3-Way Partnership Essential to Risk Management and Effective Insurance Solutions

In our ever-changing and competitive business environment, your business must make continual advances in technology, innovation and solutions to enhance your processes, production and ultimately your profitability.

A savvy risk manager will be a step ahead, ensuring their insurance coverage addresses the impact such evolution has on their risk model. That’s a challenge that requires experience and specialization on three risk management fronts, between the risk manager, insurance broker and the insurer. Here are elements of the important roles played by each:

Risk Manager
Risk Managers are ultimately responsible for the risk management strategy for the organization, one element being the determination of which exposures to transfer to insurance markets. Relating to this insurance risk transfer, responsibilities of the risk manager include:
  

• Supplying underwriting information, including updated values, new projects/changes to operations, coverage or changes to terms and conditions
   
• Coordinating and promoting loss control activities, including site visits, and timely feedback to loss control recommendations
   
• Manage claims, including prompt notification of potential claims and working closely with the insurer to return to full operations
   
• A strong desire to successfully collaborate with the broker and insurer
   

Broker Partner
Effective insurance solutions require relationships with the right insurance carrier – knowing an insurer that can mitigate and manage risk, coupled with transferring the risk from your balance sheet to that of your insurer. It takes a broker experienced with the nuances of your industry and company to make that connection. The result can be a successful and long-term relationship with both your broker and insurer. A broker partner must be:
  

• A problem solver, who is knowledgeable & experienced in your specific segment
    
• A “match-maker,” finding the right fit between insured and insurer by aligning with a knowledgeable and experienced insurer that knows your firm’s intricate exposures
    
• A stellar mediator, minimizing any “noise,” and finding the right risk solutions
    
• A strong advocate on behalf of the customer
    

Insurer
Sophisticated operations require sophisticated coverage and services. The right insurance carrier will be able to tailor coverages specific to your exposures, assist the risk manager in mitigating potential losses, and have skilled claim professionals dedicated to getting your operation back to normal as quickly as possible should a loss occur. It is imperative that the insurance company have strong financial ratings (A rated or higher) by industry rating agencies such as AM Best, Standard & Poor’s and Moody’s.  Your insurer must:
  

• Be comfortable taking on the risk, with an appetite to successfully handle your coverage needs
    
• Have the underwriting experience to prepare the right solutions to your unique exposures
    
• Have the right claims expertise and skill to handle your claims, even the most difficult
    
• Have risk assessment experts who provide comprehensive programs and industry-leading tools and support to protect your company’s bottom line
    
• Be collaborative and interested in developing long-term relationships
    

With more than a century of experience, CNA is a leading provider of commercial coverages. CNA has specialized underwriting, claim and risk control expertise you need to protect your business and its rapidly changing technologies so you can remain focused on servicing your clients and growing your profitability. For more information, please contact your local underwriter or visit www.cnacanada.ca.