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   * Workers’ Comp Forum
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ONE MONTH: THAT’S ALL IT TOOK FOR STAPLES’ KAREN DALTON TO PUT HER IDEAL
WORKERS’ COMP PROGRAM INTO PLAY

Staples’ Karen Dalton partnered with a new TPA to implement a claims management
program in less than a month.
By: Courtney DuChene | September 2, 2021
Topics: Profiles | Retail | Risk All Stars | Risk Management | September 2021
Issue | Workers' Comp | Workers' Comp Forum



Karen Dalton, senior manager of risk management for Staples, describes herself
as a “go-getter.” When she sees a problem in her company, she immediately wants
to jump in and start addressing it.

“If I see an issue, I want to tackle it, resolve it and move on,” Dalton said.

Her persistence in problem solving is one of the qualities that made her a
perfect fit to help her company Staples, and its subsidiary Essendant, overhaul
its claims management program.

The enterprise had been working with the same TPA for the workers’ compensation
program for over a decade, but when it came time for renewal, Dalton found the
offer she received was less than competitive.

Not only that, but Staples was using various vendors from within its risk
management department that made the program difficult to manage. A lack of
integration and consistency made it difficult for both injured workers to use
the system and for claims adjusters to intervene early on if a claim was
derailing.

Dalton wanted an integrated system that could use artificial intelligence to
benchmark claims, and she wanted it now.

“I didn’t want to wait that extra year and try to figure out if we could do
something else, because from a cost perspective, it was just exorbitant,” Dalton
said.

Instead of waiting, Dalton partnered with CorVel and immediately got to work
getting a new claims management program off the ground. She worked around
vacations and holidays to ensure the program would be up and running in less
than a month.

The new system is the CorVel 24/7 advocacy call line, which employees can call
to report a workplace injury at any time. The line is staffed by health care
professionals who can help workers determine whether self-care, telehealth or
in-person services are needed to treat the injury.



In the event of a workers’ comp claim, the system immediately provides adjusters
with all of the necessary medical records, and they work proactively with the
injured worker to ensure a full recovery.

Working with a new TPA has led to a 50-70% claim avoidance rate per month for
the company, and 53% of calls to the advocacy line have been treated with basic
first aid or self-care.

The company now has a 73% claims closure rate and no litigation so far under the
new system.

“She knew what wasn’t working with her current program and was straight forward
about where she wanted to see change. She has an ability to navigate through
contracts and implementation planning with a thorough understanding of the
claims and risk management process,” said Lisa Anastos, a CorVel account
executive who has worked with Dalton. &

--------------------------------------------------------------------------------

Every year, Risk & Insurance selects deserving candidates to become Risk All
Stars. These are risk managers who, through their perseverance, passion and
creativity, make a big difference to the stability of their organizations.

See all the 2021 Risk All Star Winners here.

Courtney DuChene is a freelance journalist based in Philadelphia. She can be
reached at riskletters@theinstitutes.org.





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SPONSORED: AXA XL



A CYBER INSURANCE BACKSTOP? HOLD ON — WE NEED TO BUILD RESILIENCY FIRST

Skyrocketing cyber insurance rates have many wondering if a federal backstop is
needed. Experts say we need to tackle cybersecurity controls first.
By: AXA XL | June 1, 2024

Insureds felt the pain of major cyber insurance rate increases in 2021 and 2022.
Premiums jumped 50% in 2022, Bloomberg reported, as hackers launched more
frequent ransomware attacks and other cyber intrusions.

The good news? We might be starting to see the calm after the storm.

Today, cyber insurance prices are moderating — rates flattened or decreased in
2023, even as the number of ransomware attacks rose — and are expected to
continue to stabilize into 2024. Still, some insureds are concerned about how
the line will mature and whether more support is needed.

“While we have insights from the past, predicting the future is difficult,” said
Michelle Chia, chief underwriting officer for cyber in the Americas at AXA XL.

Enter public-private partnerships. Governments and insurers can work together to
foster stability in the cyber space. A mix of regulations and a (potential)
government backstop could provide needed protections now that cyber is a risk
that affects every industry.

We’ll dive into what that could look like in a moment. First: Companies in all
sectors will need to step up their cybersecurity game.


BUILDING MUCH-NEEDED CYBER RESILIENCE

Michelle Chia, Chief Underwriting Officer for Cyber in the Americas, AXA XL

Many experts will point to the 2013 Target data breach as a turning point for
organizational awareness about the necessity of cybersecurity. During the
massive breach, attackers stole data from $40 million worth of consumers’ debit
and credit cards in the midst of the busy holiday shopping season.

“The Target data breach … highlighted the need for organizations to strengthen
their cybersecurity controls,” Chia said.

The Target breach was a major event, but back in 2013, many believed smaller
companies didn’t need to worry about cyber risk. That’s quickly changing, as
cybercriminals have started targeting organizations in every sector and of every
size. From 2018 to 2019, Chia said, ransomware became an epidemic — there were
over 206 million attempted attacks in 2018 and over 187 million in 2019 —
causing insurers to raise rates, tighten terms and require insureds to adopt
cybersecurity controls like multifactor authentication.

“All organizations connected to the internet have some level of exposure —
regardless of their data or industry,” Chia said.

Hackers are always learning new tricks, too, which makes cyber exposures
difficult to manage. As soon as an insured adequately prepares for one type of
attack, a new one is likely to pop up, a predicament that leaves many
vulnerable.

