University of houston bauer college of business april 13 2006 presentation by robert b hixon
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University of Houston Bauer College of Business April 13, 2006 presentation by: Robert B. Hixon. Take-Away Concepts. Agent vs. Broker – Is there a difference? Salesmen or Professional Service provider? What services are offered Where is the brokers value added

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University of Houston Bauer College of Business April 13, 2006 presentation by: Robert B. Hixon

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University of houston bauer college of business april 13 2006 presentation by robert b hixon
University of HoustonBauer College of BusinessApril 13, 2006presentation by:Robert B. Hixon


Take away concepts
Take-Away Concepts

  • Agent vs. Broker – Is there a difference?

  • Salesmen or Professional Service provider?

    • What services are offered

    • Where is the brokers value added

  • Where does your allegiance reside?

  • Contractual Issues with the Insured and the Insurer

  • Compensation Issues

    • Commission

    • Fee


Sample broker presentation
Sample Broker Presentation

Response to Request for Proposal


Discussion items
Discussion Items

  • The Wortham Difference

  • Insurance Market Update

  • Available Services

  • Team Selection & Support

  • Casualty and Energy Claim Handling Services

  • International Capabilities

  • Cost of Risk and Retention Analysis

  • Energy, Liability and Casualty Insurance Renewal Strategies

  • Employment Practices Liability

  • Alternative Programs

  • Broker Relationship & Compensation

  • Closing Comments



The wortham partnership
The Wortham Partnership

  • Houston based

  • Continuous operation since 1915

  • Over $1 billion in annual premiums

  • Client focused

    • No bias in recommendations

    • No outside stockholders (partnership)

  • Transparent and open communication


The wortham difference1
The Wortham Difference

  • 76 Managing Directors or “owners” of the Firm

  • Depth and experience of technical staff

  • Distinction is superior service to customers

  • High retention ratio

  • Continuity of staff

    • Employees’ tenure averages over 12 years

    • Managing Directors’ tenure is over 20 years


Mission statement
Mission Statement

Service – to handle our client’s insurance business as if it was ours

Quality Coverages – to develop coverages and risk management tools that allow clients to better compete in their business

Price – to forge relationships between carriers and our clients that will add value and be long term


The wortham difference2
The Wortham Difference

  • Partnership – We have no outside stockholders, so we focus on serving you

  • Reputation – Underwriters trust us, giving you a competitive edge

  • Innovation – We partner you with markets to develop new solutions to your unique risk profile

  • Independence – We also have no ownership in other insurance providers, so we find you unbiased options with transparent compensation arrangements



Service differentiation risk management support
Service DifferentiationRisk Management Support

  • Partner in risk management problem solving

  • Provide presence when required

    • Administrative consultation

    • Underwriter meetings

    • TPA/claims support meetings

  • Trigger technical support

  • Submitting frequent “open items” lists

  • Advise as insurance market conditions change


Critical wortham services
Critical Wortham Services

  • Risk Management Information Systems (RMIS) support

  • Internet portal

  • Electronic certificates

  • Contract review

  • Retention analysis

  • Exposure survey

  • Loss control / safety support

  • Alternative risk products



Goals in team selection
Goals in Team Selection

  • Experience in industry, very significant accounts and specialization requirements

  • Availability to deliver Wortham’s standard of service

  • Depth to provide appropriate and timely solutions


Service team
Service Team

  • Primary account service team members chosen to meet Your needs

  • Access to Wortham’s 425+ member team of experts

  • Continuity – the average tenure of our partners and professionals is over 20 years


Your wortham team
Your Wortham Team

Partner

Account Executive

Assistant

Partner

Energy

Partner

Energy

Partner

Marine

Partner

Marine

Partner

Casualty

International

Casualty

Partner

Casualty Claims

Partner

Alternative Risk

Partner

Prof. Indemnity

Partner

Crime/Bond

Manager

Partner

Risk Mgmt.

Services

Partner

RMIS

Loss Control



Casualty claim services
Casualty Claim Services

  • Assistance in selecting claim service providers

  • Monitoring of insurance company or independent claims services

  • Review of claims prior to statistical filings

  • Monitoring of “questionable” claims and active involvement in “large” claim settlements

  • Resolution of coverage questions/disputes

  • Assistance in locating qualified defense counsel

  • Claim/reserve audits as needed

  • Periodic status reports with action recommendations

  • Self-insured program design and implementation

  • Structured settlement and portfolio transfer consulting services, as requested


Energy well control and property claims
Energy, Well Control and Property Claims

  • Wortham’s Energy and Property Departments have successfully collected over $1,000,000,000 in claims, which have resulted from upstream oil and gas operations during the past five years.

  • Our technicians handle all physical damage and control of well claims personally. Wortham believes that the client’s interest is best served when the individual that negotiated the terms of coverage pays an integral role in the collection of a claim. We believe this approach provides a better service to the client.



Worthamnet
WorthamNet

  • Business partnerships with 179 successful brokerages in 134 countries worldwide

  • In-country knowledge and expertise

  • Wortham quality, service and standards of coverage


Cost of risk and retention analysis
Cost of Risk and Retention Analysis


Risk retention factors
Risk Retention Factors

  • Materiality of extraordinary losses

  • Frequency and severity of expected losses

  • Cost and availability of insurance excess of various retention levels

  • Company’s degree of risk aversion




University of houston bauer college of business april 13 2006 presentation by robert b hixon

“Outside the Box” Ideas

  • Risk Financing Programs

    • Captive and finite risk programs could be considered for retention management purposes

    • Potential tax planning opportunities

  • Retention Adjustment Structures

    • Structures allow for adjustment of retention based on current economic / business indices – rig count, for instance

    • Provides for lower retentions and greater risk transfer when business is soft


University of houston bauer college of business april 13 2006 presentation by robert b hixon

“Outside the Box” Ideas

  • Loss Portfolio Transfer (LPT)

    • Reduction of balance sheet reserves

    • Reduction of required collateral

  • Environmental Cost Caps

    • Funding vehicle plus risk transfer for overruns

    • Reduction of balance sheet reserves

    • Potential tax planning opportunities




Why wortham
Why Wortham?

  • Our partnership business model is dedicated to providing very broad, high quality, meaningful service to our customers with long- term view

  • Our strategy is to lower your overall cost of risk

  • You would be an important energy related account for Wortham and would be handled with a sense of urgency

  • We invite you to check our reputation with clients, underwriters and service providers



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