** Meeting summary notes **
Fall 2009 North America Risk Management Council
Yountville (Napa), California
September 9-10, 2009
Risk Management Council Members in attendance (alpha order):
Steve Allison, The Shaw Group, Inc.
Dan Baldwin, Leggett & Platt
Mike Bergines, eBay
David Binder, Nestle USA
Tim Bunt, CB Richard Ellis
Vince Coffey, Novelis, Inc.
Mark Davis, Constellation Brands, Inc.
Manny DiFilippo, George Weston Limited
Howard Edelstein, Sealed Air Corporation
Paula Gentile, MGM Mirage
Greg Hoff, ServiceMaster
Leslie Lamb, Cisco
Glenn Peterson, EWI/Contran
Dora Pisano, Illinois Tool Works, Inc.
Stacey Regan, General Electric Company
Debbie Rodgers, Aramark
Scott Sanderson, Koch Industries, Inc.
Alain Simard, Saputo Inc.
David Spruance, Republic Services, Inc.
Claudia Temple, Kraft
Marty Timpano, SYSCO Corporation
Heidrun Toben, Alstom, Inc.
William Zachry, Safeway
Zurich attendees and presenters (alpha order):
Chris Barnes – Chief Claims Officer, Global Corporate
Valerie Butt – EVP, Customer Relationship Management, GCiNA
Robert Curtis – Head of Strategic Risk Solutions Group, GCiNA
JP Fowler – EVP, Customer Relationship Management, GCiNA
Monique Hesseling – Chief Marketing Officer, Zurich Global Energy
Daniel Hofmann - Group Chief Economist, Zurich Financial Services (via teleconference)
Paul Horgan - CUO, GCiNA
Mike Kerner - CEO, GCiNA
Brenda Lombardo - SVP, Head of Marketing, GCiNA
Lisa Jablonski – Chief Administrative Officer, GCiNA
Greg Maguire – Head of Customer & Distribution, GCiNA
Kevin McCracken - EVP, Head of Casualty, GCiNA
Bob Peretti – Broker Relationship Leader, GCiNA
Jason Schupp – Head of Regulatory Affairs, Zurich North America
Joe Tocco - EVP, Head of Property, GCiNA
Urs Uhlmann - SVP, Head of Corporate Business, Global Corporate Canada
Mario Vitale - CEO, Global Corporate
Sherif Zakhary – Head of Corporate Life & Pensions, Zurich Global Life
Welcome new members:
Steve Allison, The Shaw Group Inc.
Dan Baldwin - Leggett & Platt
Mike Bergines – eBay
Dora Pisano – Illinois Tool Works Inc.
Stacey Regan – General Electric Company
Alain Simard – Saputo Inc.
David Spruance – Republic Services, Inc.
Claudia Temple – Kraft
William Zachry – Safeway
Key messages
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While many challenges remain in the marketplace, Zurich's has had a very positive result
so far in 2009.
Zurich continues to manage risk conservatively to ensure financial strength and stability
and to be there for customers when they need our help.
Zurich's culture of customer centricity is embedded throughout the organization and is
totally focused on delivering what matters to our customers.
Zurich is on a journey of organizational transformation that will ultimately deliver a
consistent customer experience everywhere in the world.
Zurich's talent management philosophy is having the right people in the right places.
Among our key emphases for profitable growth are international program property &
casualty business, marine and foreign casualty.
We will continue to rely heavily on a market-leading relationship leader model for
managing and strengthening our customer relationships.
Greg Maguire, Head of Customer & Distribution Management,
GCiNA – Welcome and Overview of RMC
Welcome
 Best-attended RMC meeting to date – 23 members in attendance..
 Introduce special guests:
o Sherif Zakhary
o Jason Schupp
o Daniel Hofmann
 Welcome new members:
o (See list above)
 Thanks to retiring members.
 Thank you for your involvement & feedback and taking the time to join us.
 Greatly value relationships we've built both individually and through the Council.
 This is YOUR COUNCIL! We are here to speak frankly with you and to listen to what you
have to say.
 We will take away your recommendations, ideas, criticisms, etc., and we will act on them!
Why the RMC?
 Encourage constructive dialog between large corporations and Zurich.
 Establish two-way communication between Zurich senior management and industry
representatives on economic, regulatory and social issues which may affect our industry
or our customers' industries.
