Ilume

The insurance company sets a date to visit your project site or location.  They arrive, conduct their interviews and evaluate your business operations.  You may receive some recommendations following the visit and then you provide your response.  Did you ever wonder what happens after that with the information from that visit?  In years past, that report got filed away in an underwriting file, perhaps never to be read again.  Today, however, the information, observations, and data from that report can be aggregated and analyzed in new and important ways.  The information may feed into an underwriting pricing model to impact premium decisions or even play a big part in the decision to provide a proposal.  Beyond that, the data, when integrated with claims data, provides predictive capabilities to help predict and avoid the next claim.  The power of that granular information, when harnessed, can have a direct impact on the financial results of the insurance comany and of your own business.  Many companies are leveraging the analytics behind loss control information to decrease claims and increase profits.  Risk Control Technologies is on the forefront of this data capture and evaluation.  We are thrilled to have David Pittman, AVP of Sales for Risk Control Technologies, join us for this episode and share his insights into this new horizon for insurance carriers, brokers, and clients.  

Environmental, Social, and Government (ESG) requirements are popping up everywhere.  Do you know the expectations of all the various stakeholders that impact your business?  These include project owners, general contractors, investors, lenders, insurance companies, employees, and governmental agencies.  Each comes with risk and opportunities.  Have you starting capitalizing on steps that you may have already taken?  We are thrilled to join with the Kraus-Anderson Construction Build Me Up podcast to bring you an enlightening discussion on construction environmental risk and insurance.  Mallory Thomas, a partner with Baker Tilly's risk management practice in Minneapolis joins us to discuss these emerging risk issues and ways to position your business for success; both internally and externally.  

For years, homeowners and personal automobile insurance has been an afterthought for most owners of homes and vehicles.  The policies reviewed annually without much fanfare or thought.  It seems that all of a sudden we have had a seismic shift in awareness and challenges.  2023 saw the largest number of billion dollar claim events and these were concentrated not only on the coasts but also in the interior of the country.  They ranged from flood, wind, fire, hail, and tornado activity.  This has resulted in significant profitability challenges for personal lines insurance carriers and changes in what is available in the market and what is expected of insurance purchasers.  The carriers all assume they will continue to be on the front line of these increased natural disasters and don't see a likelihood of a slow down in this activity in the coming years.  Matt Akin, leader of the personal lines business at Kraus-Anderson Insurance Agency joins us this month to shed some light on the current challenges and some possible solutions.  

Construction projects are like a big family tree with lots of lines between owners, developers, architects, engineers, general contractors, and subcontractors.  There may be nothing more tedious and more important than reviewing and understanding your contracts and agreements and how they interact will all of those other lines on the family tree.  It is rare to find experts who are able to demystify contract language while also providing practical advice that can minimize your project risks.  Our guests this month are able to do both.  We are thrilled to share the insights of Liz Poeschl of Meagher & Geer and Johnna Wangensteen of Kraus-Anderson Insurance, and we hope you can find a few ideas to benefit your risk management practices.  

Companies that learn how to anticipate a crisis can turn that event into a positive business experience and those that are unprepared may never recover.  Evaluating and imagining low frequency/high severity risks that could materialize in a five to ten year horizon allows for planning and the ability to practice various scenarios.  Crisis management through risk governance processes will add uncalculatable value to any business, large or small.  Hart Brown, the CEO of Future Point of View, joins us this month to dive into the benefits of pre-planning for a crisis and the steps required.  Hart has managed countless assessments, developed response plans, and led businesses through some of the most complex crises.  The list of potential risks continues to grow.  Are you ready for a fire, flood, shooting, cyber incident, reputational attack, or the next pandemic?  Have you considered the pending downfall of electronic encryption or the impact of an international socio-political shift?  Join us as we learn about ways to plan for those infrequent, unexpected, and severe risk events.    

A chance encounter with a table of free donuts started Scott Anderson down an actuarial career path unknown to him at the time.  Since then, Scott has become one of the best at explaining why your claim history may not really be your final claim history and how insurance companies use claim history to predict the financial future.  Do you wonder why your insurance rates increase while your historical claims seem so low?  Did you know that the profitability of your insuyrance company may be lower than that of your own busines?  Can you improve your financial planning with a good understanding of the tools that insurance companies use to predict what your claims are likely to be in future years?  Scott spent the first part of his career in senior actuarial roles with several insurance companies, helping to evaluate history and predict future claim activity.  More recently, he leads Actuarial Advisors, Inc., a successful consulting company that assists many businesses to better understand their own loss experience and plan for the financial impacts.  Join us this month as we demystify the world of claim history, rate making, and insurance finance.  

