n la rg e , spe c ia lty risks. T hro ug h We b Co nne c tivity L td., Advise n pro vide s me ssa g ing se rvic e s, b usine ss c o nsulting , a nd te c hnic a l so lutio ns to stre a mline a nd a uto ma te insura nc e tra nsa c tio ns. Advise n c o nne c ts a c o mmunity o f mo re tha n 200,000 pro fe ssio na ls thro ug h da ily ne wsle tte rs, c o nfe re nc e s, a nd we b ina rs. T he c o mpa ny wa s fo unde d in 2000 a nd is he a dq ua rte re d in Ne w Yo rk City, with o ffic e s in the US a nd the UK . +1 (212) 897-4800 | info @ a dvise n.c o m | www.a dvise nltd.c o m
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