London, 28th April 2022: Global re/insurance trusted guidance provider, Pro Global Holdings Limited (Pro), today announces the incubation of Pet Proactive Limited (Pet Proactive ), by its independent Managing General Agent (MGA) incubator subsidiary, Pro MGA Global Solutions.
Pet Proactive is an MGA that provides underwriting services for pet insurance on behalf of capacity provider HDI Global Specialty SE (HDI). Pet Proactive now operates as an Appointed Representative under the FCA permissions of Pro MGA Global Solutions, which provides regulatory oversight, compliance and back office services to support MGAs as they develop and scale.
Danny Maleary, CEO of Pro MGA Global Solutions, said:
“As an independent MGA incubator platform, we are known for our ambition to provide a unique, innovative and entrepreneurial environment for underwriters – particularly those with a strong focus on the technology sector, where Pro MGA Global Solutions can provide the perfect springboard for growth.
We are delighted to have entered into this agreement with Pet Proactive, where the team is developing a strong reputation in the technology and pet insurance space.
Over the last year we have been embracing global growth and as we head further into 2022, we expect to see this success continue as we remain laser focused on being the partner of choice for a broad range of insurance providers.”
Elizabeth Graham, CEO at Pet Proactive, commented:
“Pet Proactive is a technology-based business, set up in response to a need to simplify pet insurance and work more collaboratively with the veterinary industry. Harnessing the combination of data analytics and trusted veterinary partnerships we offer pet owners a fully automated experience and superior pet insurance products.
Our partnership with Pro MGA Global Solutions will allow us to provide a full-service underwriting platform to our customers and will help us to take the next steps in our exciting growth plans.”
– ENDS –
Notes for Editors
About Pro Global
Pro Global is a specialist insurance expert and companies across the global insurance sector come to us to transform, outsource, audit or scale their specialist insurance operations. We provide advisory, change consulting, outsourcing or auditing services as well as MGA incubation.
We were founded in 1993 as a run-off services provider. Since then, we have developed deep expertise in a broad range of specialised policy areas with over 600 staff around the world. We have offices in London, New York, Cologne, Buenos Aires and Sao Paulo and can deliver multi-territory solutions for businesses of all sizes and specialisms.
About Pet Proactive
Pet Proactive provides pet insurance via nominated vet partnerships across the United Kingdom. We underwrite on behalf of our capacity providers, HDI.
Our knowledge and expertise allow us to offer an efficient and flexible underwriting service and an insurance solution tailored to the needs of each of our clients.
For more information, please visit: https://petproactive.pet/
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Las aseguradoras y reaseguradoras están inmersas en entornos y mercados competitivos y globalizados que exigen una gran capacidad de reacción rápida y asertiva frente a los constantes cambios. La gestión de procesos se impone como un factor clave para la mejora continua. Lorena Andrea Bonilla, Audit & Consulting Manager de Pro Global, da cuenta de lo necesaria que resulta una perspectiva externa y experta para abordar la reingeniería de procesos y detalla cómo el área que lidera puede contribuir, con su vasta experiencia, a alcanzar los objetivos de negocio de cada organización, con foco en incrementar márgenes, mejorar productividad y fidelizar clientes.
En un mundo que cambia rápidamente, las compañías de seguros están inmersas en entornos y mercados competitivos y globalizados que exigen gran capacidad de reacción frente a los constantes cambios y día a día se encuentran en una búsqueda permanente por sobresalir. Es por ello que la mayoría está pendiente de las necesidades que demanda el cliente, tanto para productos y/o servicios, así como de las variables propias del entorno que las rodea, con el fin de establecer ventajas respecto a su competencia mediante el diseño y ejecución de estrategias que pueden ser comerciales, tecnológicas y operativas, siendo en estas últimas donde los procesos juegan un papel fundamental. Esto ha dado la pauta, en algunas empresas, a la gestión de sus procesos como un factor clave para la mejora, la eficiencia, la optimización de los recursos y, fundamentalmente, para algo muy relevante que hace la diferencia en cada proceso: generar valor para el cliente.
La transformación digital está obligando a las organizaciones a evolucionar a un ritmo nunca visto, está cambiando el modo en que las empresas se comunican con sus clientes y, fundamentalmente, están cambiando la forma en cómo se deben gestionar internamente.
