University of houston bauer college of business april 13 2006 presentation by robert b hixon
This presentation is the property of its rightful owner.
Sponsored Links
1 / 32

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


  • 56 Views
  • Uploaded on
  • Presentation posted in: General

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

Download Presentation

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

An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -

Presentation Transcript


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 difference

The Wortham Difference


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


Available services

Available Services


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


Team selection support

Team Selection & Support


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 and energy claim handling services

Casualty and Energy Claim Handling Services


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.


International capabilities

International Capabilities


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


Renewal strategies

Renewal Strategies


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

Alternative Programs


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


Broker relationship compensation

Broker Relationship & Compensation


Closing comments

Closing Comments


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


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

THANK YOU


  • Login