Annual Risk Evaluation Time
In risk management, this is one of the most interesting, and one of my favorite, times of the year. I do not mean football season, or the leaves changing. I am referring to insurance renewal time.
Every fall, Faith Technologies goes through the process of reviewing and renewing its insurance policies. It is a great opportunity to identify in stark, real numbers what transpired over the last year. We assess whether goals were met, what opportunities exist to improve, identify trends, and establish new goals for 2016.
As Faith Technologies’ strategic partner, our insurance carrier has vested interest in our growth and development. The insurance carriers require being provided with a large amount of information during the renewal process, and in order to accomplish this, we collaborate with multiple internal groups, including accounting, preconstruction and safety. This provides a unique opportunity to have a candid and frank discussion about the raw data, as the information that is gathered ranges from the mundane to challenging; how many employees have we grown by; or what percentage of our overall work is the industrial vertical, medical, high rise, etc.. All of our departments work together to provide this information internally.
Faith Technologies has almost completed its renewal process for 2016, and so far the data obtained provides an undiluted “spin-free” confirmation of the fantastic growth we have been experiencing. Despite the dramatic growth, the data shows that the company’s attention to its core value (safety) is paying dividends by continuing to trend down in all forms of losses.
Speaking from experience, other companies should use this time of year and the opportunity afforded it in the insurance renewal process to perform a frank evaluation of itself. Not only in terms of how it has performed in the prior year or more, but also assessing if it’s performing to the level it desires.
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