En este contexto, las organizaciones están obligadas a ser innovadoras, flexibles y ágiles para desarrollar y desplegar soluciones a un ritmo mayor. Para ello se requiere comunicación y coordinación entre las distintas áreas, sorteando los posibles vacíos inter-funcionales. Deben incluir procesos que permitan definir y diseñar, construir e implementar, monitorear y controlar, como así también transformar los procesos de negocio a lo largo del tiempo. Para ello, no deben dejar de considerar a las tecnologías especializadas para dar soporte, por ejemplo, herramientas de software de modelado, análisis y diseño, de ejecución o de monitoreo de procesos de negocio. El trabajo del conocimiento requiere investigación, análisis, altos niveles de experiencia, juicio, colaboración, evaluación de riesgos, creatividad, investigación, negociación y habilidades de comunicación.
Debido a la pandemia y a los cambios que ha generado en las organizaciones, uno de los servicios más requeridos ha sido la reingeniería de procesos, un terreno en el que Pro Global tiene una amplia experiencia, habiendo realizado reingeniería no sólo en la Argentina, sino también en México, Colombia, Bolivia, El Salvador, Uruguay, Chile y Paraguay.
Muchas veces se necesita una perspectiva externa para llegar a los problemas reales que podrían estar limitando el crecimiento de sus ingresos o la rentabilidad. Por ello, en Pro Global contamos con un equipo especializado en el mercado asegurador y en otros ámbitos profesionales. Somos el asesor de confianza para ayudar a las compañías de seguros y reaseguros a transformarse e innovar hacia el futuro.
Participamos en muchos proyectos de este tipo por eso no sólo asesoramos, sino que sabemos cómo hacer las cosas y lograr funcionen de una manera escalable y repetible. Estamos enfocados en impulsar el éxito comercial de las compañías, brindando mejoras en la rentabilidad.
Gracias a nuestra experiencia, adoptamos un enfoque práctico para configurar o mejorar las funciones internas que necesitan para una verdadera excelencia operativa. Desempeñamos un papel activo en la implementación de planes y la gestión del cambio.
Integramos a nuestros expertos en sus equipos durante el tiempo que sea necesario y los guiamos para el aprovechamiento máximo de los nuevos procesos, tecnologías o automatizaciones.
En los muchos proyectos que hemos desarrollado junto a nuestros clientes de América Latina, transformamos las operaciones de seguros especializadas para todo tipo de organizaciones aseguradoras y reaseguradoras con un servicio de consultoría e implementación muy práctico, en el lugar de trabajo o en forma remota. Los proyectos pueden estar enfocados en resolver un problema inmediato hoy o traducir una visión futura en planes y procesos prácticos.
Trabajamos en conjunto con los clientes relevando los procesos de suscripción vigentes y colaborando en su reingeniería, reinventando modelos operativos con procesos digitales e impulsando el crecimiento de los canales de distribución. Asimismo, los acompañamos en la utilización de Inteligencia Artificial (IA) y la limpieza y análisis de datos con el fin de configurar una estrategia.
Nuestra red internacional de oficinas nos permite estar al tanto de las últimas tendencias de otros mercados y anticiparlas en el nuestro.
Desde Pro Global sabemos cómo contribuir a alcanzar sus objetivos de negocio: incremento de márgenes, mejora de la productividad, mayor presencia en el mercado y fidelización de sus clientes, entre otros.
Para mayor detalle de los servicios que ofrecemos, los invitamos a consultar nuestro portal web: https://pro-global.com/territory/latam-spanish/
Lorena Andrea Bonilla
Audit & Consulting Manager
E: Lorena.bonilla@pro-global.com
M: +5411 2697 6870
Name: Lorena Bonilla
Job title: Audit & Consulting Manager
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Watch Danny Maleary, CEO of Pro MGA Global Solutions, at Insurtech Insights Europe as he explains the delicate relationship between Insurtechs and insurance incumbents.
Maleary envisions a future where MGAs will take more risks and embrace technology, with the support of insurers.
Published with the kind permission of Fintech & Finance News
Name: Danny Maleary
Job title: CEO, Pro MGA Global Solutions
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Pro Global CEO Steve Lewis and Purposeful Strategist Podcast Host Belden Menkus shared a dynamic discussion about the learning curve of evolving an organisation to the next level of sustainable growth
There is a lot of discussion currently about how organisations need to embrace a broader social purpose. The Purposeful Strategist podcast aims to shift the conversation from what organisations should do to what they are doing to embrace their broader purpose and translate it into tangible action.
Host Belden Menkus sat down with Pro Global CEO Steve Lewis to talk about how Pro Global is harnessing strategic agility through focus to pivot to a different level of sustainable growth.
Steve was clear that good strategy is about unlocking the potential of the organisation and its people. “It’s always about people, and it’s always about capability, and about how you connect the dots,” he said, adding, “And I’m still learning, after 30 years on the carrier side I am now running a solutions and services business – and learning that the client is always right. It’s a learning curve to be a service provider into the industry that you think you know well.”