Minnesota is heading toward legalization of recreational marijuana by the end of May.  The changing landscape has already impacted, and will continue to impact employer drug testing programs.  Legalization does not change the fact that employers still very much have the ability to require a drug free workplace, however, the tools and techniques to ensure compliance are changing and getting more complex.  There may be differences between pre-employment and post-employment testing.  There will be differences between various employee types including safety sensitive jobs and individuals that are subject to federal Department of Transportation regulations.  There will continue to be differences between state regulations.  Traditional drug testing will still play an important role, and will be augmented by improved impairment recognition training, advancements in testing techniques, extreme clarity in company policy, and very consistent policy implementation.  Many employers have already adjusted to the changing landscape in order to continue to maintain a drug free workplace.  Judy Praska, owner of Fastest Labs of Bloomington joins us this month to add some perspective to this very challenging and complex issue.  

One of the greatest risks that businesses face without much of a safety net involves hiring and retaining the right people for the job.  In a tight labor market, the winners will understand the market and evolve to meet the moment.  GenZ has already entered the workforce and will be the future for many years.   This group has had unique experiences that has shaped their outlook and expectations.  Brian Johnson, co-founder and parnter at Katapult Network, focuses primarily on entry level roles for recent college graduates.  He consults with both candidates and employers to help bridge the gap between traditional hiring practices and what he calls the future of work.  Join the discussion to hear Brian's perspective and advice for leading the way and securing the talent you need to grow your business. 

There must be a better way.  At times, the traditional insurance procurement process feels inefficient and inconsistent.  The group captive model looks to turn that process on its head by returning control to you.  A captive is an insurance company that is owned by the members that it insures.  For businesses with a strong risk management and safety commitment, captives not only provide an opportunity to improve the process of procuring insurance, but also provide opportunity to decrease the cost of managing risk.  Jean Sundlof, Director of Captives at Kraus-Anderson Insurance joins us for an in depth discussion that includes an understanding of how captives work, the  ideal candidate for captive programs, and the benefits that await those captive members.  Find out if this model is right for you and ways you can take your risk management program to the next level!

Increasing property valuations, inflation, supply chain disruption, and frequency of natural catastrophes are just a few of the challenges facing the property insurance marketplace.  The forecast is for many of these challenges to persist, however, all is not lost.  More technologies and engineering solutions than ever before are available to mitigate the impact of these events.  Advanced planning can help to ensure these events cause only a distraction and not a complete disruption of your business.  Kim Kreke, Midwest Area Manager for Affiliated FM, a leading property insurance company, joins us for this episode.  Kim sheds light on the industry challenges, the impact to property owners, and some of the solutions available to reduce the impacts of these events.  

71% of the earth is covered in it.  All of us need to drink it and most businesses rely on it.  We can live in hot environments and cold environments, but we can't live without water and we can't live under the water.  Water has also been one of the leading causes of loss for the insurance industry and one of the leading risk impacts on business profitability and sustainability.  It is a vital resource, with risks that we can't afford to take for granted.  Floods, droughts, hail, rain, snow and everyday leaks are more unpredictable, more severe, and impacting more people and more geographies every day.  Divirod helps to map, manage, and predict water risks while protecting properties and saving lives.  Javier Marti, the CEO and founder of Divirod joins us this month to discuss the impact of water risks and ways to assess and prepare for various impacts.  

The insurance industry has been on the forefront of climate impacts as the frequency of storms and fires continues to increase.  Those impacts are felt throughout the entire business ecosystem.  The transition to a more resilient economy has already begun in many areas, but the legislation that has recently passed, is intended to accelerate the goal of a 40% reduction in emissions by 2030.  Through direct investments and tax incentives, the law will impact strategic plans for architects, engineers, contractors, manufacturers, agriculture, commercial real estate, municipalities, and schools.  Lindene Patton is an attorney at The Earth and Water Group in Washington DC.  She is a recognized thought leader in climate attribution liability, financial risk management, and resilience assessment.  We are thrilled to have Lindene share her insights into our transition to a more resilient climate economy and walk us through all the impacts of the new investments on the business community.  

