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Risk Insiders

The Risk & Insurance website is also a self-publishing platform for select risk managers and industry experts.
By: | April 1, 2014

Risk Insiders are an unrivaled group of leading executives focused on the topic of Risk. They share their insights and opinions – and from time to time their pet peeves and gripes – on the Risk & Insurance website.

Each Risk Insider is invited to publish based on their expertise, passion and/or the quality of their writing. The only rules are no selling and no negative competitor mentions.

The topic of Risk is very broad and very complex. By inviting leading industry experts to share their insights we hope to provide a more complete perspective for our readers.

Selection Criteria

Risk Insiders are considered editorial contributors. As such, we are looking for individuals who want to publish their ideas, opinions or insights. Assistance from PR is great but we are not looking for ghost-written articles or corporate marketing perspectives.

Our primary target participants are Risk Managers, CFOs, Workers’ Comp Managers and other professionals responsible for risk mitigation for their companies.


Risk Insiders are free to write about any event, trend, opinion or other topic that is relevant to risk management or the insurance industry. There are no schedules or deadlines, write when you have something to say. Articles should be concise yet complete.

Some additional guidelines include:

    • Do your own writing (review and editing by colleagues is fine).
    • Original submissions only.
    • Publish 2 times a year, minimum.
    • Write from your own perspective, not your firm’s.
    • Avoid heavy jargon or corporate-speak.
    • Expressing complexity does not provide clarity. Keep it simple.
    • No selling.
    • No competitor put-downs.
    • Be concise but complete. 500 words max.
    • Pictures, graphics, videos, etc. are encouraged but not required.

How to apply

For more information and an application please contact us via [email protected]

Matthew Kahn is the Publisher and Executive Editor of Risk & Insurance. He manages the editorial and sales teams as well as develops new content and platforms. His best risk management lessons come from his frequent aviation experiences as a pilot. Matthew can be reached at [email protected]
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Risk Insider: Marilyn Rivers

How Can We Control the ‘Trigger’?

By: | October 6, 2015 • 2 min read
Marilyn Rivers is director of risk and safety for the City of Saratoga Springs. She chairs the PRIMA Institute for the Public Risk Management Association and is chairperson of the RIMS Standards and Practice Council. She was named Public Risk Manager of the Year by PRIMA in 2007. She can be reached at [email protected]
Topics: ERM | Risk Insider

My son is a survivor of that fateful day at Virginia Tech in Blacksburg, Va. The day changed my family forever as he waited with a SWAT officer protecting him and others from the unknowns of that cold, infamous day when 32 people were killed and 17 wounded.

As I think back to that morning watching it unfold live on the national news and taking the phone call that everyone dreads, hearing my son say “Goodbye … just in case, Mom,” it makes my heart forever wrench and my blood boil every time I hear of another campus shooting and innocent people dying.

The right to bear arms is one of the foundations of this country. You will find no argument here, no dialogue and no excuses as to that inalienable right. What you will find is an argument for responsibility.

What risk management tools can we put into place that controls the “trigger”? Have we decided as a society to address that “trigger”?

I was once asked if arming municipal clerks in remote locations was a good idea. The argument given was that remoteness begged danger and required an individual’s right of protection. I’m not sure how incredulous I looked as I responded, asking about the checks and balances and responsibility of ownership.

Checks and balances for gun control? I think in my world they call that risk management.

Risk management for establishing protocols for gun ownership seems invasive to many, but those with any sense of reality understand the need to establish who may purchase and retain ownership responsibly and civically.

The general population looks incredulously at the television each time a shooting event happens. They ask how and why this happened. They ask what measures each of the facilities had in place that could or did prevent it from occurring. Yet with each new incident, questions arise as to what possibly can be done from a facility perspective to prevent or minimize the occurrence.

We as a society can harden our facilities to the point of being fortresses before the public questions their civil rights and sensibilities. We can train our law enforcement to watch, listen and respond before they are characterized as being bullies or human right violators.

When does the bough break? When do we all finally admit that as much as we can prepare, train and protect, the proximate cause of the issue will always be the person pulling the trigger?

When was the last time you went to the mall, movie theater, concert or community event when you didn’t check out your surroundings?

What risk management tools can we put into place that controls the “trigger”? Have we decided as a society to address that “trigger”?

Society has so many questions and so few answers to these pressing questions.

It’s time to take a hard look at risk management for the firearm industry and ask not what the industry can do for profit, but what that industry can do for education, awareness and moderation in ownership, use and the freedom to responsibly bear arms.

Let’s talk, America, and reasonably come to terms with balancing freedom with the reality of those firearms.

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Sponsored Content by ACE Group

6 Truths about Predictive Analytics

ACE's predictive analytics tool provides a new way to capture, analyze and leverage structured and unstructured claims data.
By: | October 1, 2015 • 6 min read

Predictive data analytics is coming out of the shadows to change the course of claims management.

But along with the real benefits of this new technology comes a lot of hype and misinformation.

A new approach, ACE 4D, provides the tools and expertise to capture, analyze and leverage both structured and unstructured claims data. The former is what the industry is used to – the traditional line-item views of claims as they progress. The latter, comprises the vital information that does not fit neatly into the rows and columns of a traditional spreadsheet or database, such as claim adjuster notes.