Discussing the methodology of strategy, Steve said, “It’s about having a structured process to diagnose where you stand, and really evaluate what it is that your business is there to do, and for whom. And for me, it’s through that process that you can evaluate purpose, which can guide what you need to do to evolve your business. That is both reflecting today’s reality and how it might change within the next three, five, or seven years.”
Belden said, “Many thanks for being my guest on the podcast. You set a high bar for future guests, in particular in terms of describing how you balance the need for rigorous analysis with a ‘test and learn’ approach. From my own experience, that’s one of the more difficult things to get right in doing strategy.”
About Belden Menkus
Belden is the founder and Managing Director of MenKus & Associates, a consulting and CEO advisory firm that helps leaders fully activate their organisation’s potential to succeed. Belden personally helps top teams develop purposeful strategies and then turn their intentions into action and results. His approach is to be a strategic catalyst and thought partner, creating alignment, clarity and action.
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There have been regular high profile news stories in the media covering issues around vicarious liability, with recent decisions – including by the UK Supreme Court – clarifying the legal nuances involved in assessing insurance claims.
In this article, Steve Bellingham, Head of Strategy, explores the latest legal precedents and tests for vicarious liability shaping this field and offers some key insights for insurers.
Background:
In 2012, Lord Phillips declared “the law on vicarious liability is on the move” (“Various Claimants v Catholic Child Welfare Society” 2012 UKSC 56). This was a recognition by the UK Supreme Court that methods by which Defendants engaged others to undertake work often went wide of traditional employer / employee relationships and the need to clarify when such a relationship might be “akin” to employment to satisfy the Stage 1 test of vicarious liability.
More recent decisions, some by the Supreme Court, have clarified how this test should be applied to various scenarios and how the concept of “creation of risk” should impact on Stage 2 of the test. These decisions include:
In all three cases, Pro Global acted on behalf of instructing insurers. The outcomes were to:
Vicarious Liability
This doctrine establishes a liability against a Defendant absent of fault or negligence when it is deemed fair just and reasonable to do so.
Two “close connection” tests must be satisfied for vicarious liability to be established. Stage 1 considers the nature of the relationship between the principal tortfeasor and the Defendant. In most cases, direct employment will satisfy this test but matters become less clear when no such contract exists.
Stage 2 looks at the relationship between the tort of the principal tortfeasor and the role / duties assigned to them by the Defendant.
Lord Phillips identified five “policy reasons” against which vicarious liability for an employee, or someone that might be “akin” to an employee, might be tested.
Recent Developments:
Barclays offered guidance from the Supreme Court with the Court of Appeal (C of A) ruling in “DSN” applying that guidance. Thereafter, MCFC closely followed Blackpool given the similar scenarios.
The Court gave clear guidance that it was not “fair, just and reasonable” that vicarious liability should attach to the targeted Defendants.
In Barclays, torts were committed by a General Practitioner (GP) during medical examinations. The G.P offered medical examination services to employers, including Barclays, prior to them recruiting staff. The Supreme Court found that:
In the “DSN” case, the C of Al – when allowing the Defendant’s appeal – found in a similar way. A non-direct employee had chosen to engage in activities that might benefit the club in various ways. He operated a local youth team and arranged and financed football tours abroad during which torts were committed. The C of A found that:
The circumstances were similar in the MCFC case – as was the outcome. The evidence was highly analogous.
The principal tortfeasor involved himself in many youth football teams over a period, sometimes took youth players for trials at MCFC, and recommended players to the club on occasions. The club maintained contact with him and may have derived benefit from the relationship, however:
Moreover, the Judge made helpful findings on Stage 2 finding that, had Stage 1 been satisfied, Stage 2 would not have been. Any “scouting” role that the club may have (but did not) assigned to him was far removed from the activity that led to the torts being committed so that Stage 2 was not engaged.
Application of vicarious liability principles
In combination, these cases offer useful additional guidance as to the correct application of vicarious liability principles. They confirm that the expansion of the doctrine highlighted by Lord Phillips a decade ago has necessary boundaries to ensure equitable outcomes are maintained. Defendants, and those acting for them, should consider all vicarious liability cases against these established principles.
When considering Stage 1 in circumstances where no direct employment relationship exists, the question of “control” by the Defendant of the principal tortfeasor is key. It is not enough to show that the activity undertaken could have been delivered by a direct employee. Instead, a “close connection” between the roles the Defendant may have assigned to a person delivering them and control of that person consistent with employer / employee relationships is necessary.
