Magazine article Risk Management

One Buyer's Renewal Experience

Magazine article Risk Management

One Buyer's Renewal Experience

Article excerpt

Using strategies that included early planning, face-to-face meetings with underwriters and IT staff involvement, Carolyn Snow, director of risk management at Humana Inc., was able to capitalize on the current insurance market for renewals. The company achieved good results, even in areas where pricing is escalating. While the company's renewals were favorable overall, commercial auto and cyber demanded more attention.

"Auto is obviously an area where experience is developing unfavorably for insurers," Snow said. Humana owns more than 300 vehicles, primarily in South Florida, used to transport Medicaid members to physician appointments at the company's clinics.

To keep premiums from escalating, the company tied its automobile coverage to workers compensation. "Our workers comp experience is very good and it supports the automobile coverage," she said. Other tactics to keep auto premiums stable included taking on more of the risk with a larger deductible and staying with the incumbent insurer.

Cyber renewal was also a concern, especially after a disappointing renewal last year. Because health care is an industry that handles valuable information and has had major breaches, "it is not considered to be very desirable by insurers," Snow said. …

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