Members of my Insurance Advisory Board pictured above shared the details of how organizations utilized the full gamut of insurance, risk analysis and risk management to dramatically improve their businesses. In addition to participation from the AWI alum Kameen on this Advisory Board, Bredbenner is a former CFO for a PortsAmerica facility, Raftery was Walgreens director who started their $250 million captive insurance company, Harper served as a Board Member of an eleven-hospital health system, Hino has been a hospital executive and member of California Hospital Association.
Their lessons emphasized using outside risk analysts to help uncover and understand what had been overlooked internally. After changing workflow processes, their outside analysts would then assess and evaluate the results. Consultants accelerate the implementation of changes this way.
So, I looked for a way to independently validate the power of risk analysis.
Where could a large data-set be found? Another of my Advisory Board members operates the largest radiology practice on Long Island. He recommended contacting the Mayo Clinic. I spoke to Jacksonville, Florida-based Josiah Pritchard, the manager of contracting for Mayo Clinic’s Florida physicians and clinics. At that instant he was scheduling speakers for the winter meeting of FASI, the Florida Association of Self-Insureds. Since some FASI members serve on the board of the Florida Self- Insurers Guaranty Association, Inc. which performs administrative functions with the Florida Division of Workers’ Compensation, Pritchard helped secure all appropriate Florida workers compensation data.
Then I turned to Alan Cantor, one of the original members of Marsh & McLellan Unit X – the first group in quantitative risk analysis. His brainchild is RiskMap®, a risk analysis solution with artificial intelligence for risk capital. After completing his deep-dive data analysis on the workers compensation claims in Florida from 2005 to 2012, we authored a research report which I handed out at FASI’s winter meeting.
