Going beyond renewal: how Miller helps firms improve their risk management strategies
Specialist risk and insurance broker Miller Insurance Services outlines two recent examples where it provided meaningful and practical support to help two firms improve their risk management strategies
Streamlining claims data management
Miller was appointed by a firm going through a period of growth, which came after the firm had undertaken multiple acquisitions over a period of a few years. The firm had become a global multi-discipline practice and due to this, the management of all the claims data had become increasingly difficult. Each legacy entity had multiple claim summaries in different formats making keeping track of the claim history very problematic.
Miller’s claims team managed the collation of data and presented it in a combined report, making the data easily accessible and clear. The broker proactively managed the run-off of the legacy claims and updated the report to ensure it remained accurate at all times. Patterns were identified and working with its risk management team, Miller assisted the firm in articulating the lessons learnt.
As a result of Miller’s involvement, the firm now has a more manageable and clear claims data system, which aids in identifying potential risks and implementing appropriate mitigations. This has not only streamlined the firm’s operations, but also enhanced its overall risk management capabilities.
Redesigning client onboarding process
A different law firm client had experienced several high-value claims, including two arising from a specific type of residential property work that, according to its proposal form, the firm did not undertake.
Miller’s risk manager undertook a forensic review of the firm’s claims and followed up with an office-based analysis of its working practices and matter management. While the firm did have a strategy document that considered areas of growth and non-core/out-of-appetite areas of practice, these had not been translated into live working practices. Moreover, the firm’s risk assessment processes were largely AML-focused and failed to adequately consider or flag a wider set of important risk factors.
Miller recognises client onboarding — and specifically client and matter risk assessment — as one of the single most critical risk controls a law firm can implement, and has worked with several clients on implementing strategic risk improvements, where redesigning the client onboarding process has formed a critical element.
For this particular law firm, Miller delivered a series of practical workshops to implement departmental risk appetite frameworks and translate these into live onboarding practices. This also enabled the firm to better identify, manage and report on higher-risk matters, which facilitated targeted additional oversight and audit.
This information also helped the firm evidence its risk profile to insurers in renewal negotiations, helping counter the impact of the number of high-value claims on the availability of competitive renewal terms.
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