JMBI is dedicated to our clients’ success. Our expertise, insights and focused action are fundamental to delivering real results for your business.
Read our client success stories to see how we help clients reach their goals and maximize financial and operational performance.
A company faces financial and operational challenges
When we first met with the prospect, we discovered that they had experienced financial and operational challenges around their workers’ compensation claims, cost and management. They had a series of losses from repeat offenders. The claims were strung out over an extended period, with large reserves sitting on the accounts loss experience. They needed help with prevention and, more importantly, post claim management.
Secondly, the current policy excluded products liability coverage and seemed overpriced across all lines of coverage.
Based on our extensive experience in the steel-related manufacturing industry and our familiarity with the incumbent carrier, the team quickly realized that the prospect’s pricing seemed “above market”. Also, after reviewing loss details, our team identified process improvement areas which could lower reserves and close out open claims more quickly. With a complete review and discussion with the company’s management, we were able to recommend some important safety protocols that could curb possible future claims.
We quickly approached several carriers to address each line of business (Property, Liability, Pollutions, etc.) and area of concern. We shared our insights, findings and recommendations with the senior management team. We then managed multiple on-site inspections and reviews with the carriers to further analyze the insured’s business, exposures, and losses.
In partnership with our carriers, we were able to add back products liability coverage and obtain extremely competitive pricing and coverage options. We were able to save the insured significantly with its renewal pricing. Our complete review also allowed us to prescribe specific claims protocols and additional pre-loss prevention ideas to further the company’s safety management program. The client has been very engaged in the pre-loss prevention process and was pleased with our strategic and actionable recommendations, our knowledge and insight and our level of commitment to addressing their core concerns on cost, safety, and loss control.