Vicarious liability will not attach to actions by any Independent Contractor providing specific services.
The findings on Stage 2 have potential relevance whether or not employment is direct or “akin” to such.
Despite what may have been previously assumed, it is insufficient for claimants to show that any role assigned by a Defendant to the tortfeasor gave opportunity for torts to be committed. Instead, what is critical is whether a “close connection” can be established between the roles assigned and the creation of a risk that ultimately led to the torts.
Call to action for insurers
Insurers require expert support when navigating the evolving legal landscape around vicarious liability claims to achieve fair outcomes. It is critical that they are not only up-to-date with the latest legal developments, but have also conducted full audits to assess the extent of their potential exposure.
Get in touch to find out how the team at Pro Global can help.
Name: Steve Bellingham
Job title: Head of Strategy Disease & Injury
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Compartido con el amable permiso de Insurance Business
Comenzar una posición de liderazgo menos de un mes antes de que se despliegue una crisis global puede no parecer el momento ideal, pero, considerando todo, era el momento adecuado para un cambio para Steve Lewis, cuando asumió su nuevo cargo como CEO de Pro Global en febrero de 2020.
Habiendo trabajado en el mercado de seguros durante más de tres décadas –en una variedad de puestos de alto nivel que lo vieron liderar el negocio de P&C de Zurich UK y las operaciones internacionales y del Reino Unido de RSA–, Lewis ha acumulado una significativa visión interior y comprensión de las maquinaciones de la industria de seguros, tanto en el Reino Unido como globalmente. Unirse a Pro representó una oportunidad para conjugar el peso de todas sus experiencias y aplicarlo en un entorno de asesoramiento a la industria que conoce tan bien.
A principios de enero, Pro anunció un reposicionamiento transformando su rol de proveedor de confianza por el de un asesor de confianza, más amplio y holístico. Lewis enfatizó el valor que aporta a dicho posicionamiento ver la industria desde una perspectiva ligeramente diferente. Porque, en el centro de su propia evolución profesional y del trabajo que está realizando Pro, se hace hincapié en la función fundamental que desempeñan las asociaciones estratégicas en el éxito a largo plazo de una empresa.
“Personalmente creo que el enfoque es uno de los ingredientes críticos para el éxito comercial”, dijo. “Creo que eso también es un reflejo de que el mundo es un lugar complejo y está cambiando a un ritmo acelerado. El sector que ha marcado el paso de los últimos 10, 20, incluso 30 años, ha sido la tecnología, ahora amplificada con el análisis de datos y los avances en IA y deep learning”.
“Se debe reconocer que es muy poco probable que una empresa pueda ser buena en todo, por lo que el punto de ‘enfoque’ se trata de que una empresa identifique dónde se encuentran sus competencias centrales y qué le permite hacer algo diferenciador y competir de manera efectiva. Una vez definido esto, la pregunta que sigue es, entonces, cómo asociarse con las otras capacidades que son igualmente importantes de una manera que ayuden al negocio a ampliar sus competencias”.
El modus operandi de Pro es que “el enfoque alimenta el éxito”, dijo Lewis, y reconoce que es cada vez más relevante para los clientes, ya que cree que las empresas que sobrevivirán a la agitación de las condiciones actuales del mercado serán aquellas que hayan identificado sus competencias centrales y jueguen para esas fortalezas.
Para Pro, no es un caso de “haz lo que digo, no lo que hago” y señaló que este mensaje sobre el enfoque es uno que se toma muy en serio, ya que explora dónde necesita asociarse estratégicamente para ampliar su oferta de clientes.
“Si aciertas en esto de la asociación estratégica –dijo–, debería ser mutuamente beneficioso para tu negocio, tus socios y tus clientes por igual”. Destacó un ejemplo de esto en la forma en que Pro busca apoyar a sus clientes. En última instancia, el objetivo del equipo es ayudar a una empresa a transformarse y responder a los desafíos, no sólo del mercado actual, sino también del mercado del mañana. Cuando parece que el mercado del mañana se verá influenciado por factores como la tecnología y el análisis de datos, la necesidad apremiante es producir una oferta holística y transformadora creada para negociar las condiciones cambiantes del mercado.
“Dicho esto, uno puede preguntarse si debemos construir la tecnología transformadora y las capacidades analíticas necesarias, o bien si hay otras organizaciones para las que ese es su pan cotidiano, su enfoque”, dijo. “Nos preguntamos, ¿sería mejor combinar las competencias profesionales de Pro con las capacidades tecnológicas y analíticas de un socio para brindar esa oferta transformadora integral a nuestros clientes? ¿Por qué es esa una solución donde todos ganan? Bueno, es beneficioso para todos porque muy a menudo uno de los puntos de falla de la transformación tecnológica es la falta de comprensión de los profesionales que la lideran”.