Two million employees in the United States are impacted by workplace violence (including gun violence) each year accounting for about 15% of all workplace fatalities; putting the United States at the highest end of the risk spectrum across the globe.  Without any success in implementing policies at the societal level to combat these tragedies, employers are left to demand change and try to address this increasingly frequent risk at an individual company level.  While this challenge is both daunting and sad, employers should make every effort to include this potential in a risk management strategy to protect the safety of employees and guests.  Learn more about the issues, challenges, and some possible steps from Paul Marshall, leader of the active shooter insurance program at McGowan Program Administrators.  

Work life impacts home life and home life impacts work life.  The responsibility of the employer towards mental health is rapidly evolving. In construction, the suicide rate is 4 times the general population and mental health impacts countless other significant injuries.  Bob Swanson spent over 45 years in the construction industry, and after becoming a suicide loss survivor, he became a passionate advocate for mental health in the construction industry.  We are honored to share his story and message.  If you need immediate support, please call the national suicide prevention lifeline at 800-273-8255.

Yes, even the insurance industry innovates and transforms.  In order to stay a step ahead of the competition, our innovation leadership joins us this month to discuss the new frontier of operations within the insurance industry, and what you should be doing in your business to maximize your relationships in the industry.  Highlights include carrier and agency technology, changing roles and responsibilities, and the importance of data management.   

For decades, businesses have required certificates of insurance (COI) from subcontractors, tenants, vendors, suppliers, and other third parties to confirm evidence of insurance.  This is important to confirm that risk transfer can occur as expected in a written contract.  Problems and gaps are often only uncovered after a claim occurs and coverage that was expected to be in place does not exist.  Modern processes and technology that can improve third party risk management now incorporate machine learning and automated tracking.  Sharon Fox, Director of Business Development at TrustLayer and Justin Voerster, AVP at Kraus-Anderson Insurance, join us this month to describe the risks, challenges, and solutions.  

Did you know that in addition to a significant investment in our roads, the new infrastructure bill also includes a major commitment to making certain that those roads are safer?  Join us this month to learn more about what to expect regarding the coming innovation in highway safety and financial commitments for both workers and users of our roads from Stacy Tetschner, President and CEO of the American Traffic Safety Services Association.  

In many neighborhoods and in many cities, single-family and multi-family homes seem to be getting built at a record pace.  Is that really true?  What is different about today's construction practices?  What are the new risks and insurance industry challenges?  Katie Beck, Head of Home Builders for Berkshire Hathaway Specialty Insurance joins us to take us through these and other questions, while sharing her outlook for the industry.  Listen here or follow us on Apple Podcasts or Spotify

No risk management conversation in 2021 is complete without a discussion of the risks, impacts, and mitigation factors related to supply chain management. No businesses are immune from the impact, yet only some understand the complexities and fewer are actively taking steps to manage the risk.  We are thrilled to have Mark Meier from C.H Robinson join us for this episode of ilume. Mark is the Global Customer Operations Leader and works everyday with customers around the world to create proactive solutions to supply chain challenges and risks.  Mark shared his insights on the current state of the supply chain across the globe, the current and future impact on business operations, and some practical solutions for businesses of any size.

What's your new office or facility normal?  Businesses are not going back to anything.  Businesses are going forward to a new way of working which includes a new use of space.  The role of the architect in physical space planning had started to evolve prior to 2020, but is now seeing a  rapid transformation.  Architects are certainly responsible for designs and specifications, but often, the architect is now the chief asker of the 'why' and 'how' questions.  Jon Buggy, a partner and director at RSP Architects, is one of the leading voices in architectural strategic thinking.  Please join us this month and hear directly from Jon about the changing role of the architect and his vision for the positive impact that architecture can have on a business.  

For over 25 years, the ACE Mentor Program has been living the mission to engage, excite, and enlighten high school students to pursue careers in architecture, engineering, and construction through mentoring and continued support for their advancement into the industry.  Join us this month on ilume to listen to a few stories of success from students, mentors, and business leaders.  Our guests are Monica Worheide, Khalil Berryhill, and Saura Jost.  Monica is the National Director of Affiliates for ACE.  Khalil is currently Director, Regional Programs (Central); and has experiences as both a former mentor and student in the ACE program.  Saura is a Structural Engineer with Meyer Borgman Johnson, a current a board member of the Twin Cities affiliate, and long-time mentor in the program.