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Create an understanding of Zurich and of its customers' product and service needs so as
to align our respective operations to meet these needs.
Provide Risk Managers an opportunity to exchange information.
Seek collaborative development of tangible solutions
Reminder to members…
 Be sure to consult the RMC Members Only site often!
 Your site is now also an embedded link within your Zurich Virtual Concierge!
Zurich Virtual Concierge preview
 Click around and "Hunt for the Golden Bell."
 Familiarize with your personal ZVC.
 Check out the Zurich Virtual Literature Rack, also a link from your ZVC.
 The VLR is a state-of-the-art catalog of Zurich information, solutions and services
 Mission statement, objectives, terms of service, membership criteria.
Mario Vitale, CEO, Global Corporate – Opening remarks
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First face-to-face meeting in a year; supported expense reduction goals.
We appreciated members' support.
Still nothing better than face-to-face.
No one could have imagined the events of the past 12 months and the impact on the
economic environment.
Let's review ZFS results; state of the market; customer centricity activities.
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Zurich results:
o ZFS fared better than competitors.
o Spent much of the first half of 2009 visiting customers.
o 26 straight quarters of profitability; three quarters of increasing profitability since
crisis hit in September 2008.
o Impact on financials – top line with local currency adjustment up 2 percent.
o Grew policyholder surplus by 14 percent.
o Combined ratio flat; a good result in this environment.
o Again, fared much better than everyone else; stock rising.
o Zurich managing risks well; strong risk management program in place.
o Axel Lehmann, Group Chief Risk Officer, Zurich Financial Services, has
managed well and taken right actions on investment portfolio; well-managed
approach that helped us during first half of year.
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New CEO
o Jim Schiro did a fabulous job of managing financial operations; now retiring.
o New CEO promoted internally; Martin Senn.
o Martin has played major role in strong Zurich result; managed investment
portfolio.
o Martin's approach will be to maintain consistency of our approach in the coming
years, good news for all of us.
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Global Corporate focus
o Our focus is on the delivery of our value proposition.
o 13,000 customers in 190 countries.
o Zurich number 2 worldwide.
o Focus is to grow business, grow profit and improve loss ratios/expenses.
o Difficult to measure market share.
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Customer exposures were shrinking due to economy, but Zurich's position
remains strong.
Managing improvement in loss ratio; less catastrophes; managing expense
ratios.
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State of the market – Challenges
o Despite financial stresses, competition strong and industry results not good.
o Capacity shrinking.
o Zurich working to be responsible; strong balance sheet.
o Continue to invest in our businesses; $40 million in improvements to make us
more efficient and effective.
o Technology updates: Underwriting Workstation tool to assist underwriters around
the world; pricing accuracy, etc.
o Zurich guided by your need for 100 percent transparency.
o Increased regulatory actions will have many implications; global issue.
o Increased governance will raise costs to insurers and may be reflected in rates.
o Insurance and banking.
 Be compliant
 Consult with regulators
 Keep costs down
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Customer centricity
o "Delivering to you when it matters" – what does that mean?
o How do you feel we are doing in the journey that we are on?
o The commitment to be customer centric is more than just wanting to run an ad
campaign.
o We take the feedback you give us and measure how we are doing on the
journey; the journey will require action on our part.
o Customer centricity embedded in our culture.
o Global Corporate can be Number One:
 Financial stability critical
 Operational stability critical
 Value proposition/global network
 Transparency/consistency
 Professional claims and customer services – how we respond and how
fast
 Risk engineering – worldwide, second-to-none, strongest
o Relationship Management Model
 Delivered seamlessly around the world
 Model that others are trying to copy
 Zurich delivers on its promises
 Worldwide team – refining & growing
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Six reasons why Global Corporate is best positioned to meet customer needs
o Financial and operational stability
o Global network
o Transparency & consistency
o Professional claims & customer service
o Risk engineering expertise
o Relationship management model
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(To RMC members) How are we doing? Are we being successful? What needs to
be improved?
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Question – Manny DiFilippo – We have some lines of business with AIG and a
lot of business with Zurich; what is your view about what went wrong at AIG and
what is Zurich doing differently?
Vitale – Great question. Zurich practices holistic risk management approach.
Zurich's approach to risk is a spectrum of "keep/transfer/mitigate." Jim Schiro got
Zurich out of credit default swaps years ago. Zurich manages our risk and
balance sheet in a way that makes a great deal of difference.
