A private equity-owned $3 billion specialty retailer engaged FTI Consulting experts to right-size its insurance risk management claims function by optimizing its insurance risk management cost profile and communicating its world-class loss control and prevention and underwriting stories to the marketplace.
Our Impact
- FTI Consulting experts reduced the claims balance sheet impact by more than $6 million and the claims collateral by more than $5 million with incumbent insurance carriers.
- Our team meaningfully improved actuarial estimates by leveraging company specific loss development factors, instead of industry factors, accounting for a significant reduction in payroll and sales, and thereby improving the reserving process and credibility.
- We identified, documented and highlighted a comprehensive workers’ compensation safety and claims management profile to the market to capture these claims improvements.
Our Role
- FTI Consulting experts executed an insurance risk management claims program optimization that improved the efficacy and efficiency of claims program that in turn optimized the claims program reserves and collateral balance, while fully considering the firm’s unique risk tolerance and strategic initiatives.
- Our experts drove strategy, execution and client service delivery to ensure insurance carriers claims and credit senior leaders were involved in the review process to solve clients’ most critical needs.
- The team led the claims and loss control implementation, which highlighted a previously unrecognized workers’ compensation safety and claims management program with excellent multiyear results, despite significant exposure reductions over the years, and right-sized the casualty claims profile and associated collateral obligations.