The construction industry is the latest example of an industry that is amid a digital transformation.  Out of the need for improved collaboration, improved data evaluation, and process consistency to reduce project risk, many in the industry have already experienced the benefits of this transformation.  Change is always hard, but also imperative to continue to thrive in a rapidly evolving and complex industry. In our ilume podcast discussion this month, we spoke with Brian Moore, President of Kahua; a leading software platform to provide improved process management and collaboration for all partners in the construction process.  Brian and his business partner, Scott Unger have founded several construction software companies.  Join us and learn ways to think about increasing innovation, decreasing risk, and improving profits in your business through digital processes, data analytics, and improved collaboration. 

After decades of skyrocketing insurance premiums and protracted litigation over injured worker benefits, construction trade unions and their employers persuaded Minnesota's legislature to pass legislation in 1995 allowing for an alternative workers compensation system.  The goals of the program were simple: focus attention on a safe and immediate return to light-duty work, ensure the best medical treatment protocols are followed, and achieve a return to pre-injury wages and benefits as soon as possible.  The results or 24 years have exceeded expectations.  This month we had a chance to visit with two experts from the Union Construction Workers' Compensation Program - Kevin Gregerson and Sandy Stoddard.  Kevin and Sandy shared their perspectives on the history, benefits, achievements, and future of the ADR program in Minnesota.  

Virtual healthcare has significantly evolved over the past several years, and has emerged from the pandemic as a core component of our healthcare system.  Employers can capitalize on these changes to improve the health of their employees and improve the efficiency and cost of delivering healthcare.  These opportunities exist as part of employee benefit programs, wellness programs, and workers compensation programs.  In addition, virtual healthcare is playing a big role in addressing the challenges of healthcare equity.  On ilume this month, we caught up with Mike King and Corey Cushing from Teledoc, a leading provider of virtual solutions to share the most current advances and emerging opportunities.  

Vaccines are the single best tool that we have to bring this pandemic to a close.  Complex equity issues remain around vaccine distribution, and employers can play an important role in addressing these issues by focusing on the health and wellness of employees; which will help to return the business to a more normal environment.  Learn more about the most current vaccine information and the role of the employer, in this engaging discussion with Dr. Kevin Ronneberg, Vice President and Associate Medical Director of Health Initiatives at HeathPartners, and Daniel Rehrauer, Senior Manager, Medication Therapy Management Program and Quality at HealthPartners.   Emma Willcox also shares her KA story and thoughts on telemedicine.  

The first auto insurance policy in the US was purchased less than 125 years ago.  The pace of change is accelerating.  Learn about the short term changes including data driven underwriting, as well as longer term changes resulting from driverless vehicles, that are expected to impact fleet owners in the coming years.  Jay Williams from The National Alliance for Insurance Education and Research and Matt Akin from Kraus-Anderson share their perspectives on the past, present, and future.  

Your company's brand is a hugely important asset and can be impacted in a second, by any given decision or action.  Claims with high frequency don't tend to rise to the level of brand impact, however less frequent, but more severe claims often can have a lasting impact on both the health of the business and the impacted employee.  Examples are multiplying in the areas of employment practices, directors and officers liability, and cyber security.  Jeanine Loomis, SVP of RT Specialty, LLC joins us this month for a discussion of trends in these areas and practical risk management techniques.

Jonathan Halloran has followed a fascinating journey from underwriter to founder and CEO of American Homebuilders of West Africa.  He brings a unique perspective for business leaders related to embedding culture and risk in daily decision making.  Jonathan shares his insights that can help any business harness the opportunity of risk.  In our employee profile, Jenny Pine, shares her perspectives as a former business owner and current employee benefits advisor.  Follow us on iTunes, Spotify, or Amazon Music! American Homebuilders of West Africa

The only thing we know for sure about the pending new normal is that it will be different from the old normal.  Business transformation and innovation have never been more important factors in the long term success of a business.  In some ways this brings new risks to the strategy, however, expecting to remain the same brings even greater risks.  In this episode, Justin Gress from AXA XL joins us to discuss strategies for transformation and innovation.  Listen and learn from his experience in identifying opportunities, managing the risks and implementing change.

Insurance is a service that touches every other industry.   Change in insurance fundamentals impacts every business.  Join us for an enlightening discussion with Stu Henderson, CEO of Western National Insurance to learn more about the industry and impact on your business.  

In this inaugural episode, we focus on the single largest risk to any business - people.  Our guest, Sara Warnke of Kendell Doors and Hardware shares her strategies for embracing this risk and ensuring engaged and motivated employees.  Justin Voerster also joins us to share some insights about his role at Kraus-Anderson Insurance and how he focuses on mentoring and personal customer engagement.