Kerner – Difficult question (AIG). The internal model we use is one in which we
manage our risk to maintain an AA rating. Some of the banks didn't accurately
assess the 2,000-year event.
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Question – Manny DiFilippo – Is Zurich's philosophy part of Swiss culture? Is it
just that there is a different tolerance for risk?
Vitale – Yes, it is a philosophy and a culture. Leadership is conservative;
seriously manage risk, even the risks of our investment portfolio.
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Comment – Heidrun Toben – Financial products were badly understood;
insurance is a different matter. Situation we saw was similar to what Lloyd's went
through in the late 80s and 90s with the spiral. Surprised the press didn't pick up
on that.
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Question – Paula Gentile – What is Zurich's definition of market leadership?
Vitale – Zurich wants to be the most relevant market for customers; ultimately
the number one choice; maintain strong balance sheet.
Mike Kerner, CEO, GCiNA – GCiNA results and outlook
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In 2009, Global Corporate in North America has faced a lot of challenges.
Tough year:
o Hurricane Ike
o Interest rate issues
o Reinsurers raising rates
We knew we needed to get own house in order.
At this point, took a lot of the right actions.
We have great confidence going forward.
Grew our business according to our strategy.
Underwriting margin improvement
 Four key components
o Pricing strategy– taking a differentiated approach
o Targeted new business writings that meet our target returns
o Technical Excellence
o Generate greater fee income through selling more value added service
Strategies/Priorities for 2009
 Operational transformation
 Profitable growth
 Customer centricity
 Talent management
Delivering what customers need
 Feedback from customers.
 Remain a strong financial partner.
 Pass along Zurich efficiencies to customers.
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Deliver One Zurich experience for customers around the globe.
Be a market leader and consistent performer.
Employer of choice and actively seek young talent.
Target for growth – International business
 IPB Property
 Foreign casualty
Global Corporate Transformation Program
 Globally integrated approach
 Some approaches need to remain local and regional
 Need to be consistent in approach either way
 Delivering the proposition sales materials; products/propositions
 Consistent approach
Zurich Virtual Concierge & Virtual Literature Rack
 Two revolutionary, online tools
 Developed to enhance our communication with you
In summary
 Good year so far in 2009
 Many challenges
 Strategy in place to achieve the right returns and the right margins
 Operational transformation – right people doing the right things
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Question – Howard Edelstein – Who gets better treatment when it comes to
rate actions – long-term customers or new and potential customers?
Kerner – Zurich's underwriting Technical Price applies to both.
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Comment – Steve Allison – I would like to know more about your people
strategy; I've had five underwriters in four years.
Kerner – Zurich is working hard to attract good people; an increasing number of
people want to join Zurich; Global Associate program helping with the
development of our best people.
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Comment – David Spruance – We can help you define your market strategy;
need consistency; focus on us; we want you to be there in five years; our focus is
not on market growth but on whether you will be there for us in five years when
we need the consistency.
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Comment – Manny DiFilippo – Canada & US seamless; we funnel our business
through Urs; we have trust and leverage; we get what we need; it just happens,
whether US or Canada.
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Comment – Kevin McCracken (Zurich) – Our underwriters know if it is a
relationship account and provide special treatment; it's working, good feedback.
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Question – Heidrun Toben – How much clout does the relationship leader
have? Does it break down silos?
Kerner – Broadly; there is an underwriting chain of command, but the
relationship leader is influential, especially in Whole Account View; relationship
leaders have underwriting expertise but do not have authority; free to come to
Paul Horgan anytime.
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Comment – JP Fowler (Zurich) – Mario and Mike have specific expectations
about RLs:
 Senior Zurich executive
 Living the brand
 High credibility
 Ability to escalate
Jason Schupp, Head of Regulatory Affairs, Zurich North America
– U.S. regulatory trends
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Traditional insurance model for catastrophes:
o Funds to respond exist before catastrophe
o Private markets compete to establish risk and price
o Insurance pricing sends clear message to buyers about their risk
o Buyers incented to take steps to mitigate risk.
Emerging government debt-based catastrophe model:
o Funds borrowed to respond after CAT
o Borrowed funds paid back in part with policyholder assessments
o Liquidity to pay for event immediately from pre-event debt
o Risk-price signals distorted
o Cost of risk externalized from risk takers
o Cost of risk shifted forward in time
Debt-based programs have exploded – Texas, Mississippi, North Carolina.