En el escenario del beneficio mutuo, lo que Pro brinda a sus socios es la capacidad de asegurar su implementación, dijo Lewis. Al mismo tiempo, lo que ellos aportan a Pro es la capacidad de ampliar su oferta para que sea más transformadora, de modo que Pro pueda abordar los desafíos de sus clientes. Y lo que los clientes reciben como resultado de eso es una oferta transformadora holística, dijo.
El valor de identificar en qué usted es bueno y encontrar asociaciones para llenar los vacíos se le ha inculcado firmemente a Lewis por sus experiencias trabajando en una variedad de roles en seguros. Antes de Pro, vivió su vida de seguros del lado del operador, en grandes conglomerados que buscaban brindar cobertura de seguro a nivel mundial y en todas las líneas de negocios, desde líneas personales hasta grandes programas internacionales, pasando por empresas de volumen pequeños.
“Y, sin embargo, lo que a menudo encuentras es que, en cada una de esas dimensiones, te enfrentas en el mercado a una aseguradora monorrámica”, dijo. “Esa aseguradora monorrámica lo único que hace cada día es levantarse de la cama y preocuparse por esa línea única de negocio. Y lo que tú estás tratando de hacer como conglomerado es resolver todo eso continuamente, por lo que estás haciendo concesiones. Entonces, ¿está intensamente concentrado en lo que se necesita para ganar?
“Hay muchos ejemplos en nuestra industria que demuestran que el enfoque nos da una ventaja. El ejemplo clásico son las líneas personales de automóviles en el Reino Unido y Admiral. Es ese enfoque lo que les ha permitido generar rentabilidad en lo que fue un mercado con enormes desafíos durante los últimos 20 a 25 años. Se pueden encontrar muchos otros ejemplos en nuestra industria, pero no solo en ella; es una problemática que se desarrolla en cualquier sector”.
Versión original en inglés: https://pro-global.com/insurance-business-interview-with-steve-lewis-why-focus-fuels-success/
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Aurora Joins Pro MGA Global Solutions Growth Platform
London, 14th March, 2022: Global re/insurance trusted advisor, Pro Global Holdings Limited (Pro), is pleased to announce that UK specialist commercial insurance provider for the SME market, Aurora, is being supported in its growth ambitions by Pro’s expert independent Managing General Agent incubator subsidiary, Pro MGA Global Solutions.
Based in the UK, Aurora is a managing general agent (MGA) providing simple, affordable and flexible business insurance for the SME sector through a first-of-its-kind holistic digital platform. Aurora works with customers on a direct basis or via selected broking partners, catering to micro, small and medium businesses.
The partnership sees Aurora operate as an Appointed Representative under the FCA permissions of Pro MGA Global Solutions, which provides regulatory oversight, compliance and back office services.
Danny Maleary, CEO of Pro MGA Global Solutions, said: “I’m delighted that an insurtech of Aurora’s calibre and innovative thinking has partnered with Pro MGA Global Solutions to support its growth ambitions. The talented team at Aurora have identified a gap in the market for SME commercial insurance, and have developed a really compelling end-to-end answer for all elements of SME business insurance.
We’re here to enable that vision with our network contacts, business and technical skills providing operational and entrepreneurial support for the Aurora team. We love working with dynamic thinkers that harness the power of technology to make things better, faster and easier for consumers and the insurance sector, and I’m looking forward to working with Jan and his team as they continue their exciting growth journey.”
Jan-Vincent Finn, Co-Founder and CEO of Aurora, said: “There is a recognised need for personalised, real-time quotations in the SME commercial insurance space. Our intention is to empower consumers with choice, giving consumers the ability to choose their coverage and insurer. Together with data driven education and insight, we allow customers to transfer and mitigate risk in an informed way.
It’s a pleasure to work with Danny and the team at Pro MGA Global Solutions, who also understand the unique proposition Aurora is bringing to the market, and the scale of the opportunity we are targeting, particularly as many SMEs are riding out volatile conditions while trying to position themselves for growth in the months ahead. The operational, regulatory and technical support of the Pro MGA Global Solutions team will undoubtably add significant value to Aurora.”
– ENDS –
Notes for Editors
About Pro Global
Pro Global is a specialist insurance expert, and companies across the global insurance sector come to us to transform, outsource, audit or scale their specialist insurance operations. We provide advisory, change consulting, outsourcing or auditing services as well as MGA incubation.
