Page 54 - HopeWest
P. 54
Healthcare practice
Our approach
Although it tends to receive the most focus and attention, marketing is only a small part of what a broker does. We believe what
happens the rest of the year can have a greater impact on the success/failure of a program. Our approach is below.
The speed of change
1 ANALYSIS in today’s healthcare
Focus: financial efficiency/informed decision- environment has
2 MARKETING
making led to pressure on
Strategic Focus: reduce total cost of risk, CONSULTING AND the basic framework
• What are the institution’s inancial and minimize frictional costs, and broken 3 and understanding
strategic priorities? terms and conditions ADMINISTRATION
• What strategies are deployed to grow Strategic Focus: reduce variable costs and of traditional risk
enrollment both domestically and • Exert the client’s premium leverage provide ongoing risk management management.
internationally? with underwriters. support
• Is a campaign active or nearing? • Restructure programs and Strategic Healthcare
• How are donors reacting to “safe places,” etc., retentions. • Account management. organizations must
following the election? • Eliminate coverage gaps and • Risk control services.
• Has the risk program evolved to keep pace with weaknesses (all lines). • Claims advocacy and consulting. rethink their strategies
changes in the institution/economy? • Evaluate self-insured/underinsured and develop new
• Are retentions/limits rational and inancially exposures. Tactical
eficient? • Deploy Lockton’s proven marketing • Exposure analysis of company approaches to dealing
• Utilize quantitative tools necessary to make approach. operations — review of direct and with an ever-increasing
contingent exposures.
decisions and track results? Tactical
Tactical • Preparation of detailed, • Complete claim handling level of complexity and
instructions.
• Detailed review of coverage terms and underwriting speciications. • Market updates and assistance regulation.
conditions, policy wordings, and manuscript • Direct involvement in face-to-face with preparation of management
policy provisions. brokering of the client to senior reports.
• Analytics. underwriters. • Contract reviews/risk transfer.
• Loss projections when size of risk warrants • Selection of casualty intermediaries
examination of loss sensitive programs. for excess and surplus markets.
• Retention analysis — for selection of
deductibles and alternative risk transfer models.
• Business continuity and disaster recovery
analysis.
HopeWest — Lockton: A collaborative Healthcare Practice review 54 Lockton Companies
Our approach
Although it tends to receive the most focus and attention, marketing is only a small part of what a broker does. We believe what
happens the rest of the year can have a greater impact on the success/failure of a program. Our approach is below.
The speed of change
1 ANALYSIS in today’s healthcare
Focus: financial efficiency/informed decision- environment has
2 MARKETING
making led to pressure on
Strategic Focus: reduce total cost of risk, CONSULTING AND the basic framework
• What are the institution’s inancial and minimize frictional costs, and broken 3 and understanding
strategic priorities? terms and conditions ADMINISTRATION
• What strategies are deployed to grow Strategic Focus: reduce variable costs and of traditional risk
enrollment both domestically and • Exert the client’s premium leverage provide ongoing risk management management.
internationally? with underwriters. support
• Is a campaign active or nearing? • Restructure programs and Strategic Healthcare
• How are donors reacting to “safe places,” etc., retentions. • Account management. organizations must
following the election? • Eliminate coverage gaps and • Risk control services.
• Has the risk program evolved to keep pace with weaknesses (all lines). • Claims advocacy and consulting. rethink their strategies
changes in the institution/economy? • Evaluate self-insured/underinsured and develop new
• Are retentions/limits rational and inancially exposures. Tactical
eficient? • Deploy Lockton’s proven marketing • Exposure analysis of company approaches to dealing
• Utilize quantitative tools necessary to make approach. operations — review of direct and with an ever-increasing
contingent exposures.
decisions and track results? Tactical
Tactical • Preparation of detailed, • Complete claim handling level of complexity and
instructions.
• Detailed review of coverage terms and underwriting speciications. • Market updates and assistance regulation.
conditions, policy wordings, and manuscript • Direct involvement in face-to-face with preparation of management
policy provisions. brokering of the client to senior reports.
• Analytics. underwriters. • Contract reviews/risk transfer.
• Loss projections when size of risk warrants • Selection of casualty intermediaries
examination of loss sensitive programs. for excess and surplus markets.
• Retention analysis — for selection of
deductibles and alternative risk transfer models.
• Business continuity and disaster recovery
analysis.
HopeWest — Lockton: A collaborative Healthcare Practice review 54 Lockton Companies