Zurich opposes post-event, debt-based financing.
Zurich favors improving existing facilities; impressing upon customers the real cost of
risk.
Encourage state facilities to purchase reinsurance.
Zurich actively works with customers to help them reduce exposures.
CAT modeling will continue to take larger role.
Suggested that Zurich connect more closely with customers in addressing issues and
challenges that affect all of us.
Engage both Zurich and customer voices in dialogues with regulators and legislators over
issues that affect the practice of risk management.
Consider developing a section of the Virtual Concierge dedicated to regulatory issues.
Greg Maguire, Head of Customer & Distribution Management,
GCiNA – NA Customer Satisfaction & Loyalty Survey
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Conducted a pilot Customer Satisfaction & Loyalty Survey polling 105 of 400 North
America Relationship Customers, along with 80 Market Customers.
Thanks to the 14 RMC customers who participated; your group was well represented.
Survey conducted by professional research firm – TNS.
Process undertaken to gain understanding across all business divisions about how
customers see us, where we rate in their estimation and what we can do to improve
areas where improvement is needed.
Currently, research firm has no insurance industry benchmarks; used North American
Corporate Banking which has similar characteristics; business-to-business, etc.
Scale of 1-5, with 1 = poor; 5 = excellent.
Four overarching questions:
o How would you rate overall performance of Zurich?
o Would you recommend Zurich to a colleague or another company?
o Would you repurchase coverage from Zurich?
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Does Zurich give your business advantages that you could not get from one of
our competitors?
QUESTION 1: How would you rate overall performance of Zurich?
o TNS survey result: Zurich 4.1 versus benchmark 3.8.
QUESTION 2: Would you recommend Zurich to a colleague or another company?
o TNS survey result: Zurich 4.5 versus benchmark 3.9.
QUESTION 3: Would you repurchase coverage from Zurich?
o TNS survey result: Zurich 4.5 versus benchmark 4.1.
QUESTION 4: Does Zurich give your business advantages that you could not get
from one of our competitors?
o TNS survey result: Zurich 3.5 versus benchmark 3.3.
Some additional questions were segmented into a number of attributes:
o "Overall experience" (28 distinct attributes) – Z Index of 90.
o "Claims experience" (15 attributes) – Z Index of 89.
o "Transaction experience" (11 attributes) – Z Index of 90.
Zurich's overall index from all four questions was 90, which places us in the Top 10
percent of the High Retention category.
Survey is a good starting point on Zurich's journey to address areas that are of
importance to our Customers, and that which require us to improve our performance.
Goal is to enhance the relevance of our products and services and the quality of our
relationships.
Sherif Zakhary, Head of Corporate Life & Pensions, Zurich
Global Life
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Corporate Life & Pensions brings together a wide range of corporate professionals from
Zurich businesses across the globe.
Our team can work across international boundaries to create and coordinate innovative
employee benefit solutions that deliver valuable efficiencies
Committed to the employee benefits market and are investing to be a global leader
We believe in long-term relationships and an in-depth understanding of your business
International presence and network delivers seamless integration across borders
Our products and services include:
o Pensions and saving
o Life and disability
o International solutions, i.e. international retirement and group life benefits for
expatriates and highly mobile workforces
o Accident & health
Developing approaches that will allow us to assist a growing number of customers in
using their captives in the delivery of employee benefits
Many customer advantages to using captives
Zurich is already a strong player in the captive area
Combined with Global Life capabilities, a natural leader
Will come to market with a top-level product that will deliver on the Zurich brand and
name.
We don't have the structure built yet; lots of different components.
Want you (RMC members) to know what is coming down the pike and ask for your
assistance.
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Comment – "The problem we run into is that the Benefits area sees Risk
Management as the competition and they kick our recommendations to the side."
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Comment – "Many companies view benefits as a function of employment, not
risk management; idea of self-insuring a long-term disability case is alien to
them."
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Comment – "Sometimes dealing with a union makes it more difficult; Benefits is
the area in front of the union, not risk management; they have to be there or the
unions will tell you where to go."
Daniel Hofmann, Group Chief Economist, Zurich Financial
Services – Stepping back from the abyss
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We are indeed stepping back from the abyss; things are in much better shape.
Task now is risk assessment going forward.
