Webinar: Foreign Acquisition Risks – Be Prepared
Our increasingly global economy has forced the majority of organizations to look beyond their domestic borders for growth opportunities. But building a presence in a foreign market from scratch can take years. International acquisitions are the most effective way to ramp up a presence quickly, tapping into an existing network of clients and suppliers in a new market.
Managing the risks of foreign acquisitions can be tricky business. Language barriers, cultural differences, local politics, technological incompatibilities and regulatory compliance issues can turn a lucrative deal into a disaster. The grim reality is that many mergers fail to deliver upon the goals they were intended to achieve.
Meticulous planning and preparation are the best way to mitigate the risks of foreign mergers and acquisitions. This webinar will focus on the challenges of entering new business climates and the communication strategies needed to help local stakeholders and newly acquired employees understand your corporate risk management philosophy.
In this webinar, sponsored by The National Alliance for Insurance Education & Research, expert panelists will discuss these topics and issues related to foreign acquisitions:
- Assessing cross-border uncertainties. A discussion of techniques or protocols for evaluating cross-border risk, pricing it and possibly transferring it.
- The use of captives. The use of captives in managing foreign acquisition risk is attracting growing attention from the risk management community. This discussion will address which cross-border risks are best housed in captives and how those captives should be managed.
- Problem venues. This aspect of the webinar will look at which venues, though attractive from a business opportunity standpoint, require extra vigilance on the part of risk managers.
- Local paper. Local paper is a requirement in some geographies but not in others. The panelists will discuss the use of local paper and other insurance issues that business executives operating in foreign countries need to be aware of.
Space is limited, so register today!
Webinar: Improving Claims Outcomes Through More Effective Adjuster Management
Claims organizations need to solve a number of problems that are impeding adjusters from achieving good results for both payers and workers’ compensation claimants.
Due to changing regulations, provider consolidation and more – adjusters are overwhelmed and the bottom line is suffering as a result. Too many claims adjusters are so harried and distracted by their workloads that they are not efficiently performing the vital functions of closing claims, getting workers healthy and back to work and freeing up reserves. This is leading to unnecessarily high costs for payers.
Claims organizations need to figure out how to achieve the goals of maximizing provider networks and implementing predictive analytics in a way that will help adjusters do their jobs better, not further overwhelm them.
Expert panelists will address the following talking points:
- Workload: Taking the adjuster’s workload and work process into account in maximizing the use of provider networks.
- The Code Problem: The number of federal procedural and diagnostic codes is set to explode in October. How can organizations and adjusters manage this huge increase in complexity?
- The Use of Data: Using predictive analytics to complement adjuster case management, not impede or replace it.
- The Adjuster’s Role in Case Management: Getting the best treatment for injured workers, closing claims promptly and getting injured workers back to work sooner.
What Is Insurance Innovation?
Truly innovative insurance solutions are delivered in real time, as the needs of businesses change and the nature of risk evolves.
Lexington Insurance exemplifies this approach to innovation. Creative products driven by speed to market are at the core of the insurer’s culture, reputation and strategic direction, according to Matthew Power, executive vice president and head of strategic development at Lexington, an AIG Company and the leading U.S.-based surplus lines insurer.
“The excess and surplus lines sector is in a growth mode due, in no small part, to the speed at which our insureds’ underlying business models are changing,” Power said. “Tomorrow’s winning companies are those being built upon true breakthrough innovation, with a strong focus on agility and speed to market.”
To boost its innovation potential, for example, Lexington has launched a new crowdsourcing strategy. The company’s “Innovation Boot Camps” bring people together from the U.S., Canada, Bermuda and London in a series of engagements focused on identifying potential waves of change and market needs on the coverage horizon.
“Employees work in teams to determine how insurance can play a vital role in increasing the success odds of new markets and customers,” Power said. “That means anticipating needs and quickly delivering programs to meet them.”
An example: Working in tandem with the AIG Science team – another collaboration focused on innovation – Lexington is looking to offer an advanced high-tech seating system in the truck cabs of some of its long-haul trucking customers. The goal is to reduce driver injury and fatigue-based accidents.
“Our professionals serving the healthcare market average more than twenty years of industry experience. That includes attorneys and clinicians combining in a defense-oriented claims approach and collaborating with insureds in this fast-moving market segment. At Lexington, our relentless focus on innovation enables us to take on the risk so our clients can take on the opportunities.”
– Matthew Power, Executive Vice President and Head of Regional Development, Lexington Insurance Company
Power explained that exciting growth areas such as robotics, nanotechnology and driverless cars, among others, require highly customized commercial insurance solutions that often can be delivered only by excess and surplus lines underwriters.
“Being non-admitted, our freedom of rate and form allows us to be nimble, and that’s very important to our clients,” he said. “We have an established track record of reacting quickly to trends and market needs.”
Lexington is a leading provider of personal lines coverage for the excess and surplus lines industry and, as Power explains, the company’s suite of product offerings has continued to evolve in the wake of changing customer needs. “Our personal lines team has developed a robust product offering that considers issues like sustainable building, energy efficiency, and cyber liability.”
Most recently the company launched Evacuation Response, a specialty coverage designed to reimburse Lexington personal lines customers for costs associated with government mandated evacuations. “These evacuation scenarios have becoming increasingly commonplace in the wake of recent extreme weather events, and this coverage protects insured families against the associated costs of transportation and temporary housing.
The company also has followed the emerging cap and trade legislation in California, which has created an active carbon trading market throughout the state. “Our new Carbon ODS product provides real property protection for sequestered ozone depleting substances, while our CarbonCover Design Confirm product insures those engineering firms actively verifying and valuing active trades.” Lexington has also begun to insure new Carbon Registries as they are established in markets across the country.
Lexington has also developed a number of new product offerings within the Healthcare space. The Affordable Care Act has brought an increased focus on the continuum of care and clinical patient safety. In response, Lexington has created special programs for a wide range of entities, as the fast-changing healthcare industry includes a range of specialized services, including home healthcare, imaging centers (X-ray, MRI, PET–CT scans), EMT/ambulances, medical laboratories, outpatient primary care/urgent care centers, ambulatory surgery centers and Medical rehabilitation facilities.
“The excess and surplus lines sector is in growth mode due, in no small part, to the speed at which our insureds’ underlying business models are changing,” Power said.
Apart from its coverage flexibility, Lexington offers this segment monthly webcasts, bi-monthly conference calls and newsletters on key risk issues and educational topics. It also provides on-site risk consultation (for qualifying accounts), access to RiskTool, Lexington’s web-based healthcare risk management and patient safety resource, and a technical staff consisting of more than 60 members dedicated solely to healthcare-related claims.
“Our professionals serving the healthcare market average more than twenty years of industry experience,” Power said. “That includes attorneys and clinicians combining in a defense-oriented claims approach and collaborating with insureds in this fast-moving market segment.”
Power concluded, “At Lexington, our relentless focus on innovation enables us to take on the risk so our clients can take on the opportunities.”