We were founded in 1993 as a run-off services provider. Since then, we have developed deep expertise in a broad range of specialised policy areas with over 600 staff around the world. We have offices in London, New York, Cologne, Buenos Aires and Sao Paulo and can deliver multi-territory solutions for businesses of all sizes and specialisms.
About Aurora
Aurora is the first of its kind: a holistic, digital platform seeking to re-define how commercial insurance is purchased and managed. Working with customers on a direct basis or via selected broking partners, we cater to micro, small and medium businesses.
With Aurora, customers can get personalised, real-time quotations, compare insurance providers and transfer and mitigate risk in a uniquely tailor-made and holistic way. All while benefiting from analytics and data driven education and advice.
We innovate to provide the businesses and communities we serve with compelling and competitive insurance products. We understand that each business is unique, with its own requirements, people and plans.
Aurora’s culture is underpinned by support, opportunity and innovation and is driven by the positive impact we hope to make on the progressive businesses and communities we support.
We’re looking after what’s ahead.
Name: Danny Maleary
Job title: CEO, Pro MGA Global Solutions
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En 2021 las catástrofes naturales en el continente americano causaron pérdidas económicas por unos USD 191 mil millones. Las aseguradoras y reaseguradoras enfrentan hoy el desafío de lograr la efectiva y rápida gestión y pago de los siniestros resultantes de aquellas catástrofes. La tercerización del manejo de los run-off en mano expertas es fundamental para el éxito del proyecto. Guillermo Ogan, Head of Claims de Pro Global, repasa los elementos clave para optimizar esta gestión y presenta los servicios del área que la constituyen como socio estratégico para esta gestión.
Durante el año 2021, las catástrofes naturales en el continente americano causaron pérdidas económicas por unos USD 191 mil millones.
Los eventos que causaron mayor impacto fueron los huracanes Ida (USA) y Grace (México), las tormentas polares del mes de febrero 2021 en USA, las sequías que afectaron gran parte del territorio de USA y también las que sufrieron Brasil, Argentina y Paraguay por la bajante del Río Paraná.
Los siniestros resultantes de las citadas catástrofes naturales ya se encuentran impactando en las aseguradoras y reaseguradoras, y también ha comenzado la etapa crítica de lograr una efectiva y rápida gestión y pago de los mismos.
Las aseguradoras y reaseguradoras afectadas saben que dilatar el pago y cierre de estos siniestros les resultará anti-económico, ya que deberán previsionar reservas y afectar recursos humanos y tecnológicos a gestionar estos casos, en lugar de focalizarse en su core business.
En Pro Global entendemos que la mejor alternativa posible ante esta situación es la tercerización del manejo de los run-off de siniestros, dejándolos en mano de expertos que se asociarán al éxito del proyecto.
En Pro Global contamos con una amplia experiencia en este tipo de desafíos. Desde 1999 a la fecha hemos administrado unos 8 portfolios en run off, incluyendo uno derivado de los huracanes María e Irma, que asolaron Puerto Rico en 2017.
Nuestra experiencia nos indica que, para optimizar la gestión de este tipo de portfolios en run-off, se necesita:
Tener un equipo de profesionales con dedicación exclusiva y experimentado que focalice el 100% de su tiempo en la gestión y pago de los siniestros.
Contar con presencia de consultores locales en cada territorio que conozcan el mercado y sus costumbres, y que también puedan participar en aquellas reuniones presenciales que eventualmente se efectúen con los ajustadores, asegurados, bufetes de abogados, aseguradoras, reaseguradoras, entre otros.
Realizar una rápida auditoría de la cartera de siniestros abiertos (o de un porcentaje representativo de los mismos) con el objetivo de efectuar un diagnóstico a partir del cual delinear un Plan de Acción tendiente a lograr reducir la exposición en un plazo corto a determinar.
Este Plan de Acción tendrá como objetivo prioritario la gestión, pago y cierre de todos los siniestros, con especial atención en aquellos mas complejos, con mayores reservas, pero sin descuidar la administración del resto del portfolio.
Habiéndose reducido la exposición y logrando que el resto de los siniestros pendientes se encuentren suficientemente maduros en su gestión, se podrá analizar la viabilidad de iniciar conversaciones tendientes a conmutar (cut-off) el portfolio, buscando una salida rápida y exitosa.
En Pro Global contamos con la experiencia, los recursos humanos y tecnológicos para colaborar con las aseguradoras y reaseguradoras en la revisión, gestión y administración de este tipo de portfolios de siniestros.
Contamos con una experiencia de 28 años asesorando al mercado asegurador y reasegurador en los distintos continentes, gracias a nuestra de red de oficinas estratégicamente ubicadas en UK, Europa Continental, USA y Latam.