Three factors could upset the recovery now underway:
Number One – Final demand may stay depressed
o Unemployment could rise over 11 percent; much uncertainty for American
households, which have seen a dramatic decline in net worth.
o Savings up, consumption down.
o Capacity remains at historic lows.
o Could be that production will not be sustained into 2010, resulting in a "Wshaped: recovery.
Number Two – A "credit-less" recovery
o Between 2007 and 2012, banks may see 4.1 trillion in write-downs.
o Initial estimate for subprime losses a year ago was 150 billion; now over that by
factor of 10.
o Future credit growth likely to be constrained, which will affect growth.
Number Three – Reversal of global trade
o Much of the recovery in Europe and Asia depends on exports.
o The world not likely to see a major uptick in exports; not at levels to support
growth.
o Initial estimate for subprime losses a year ago was 150 billion; now over that by
factor of 10.
o Future credit growth likely to be constrained, which will affect growth.
Taking all of these things together indicates to me that we should be very cautious and
be prepared for a potential setback in 2010.
Concerns growing over possible inflation.
Increases in government debt to stabilize the system and jumpstart the economy.
This will drive up interest rates, which tends to erode the debt, something that
governments often do to reduce debt – and easy out.
So, no Great Depression 2 in the wings, but stock market will take some time to recover.
JP Fowler, EVP, Customer Relationship Management, GCiNA –
Economic pressures faced by risk managers today
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Zurich's consistent challenge is to be relevant.
Talk to us about the economic pressures you are facing, challenges in how you buy
insurance and also risk management dynamics.
Has it resulted in reduced headcounts and resources?
We are trying to understand your business to be more relevant.
To deliver when it matters.
Risk Manager comments re: economic pressures
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"I've had to buy price more than ever before."
"Our Insurance buying strategy has not changed; maintain our level of insurance and
keep the costs down."
"Hard for senior managers to see prices of everything else declining; why aren't
insurance costs?"
"My budget has been cut, my staff has been cut. Capital for ERM is not there. Quite
bluntly we have been treading water. Not able to make what we think are continuing ERM
and robust programs that we would like to maintain."
"Operations people all about cost containment. Binding premium does not add to the top
line. Cut costs to invest in new product lines. Don't recognize the risk versus reward of
risk management expenses."
"We have to convince our operations people what needs to be done."
"Insurance is more relevant due to the access to capital issue these days. It's all about
liquidity now. More aware of the impact a large loss can have."
"Premium payouts don't bring you revenue. Every expense line being reviewed."
"Risk Management trying to be easier to work with. Reaching out to project managers."
"A lot of people assume there is enterprise risk management and traditional risk
management and never the twain shall meet. That's really missing a great opportunity. If
you want to differentiate yourself, you have to differentiate your offering."
"We've gotten away from enterprise risk management. Enterprise sounds too lofty. What
can Zurich do? Are you ready to commit resources? How do you get paid for that? By
the hour? By the project? That's what you have to start thinking about. If you really want
to help your clients advance risk management, maybe you build it into your fee. Another
thing we did was we started with pilots to show the board that this works."
"There is no metric for $100,000 sprinklers. There is no way to calculate the return on
that capital investment."
Lisa Jablonski, Chief Administrative Officer, GCiNA – Policy
delivery commitments
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Previous RMC feedback included request for policies within 30 days of the effective date.
The focus of a recent RIMS convention event was on timely policy delivery.
The State of New York issued a circular requiring all insurers to mail policies to the broker
(or customer if direct) within 30 days of the effective date.
NY requirement effective next month.
Impairments to timely delivery in the past:
o Manuscript wording – scripted and approved by all parties
o Underlying primary policies not received timely – required to issue excess
policies
o Program option is not decided at binding
o Exposure and other information required is not provided at binding
We will continue to follow the developments related to NY’s contract certainty
requirement.
We are interested in any communications you might receive on this topic from your
brokers.
Please let us know if you would like to receive more information about this topic.
Chris Barnes, Chief Claims Officer, Global Corporate – Claims
trends & developments
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Property losses – Wind
o Traditional approach to property conservation has been to prevent fire.
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Recently, windstorm losses have greatly outpaced fire.
Following Katrina (2005), Zurich launched Alternative Dispute Resolution
program.
o Zurich has also introduced a program for pre-event contact – Zurich Catastrophe
Action Team (ZCAT).
o Zurich CAT team response earned Texas honors.