ACE’s recently published whitepaper, “ACE 4D: Power of Predictive Analytics” provides an in-depth perspective on how to leverage predictive analytics to improve claims outcomes.

Below are 6 key insights that are highlighted in the paper:

1) Why is predictive analytics important to claims management?

ACE_SponsoredContentBecause it finds relationships in data that achieve a more complete picture of a claim, guiding better decisions around its management.

The typical workers’ compensation claim involves an enormous volume of disparate data that accumulates as the claim progresses. Making sense of it all for decision-making purposes can be extremely challenging, given the sheer complexity of the data that includes incident descriptions, doctor visits, medications, personal information, medical records, etc.

Predictive analytics alters this paradigm, offering the means to distill and assess all the aforementioned claims information. Such analytical tools can, for instance, identify previously unrecognized potential claims severity and the relevant contributing factors. Having this information in hand early in the claims process, a claims professional can take deliberate actions to more effectively manage the claim and potentially reduce or mitigate the claim exposures.

2) Unstructured data is vital

The industry has long relied on structured data to make business decisions. But, unstructured data like claim adjuster notes can be an equally important source of claims intelligence. The difficulty in the past has been the preparation and analysis of this fast-growing source of information.

Often buried within a claim adjuster’s notes are nuggets of information that can guide better treatment of the claimant or suggest actions that might lower associated claim costs. Adjusters routinely compile these notes from the initial investigation of the claim through subsequent medical reports, legal notifications, and conversations with the employer and claimant. This unstructured data, for example, may indicate that a claimant continually comments about a high level of pain.

With ACE 4D, the model determines the relationship between the number of times the word appears and the likely severity of the claim. Similarly, the notes may disclose a claimant’s diabetic condition (or other health-related issue), unknown at the time of the claim filing but voluntarily disclosed by the claimant in conversation with the adjuster. These insights are vital to evolving management strategies and improving a claim’s outcome.

3) Insights come from careful analysis

ACE_SponsoredContentPredictive analytics will help identify claim characteristics that drive exposure. These characteristics coupled with claims handling experience create the opportunity to change the course of a claim.

To test the efficacy of the actions implemented, a before-after impact assessment serves as a measurement tool. Otherwise, how else can program stakeholders be sure that the actions that were taken actually achieved the desired effects?

Say certain claim management interventions are proposed to reduce the duration of a particular claim. One way to test this hypothesis is to go back in time and evaluate the interventions against previous claim experience. In other words, how does the intervention group of claims compare to the claims that would have been intervened on in the past had the model been in place?

An analogy to this past-present analysis is the insight that a pharmaceutical trial captures through the use of a placebo and an actual drug, but instead of the two approaches running at the same time, the placebo group is based on historical experience.

4) Making data actionable

Information is everything in business. But, unless it is given to applicable decision-makers on a timely basis for purposeful actions, information becomes stale and of little utility. Even worse, it may direct bad decisions.

For claims data to have value as actionable information, it must be accessible to prompt dialogue among those involved in the claims process. Although a model may capture reams of structured and unstructured data, these intricate data sets must be distilled into a comprehensible collection of usable information.

To simplify client understanding, ACE 4D produces a model score illustrating the relative severity of a claim, a percentage chance of a claim breaching a certain financial threshold or retention level depending on the model and program. The tool then documents the top factors feeding into these scores.

5) Balancing action with metrics

ACE_SponsoredContentThe capacity to mine, process, and analyze both structured and unstructured data together enhances the predictability of a model. But, there is risk in not carefully weighing the value and import of each type of data. Overdependence on text, for instance, or undervaluing such structured information as the type of injury or the claimant’s age, can result in inferior deductions.

A major modeling pitfall is measurement as an afterthought. Frequently this is caused by a rush to implement the model, which results in a failure to record relevant data concerning the actions that were taken over time to affect outcomes.

For modeling to be effective, actions must be translated into metrics and then monitored to ensure their consistent application. Prior to implementing the model, insurers need to establish clear processes and metrics as part of planning. Otherwise, they are flying blind, hoping their deliberate actions achieve the desired outcomes.

6) The bottom line

While the science of data analytics continues to improve, predictive modeling is not a replacement for experience. Seasoned claims professionals and risk managers will always be relied upon to evaluate the mathematical conclusions produced by the models, and base their actions on this guidance and their seasoned knowledge.

The reason is – like people – predictive models cannot know everything. There will always be nuances, subtle shifts in direction, or data that has not been captured in the model requiring careful consideration and judgment. People must take the science of predictive data analytics and apply their intellect and imagination to make more informed decisions.

Please download the whitepaper, “ACE 4D: Power of Predictive Analytics” to learn more about how predictive analytics can help you reduce costs and increase efficiencies.


BrandStudioLogoThis article was produced by the R&I Brand Studio, a unit of the advertising department of Risk & Insurance, in collaboration with ACE Group. The editorial staff of Risk & Insurance had no role in its preparation.

With operations in 54 countries, ACE Group is one of the largest multiline property and casualty insurance companies in the world.
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