Para mayor detalle de los servicios que ofrecemos, los invitamos a consultar nuestro portal web https://pro-global.com/what-we-do/areas-of-functional-expertise/claims-management/
CONTACTO
Dr. Guillermo Ogan
Head of Claims
Guillermo.Ogan@pro-global.com
+54911-4069-9538
To speak to the Pro Global team please feel free to reach out to us at:
Name: Guillermo Ogan
Job title: Claims Manager
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It was the astronomer Carl Sagan who extolled the need to know the past in order to understand the present, and in few lines of insurance is this more evident than when it comes to dealing with complex legacy and run-off claims.
Robert Buchberger (pictured above), chairman of the advisory board of Pro Global, highlighted that the business has a very firm footprint in complex claims in the P&C space. In the P&C world, he said, Germany sees hardly any run-off opportunity and the two biggest transactions of the last five years have both enlisted Pro’s German operations to operate their claims – the first a MedMal portfolio and the second an architects’ and engineers’ portfolio.
Read more: Pro Global team reveal the legacy claims insurers should be considering
“What is very particular in both lines of business is that we have claims, some closed ones dating back to the 1970s , so very old claims,” he said. “Given all the information we gather around these claims, we have [gained] a backwards-looking view over several decades, which gives us a lot of insight… And it’s all about getting this information and bringing it to form a more proactive, strategic approach on how to handle these long-tail claims and long-term liabilities.”
Roman Claren (pictured below) , managing director of Pro Insurance Solutions GmbH, noted that through the two books outlined above, Pro has inherited a large number of claims for its highly specialised teams to handle. What they have tried to do, he said, is to segment those portfolios and then target those segments which they have identified as having claimants that are more likely to accept settlements. This allows them to bring those segments to completion as fast as possible, to the benefit of the insurance company in question and the claimants alike.
The essence of these ‘vintage’ claims is the depth and breadth of actionable knowledge that exists within them with regards to anticipating how books will develop, said Buchberger. Amid conversations about the complexity involved with legacy claims, the ability to dip into existing books and generate insights on clusters, on claims categories and on the probability of outcomes is incredibly powerful.
Claren highlighted that this is why Pro has taken it upon itself to develop a strongly data-driven approach to these which will allow the business to extrapolate more of the value these claims hold. Pro sits on a treasure trove of data, he said, as, in addition to the portfolios it manages, it possesses all the historic data on claims that belonged to either portfolio but closed a long time ago.
“So, we are looking for hidden patterns in order to improve the segmentation of the still open claims of the portfolios and, by this sub-segmentation, either offering settlements as early as we can to the benefit of our customer, or to at least informing with more insight about potential deterioration in reservation for the future,” he said.
Read more: Pro Global CEO on why “focus fuels success”
When you’re talking about information that was first input in the 70s, 80s and 90s, however, most of this was done on paper, Buchberger said, and so the first step is to key in that data. Where data analytics becomes essential is in extracting that information quickly and accurately. It’s not just about gathering data, he noted, but also giving it an intelligent structure so it can be used to actually inform you of relevant information. With this, you can develop a forward-looking view of books which, in turn, allows you to go out to other clients and support them with that information.
In the past, Claren said, data was mostly used to describe the status quo, but Pro wants to use it on a more predictive level, and to do that successfully means having the right structures in place.
“We are still in the process of building it up, it’s a journey we’ve already started,” he said. “And it’s not only about finding patterns in your own data that you already gathered, it’s about adding additional data in a smart way. So, that’s publicly available data, for instance, not only on life expectancy in any kind of population but also data that some of your own service providers or experts might add. If you put that together you can find new patterns.
“Technology is one thing you need to establish the platform but, you also need to have intelligence from people, you have to have the skill to be able to find the patterns and to interpret the data that you have to make the predictions for the future. Pro is very much about those skills and about the experts who have the knowledge to interpret data.”
While other insurance companies are looking to technology for full automation and targeting taking human beings out of administrative processes, Pro is fully aware of the essential role that the human touch plays when it comes to very specialised liabilities. Claren noted that he does not see that role changing in the foreseeable future and that Pro is keen to bring on experts who are looking to lend their valuable skills to a role with tremendous societal value as well as real responsibility.
As a business, Pro provides greater flexibility and less hierarchy, he said, which allows people to take on tangible responsibilities and know that their expertise is not going to be made redundant by the next wave of automation that sweeps the industry. A lot of big incumbents in the insurance industry are putting a lot of pressure on automating basic processes, Buchberger said, and this is coming up against an ongoing drain of expertise as people retire out of the space.
