Background
WSSC Water desired to establish a formal Insurance and Risk Management Program in the Office of the CFO. SCB was engaged to assist the CFO establish processes and systems for managing risk management activities, implementing recommendations from a previous analysis, and ultimately transitioning of the management of those activities to new in-house staff.
Approach
- Assessed Priorities Relative to the Scope of Work; Established Comprehensive Two-Year Work Plan with flexibility to address unanticipated client needs
- Developed a Comprehensive Workplan; Based Insurance Policy Renewal Management
- Insurance Coverage Recommendations
- Claims Analysis and Data Management
- Vendor Management
- Risk Mitigation & Loss Control Strategies
Established Weekly Project Status Meeting with client to discuss ongoing goals and results; will migrate to Bi-Weekly/Monthly, when appropriate
Results
Workplan: Developed Comprehensive Two-Year Workplan within first week of contract launch; agile to allow for addressing client unexpected requirements
Insurance Renewal Management: Developed streamlined approach and tool to collect and compile responses across the company for the Fiduciary and Crime Renewal Insurance Policies; submitted complete applications to broker; reviewed quotes to ensure competitive
Cyber Coverage Analysis: Reviewed and analyzed various cyber coverages across different policies-Cyber, Property and Crime; facilitated discussions with each broker/carrier to identify potential over/under insurance coverage; recommending purchase / no purchase to client.
Vendor Management: in response to client wanting to migrate from internal reserving processes for insurance related reserves to independent actuarial study, responsible for managing the competitive procurement process:
- Identified baseline pricing
- Confirmed WSSC Procurement requirements
- Researched best practices actuary requirements
- Performed Data Analysis on Claims
- Wrote RFP
- Identified Potential Suppliers
- Released RFP
- Logged Questions and Drafted Responses
- Issued Q&A Responses and Addendums
- Coordinating Review & Selection Process