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Success Story

U.S. workplace insurer seeks to avoid risk management trip hazards

Insurance Consulting and Technology
Insurer Solutions

December 1, 2019

Enterprise risk management experts and Willis Re implemented a restructured reinsurance program for an insurer, providing risk transfer more tailored to the nature of the markets in which the company operates.

The Client Challenge

The workers’ compensation and employer liability insurance classes have engendered high risk profiles in the U.S. in recent years. An insurer, specializing in these business areas, was therefore looking to update its strategy in response. It also wanted to investigate how predictive analytics could help it more widely to assess and price client risks.

Our Solution

Willis Towers Watson worked with the client to develop and implement a three-pronged strategy, involving stronger risk management, improving its standing with rating agencies and revisiting its reinsurance needs – with an emphasis on using analytics more astutely.

Initially, enterprise risk management (ERM) experts from Willis Towers Watson worked with the Chief Actuary/Risk Officer to create a more robust program. This created a foundation for a key presentation to rating agencies and the first step in a roadmap to help move the company towards its longer-term objective. The insurer’s goal of an improving A,B,C rating envisioned adopting a number of analytics tools and the more sophisticated used of predictive analytics in areas such as underwriting and claims.

Willis Re simultaneously developed a new reinsurance program, focusing on providing the company with more effective working layer coverage.

The Outcome

A restructured reinsurance program was implemented, providing risk transfer that is more tailored to the nature of the markets in which the company operates and its position within them. At the same time the ERM program and associated tools were embedded as business as usual. This assisted with keeping the rating agency roadmap on track.


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