That’s why Pro is very prepared on the resourcing side, he said, and the firm is passionate about giving its people the opportunity to work with flexible staffing models. Buchberger said he feels very positive about the future of complex claims, because expertise in this area will always be required and Pro is waiting in the wings to bring on new experts looking for an opportunity to prove just that.
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Name: Roman Claren
Job title: Managing Director
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Shared with the kind permission of Insurance Business
Starting a leadership position less than a month before a global crisis unfurls might not seem like ideal timing but, all things considered, the time was right for a change for Steve Lewis when he took up his new role as CEO of Pro Global in February 2020.
Having served the insurance market for over three decades – in a range of senior roles that saw him lead Zurich UK’s P&C business and the UK and international operations of RSA – Lewis has amassed significant insight into the machinations of the insurance industry, both in the UK and globally. Joining Pro represented an opportunity to tie the weight of all his experiences together and apply that in an advisory setting to the industry he knows so well.
Earlier in January, Pro announced a re-positioning from its role as a trusted provider to a wider, more holistic trusted advisor role, and Lewis emphasised the value that seeing the industry from a slightly different perspective brings to such positioning. For, at the core of his own professional evolution and the work being done by Pro is an emphasis on the critical function that strategic partnerships play in the long-term success of a business.
“A personal belief of mine is that focus is one of the critical ingredients to business success,” he said. “I think that’s a reflection also that the world is a complex place and is changing at pace. The pacesetter of the last 10, 20, even 30 years has been technology and that’s technology that is amplified with data analytics and the advances in AI and associated deep learning aspects that technology brings.
“It’s about recognising, therefore, that it’s highly unlikely any business can be good at everything so that ‘focus’ point is about a business identifying where its core competencies lie and what allows it to do something differentiating and compete effectively. [The question then] is how to partner with the other capabilities that are still important for entire business delivery, in a way that helps the business amplify its competencies.”
Pro’s modus operandi is that “focus fuels success”, Lewis said, and recognising that is of increasing relevance to clients as he believes that the businesses that will survive the upheaval of current market conditions will be those that have identified their core competencies and play to those strengths. For Pro, it’s not a case of ‘do as I say, not as I do’ and he noted that this messaging around focus is one it takes very seriously as it explores where it needs to partner strategically in order to amplify its client offering.
If you get that strategic partnership piece right, he said, that should be mutually beneficial for your business, your partners and your clients alike. He highlighted an example of this in the way that Pro looks to support its clients. Ultimately, the team’s aim is to help a business transform and respond to the challenges, not just of the market of today but also the market of tomorrow. When the market of tomorrow looks set to be influenced by factors such as technology and data analytics, the pressing need is to produce a holistic, transformative offering built to negotiate changing market conditions.
“Now you can look at that and either ask whether we should build the necessary transformative technology and analytical capabilities or whether there are other organisations out there for whom that it is their bread and butter, their focus,” he said. “We ask, ‘are we better to marry Pro’s practioner competencies together with a partner’s tech & analytical capabilities to provide that comprehensive transformative offering to our clients?’ And why is that a win-win? Well, it’s a win-win, because quite often one of the failure points of technological transformation is a lack of practitioner-led understanding.”
In the above scenario, what Pro brings to its partners is the ability to assure their implementation, Lewis said. At the same time, what they bring to Pro is the ability to broaden its offering to make it more transformative so Pro can address its clients’ challenges. And what clients receive as a result of that, is a holistic transformative offering, he said.
Read next: Pro Global team reveal the legacy claims insurers should be considering
The value in identifying what you’re good at and finding partnerships to fill in the gaps has been firmly instilled in Lewis by his experiences working across a variety of roles in insurance. Before Pro, he lived his insurance life on the carrier side, operating in large composites that looked to provide insurance coverage on a global basis and across every line of business – from personal lines, to small ticket corporate, to large international programmes.
“And yet, what you often find is, in every one of those dimensions, you face off in the market against a mono-line insurer,” he said. “That mono-line insurer, all they do every single day is get out of bed and worry about that mono-line. And what you’re trying to do as a composite is solve all of that continuously, so you’re making trade-offs. So, are you as sharply focused on what it takes to win?
“There are many examples in our industry that demonstrate that focus gives you an advantage. The classic example is personal lines motors in the UK and Admiral. It’s that focus that has allowed them to ultimately deliver profitability throughout what was a highly challenged market during the last 20 to 25 years. And you can find many of those types of examples in our industry, but it’s not just reflective of our industry, it’s a thematic issue that I think plays out across any sector.”
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Name: Steve Lewis
Job title: CEO
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