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Friday, June 7, 2019 Mark Wall, CPCU, CIC, CRM, ARM Business Development Advisor

2019 RIMS Utah Chapter Spring Workshop Navigating Renewals in a Hardening Market Casualty: Workers’ Compensation, General Liability, & Auto. Friday, June 7, 2019 Mark Wall, CPCU, CIC, CRM, ARM Business Development Advisor Zurich North America. Navigating Renewals in a Hardening Market.

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Friday, June 7, 2019 Mark Wall, CPCU, CIC, CRM, ARM Business Development Advisor

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  1. 2019 RIMS Utah Chapter Spring WorkshopNavigating Renewals in a Hardening MarketCasualty: Workers’ Compensation, General Liability, & Auto Friday, June 7, 2019 Mark Wall, CPCU, CIC, CRM, ARM Business Development Advisor Zurich North America

  2. Navigating Renewals in a Hardening Market Topics of Discussion Relationships Communication Performance & Analytics Structure Creativity Q&A

  3. Navigating Renewals in a Hardening Market Relationships Do not underestimate the importance of relationships with: Customer: C-Suite, Risk Manager, Legal, HR, Facilities, etc. Broker: Producer, Placement, Service, Claims, Risk Engineering, etc. Carrier: Underwriting, Operations, Claims, Risk Engineering, D&RM, etc. TPA and other service providers, if applicable

  4. Navigating Renewals in a Hardening Market Communication Frequency and quality of communication in order to: Establish and manage expectations by line of business Develop renewal strategy and timeline Strict adherence to timeline Do what you say you are going to do Pre-negotiate and avoid last minute surprises!

  5. Navigating Renewals in a Hardening Market Performance & Analytics Mid-Term Stewardship Meetings: Carrier Perspective Account performance by line of business Identifiable trends by line of business Controls, Risk Engineering, and corrective measures by line of business Willingness and ability to adopt recommended changes M&A activity and /or changes in nature of operations

  6. Navigating Renewals in a Hardening Market Performance & Analytics Mid-Term Stewardship Meetings: Customer & Broker Perspective Underwriting & Operations Claims, if not otherwise utilizing a TPA Risk Engineering Accounting & Billing Premium Audit

  7. Navigating Renewals in a Hardening Market Structure Does a change in program structure make sense? Guaranteed cost versus loss sensitive Deductible versus SIR Captive solutions in whole or in part Financials, cash flow, & collateral needs Risk appetite versus risking taking ability

  8. Navigating Renewals in a Hardening Market Creativity Do not be afraid to think outside the box: Optional proposals (within reason) can be a good thing If the answer is “no”, explain why, and provide an alternative solution Attachment points and buffer layers Reinsurance and self insurance considerations

  9. Navigating Renewals in a Hardening Market And remember the goal… Your expiration date is just another date on the calendar!

  10. ?? Q&A ??

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