“Unlike traditional insurance lines, cyber risk is constantly changing,
requiring continuous adaptation and improvement of controls and risk management
strategies,” Chia said.


WHAT WOULD A PUBLIC-PRIVATE CYBER PARTNERSHIP LOOK LIKE?

Given the dynamic nature of cyber exposures and the ubiquity of digital
technologies, governments might step in to create public-private partnerships to
tackle cyber threats. Many view this step as logical, as cyberattacks could
substantially threaten economic stability.

“Public-private partnerships are crucial for managing cyber risk and enabling
both economic and social stability,” Chia said.

These public-private partnerships could be as simple as governments enacting
policies and regulations, then stepping in to require companies to use various
cybersecurity controls. Think of it like seat belt laws: They help make everyone
safer and keep loss costs down.

Or the government could create a federal backstop for cyber insurance claims, as
they did with terrorism claims through the Terrorism Risk Insurance Act in the
aftermath of 9/11. A government backstop would allow insurance companies and the
federal government to share the costs of cyber claims — something that would be
helpful for exposures like cyber warfare, which are difficult to price and
protect against.

“Cyber activity is not currently included under the traditional war umbrella as
defined by international groups,” Chia said.

“Insurers cannot predict when cyber war activity will occur, how long it will
last or the extent of its impact on the parties involved. Many insureds do not
have access to the military-grade tools necessary to protect and defend
themselves against such attacks. This combination of factors makes pricing and
scaling coverage for these risks extremely difficult.”

Before public-private partnerships can be considered, insureds need to reach a
base level of cyber hygiene. The government has stepped in to regulate many
industries touched by insurance (auto and workers’ comp, for example). But
unlike cyber, those industries were mature and safety practices were more
commonly accepted when the public part of those public-private partnerships came
in, according to Chia.

“There is a general consensus that there may be an opportunity for the public
sector to create a financial safety net,” she said. “[But] until awareness and
adoption improve, the specifics of a financial backstop remain a question mark.”

Still, public-private partnerships are a step toward acknowledging the pivotal
role digital technologies play in our lives. The government stepped in to make
auto insurance compulsory because cars forever changed how people got around;
cellphones, computers and other technology have had a similarly world-altering
impact.

“Even small glitches in these digital systems can cause ripple effects that grow
into catastrophic waves,” Chia said. “Cyber risk is a societal concern, and
cyber tsunamis can be detrimental to economic stability.”


PARTNERING WITH AN INSURER FOCUSED ON RESILIENCE

Whether or not public-private cyber insurance partnerships come to fruition,
insureds need to partner with carriers that prioritize working with their
clients to build good cyber hygiene habits.

Taking actions to protect cybersecurity — like using multifactor authentication
or logging in through a VPN — needs to be as automatic as buckling a seat belt
or evacuating when you hear a fire alarm.

“Just as fire drills have been fully socialized and practiced since elementary
school, we should adopt a similar approach to cybersecurity education,” Chia
said. “Teaching cybersecurity safety from a young age — much like we do with
fire, earthquake or tornado drills — can help build a culture of awareness and
mitigation in our everyday lives.”

AXA XL is a leader in helping insureds improve their cyber resiliency. It
leverages its knowledge of cyber risks and mitigation tools to help its clients
protect their businesses, improving societal cybersecurity in the process.

As an insurer, it has substantial knowledge of how to assess and price cyber
risks. In consolidating markets, AXA XL strives to reduce its reliance on
reinsurance and focus strategically on specialty lines of business.

“The insurance industry’s role is to make organizations whole for quantifiable
risks,” Chia said. “Cyber insurance is no different. There are quantifiable
exposures within cyber insurance policies that can be evaluated based on
historical information, even if they are systemic in nature.”

Insureds can trust AXA XL’s commitment to helping them protect themselves from
cyber risks. Carrier partners can evaluate cybersecurity tools to ensure
organizational fit and guide insureds through the process of introducing these
tools.

“Cybersecurity controls are an ongoing journey for all organizations, regardless
of size or industry,” Chia said. “Purchasing the best tools without correct
implementation leaves companies vulnerable.”

By acting as a trusted leader for insureds, AXA XL can help them adapt to cyber
risk’s constant pivots.

“Truly resilient organizations are those that can adapt quickly to changing
circumstances,” Chia said. “[They] prioritize risk management and have
contingency plans in place to handle potential disruptions.”

Chia recently attended a cyber conference and one of the speakers made a point
often repeated in the cyber insurance world: having any kind of plan in the
event of an attack is better than having no plan at all.

Insurers are well-positioned to help develop these plans given their long
history managing risks and helping organizations build resilience. If the cyber
insurance landscape evolves to include public-private partnerships, strong
insurers will help pave the way toward a world suited for today’s critical cyber
risks.

“Insurers have paid thousands of cyber claims, providing a collective experience
to identify trends, insights and best practices,” Chia said. “The insurance
industry is well positioned for the private portion of the partnership.”

To learn more, visit: https://axaxl.com/.




This article was produced by the R&I Brand Studio, a unit of the advertising
department of Risk & Insurance, in collaboration with AXA XL. The editorial
staff of Risk & Insurance had no role in its preparation.

AXA XL, the property & casualty and specialty risk division of AXA, provides
insurance and risk management products and services for mid-sized companies
through to large multinationals, and reinsurance solutions to insurance
companies globally. We partner with those who move the world forward. To learn
more, visit www.axaxl.com.







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