Combustible dust trends
o Less frequent but high severity.
o Zurich working with customer on housekeeping issues and risk inspections.
Imported product exposures
o Liability risk of products you import and market in the US.
o Zurich developing effective "imported products" strategy.
Fraud
o Poor economy fostering fraud, i.e. staged accidents, slips and falls, premises
liability.
o Zurich Special Investigative Team helped postal inspectors to thwart phony
insurance claims.
o Customer training on slips, trips and falls and preventing fraudulent claims.
Joe Tocco, EVP, Head of Property, GCiNA – Supply Chain
Insurance
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Zurich pioneering a new supply chain insurance product to help you identify risks and
exposures associated with key supplies/suppliers/ management controls.
Conduct assessment through a series of interviews and workshops.
Evaluate scenario-based (EML/PML) financial impact of disruption.
Time required for assessment of this type will depend on information available, number of
suppliers, complexity and commitment.
Very positive customer reaction:
o Six customers in risk assessment and promising discussions with around 100
customers in total.
SCI responds to a problem they face, particularly in current economy.
Zurich, as a member of the Supply Chain Risk Leadership Council, is working to create
the ISO standard on best practice in supply chain risk management, including risk
assessment and business continuity concerns.
Plan to launch product in North America by year end.
Paul Horgan, Chief Underwriting Officer, GCiNA – International
Strategy & Global Network
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Zurich's Global Network and Multinational Insurance Proposition (MIP) compliance
protocol are the keys to our international strategy and value delivery.
Zurich’s Global Network is represented in 190 countries.
Each country depends on Zurich MIP for the design of comprehensive and compliant
insurance programs.
Multinational Insurance Application (MIA) contains the most up-to-date, critical
Regulatory information for over 200 countries.
o Current International Premium Tax data ensure local tax transparency
requirements are met.
o Detailed information outlining compulsory coverages and limits in each country.
Claims data captured through Zurich’s International Program System (IPS).
IPS supports premium payment management.
Dedicated staff of experts manages multinational program administration.
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Our goal is to significantly grow this segment of our portfolio.
General RMC Member feedback
Business issues
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Most of the results of the TRi*M survey regarding the Zurich customer experience
resonated with the RMC audience.
Speed of decision-making on underwriting and claims remains an issue.
The proprietary nature of silos, especially for specialty coverages, remains a concern.
Members questioned whether there was full alignment within all parts of our organization
in support of the Relationship Management model.
Customers want to understand better how we are pricing their risks; some still do not feel
there is enough transparency.
We need to develop renewal strategies well in advance of the renewal date and
communicate early and frequently.
We need to do a better job of providing relevant content in the sales / renewal process to
better anticipate customer needs.
Members indicated that we need to be more proactive in delivering risk insights. They
define the term broadly (one example was from a customer who wants us to bring in our
EPLI expert to talk about best practices on corporate processes and procedures).
Relationship Management
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Customers believe that we have an industry-leading Relationship Management program,
which differentiates Zurich from competitors.
Risk managers would like more clarity regarding how the Relationship Leader engages
the rest of the Zurich team to develop the individual customer strategy.
Some customers would like to develop a more complete understanding of the role of the
Relationship Leader within the organization and how they execute the strategy, i.e. more
transparency of the Relationship Leader's role.
Further, some risk managers would like to maintain more frequent dialogues with their
Relationship Leaders between renewal cycles.
Risk managers would like to get more information and knowledge regarding the Zurich
Customer Relationship Model, including Customer Understanding Workshops, Strategy
Development, stewardship, etc).
Risk managers would like to know more about Zurich's people and talent management
strategy, including how we recruit, train and retain.
Our customers believe they can help us with our marketing strategy by helping Zurich
improve its offerings and better differentiate ourselves in the marketplace.
Action items:
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Valerie Butt and Mike Golden will address business process issues raised by RMC
members regarding broker-company relationships, placement strategies, broker
remuneration and related matters and report back to the full Council during its next inperson session.
Mike Kerner will collaborate with Council members to develop an agenda subcommittee
prior to the next meeting.
We will continue the process of validating the findings of the Customer Satisfaction
Survey; Greg Maguire will continue to reach out to RMC members to discuss/validate
findings.
Give members more opportunity for input on future meeting topics.
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Conduct interim teleconferences to maintain robust dialogue on issues between inperson meetings.
We will develop a Zurich Virtual Concierge section for regulatory issues and reforms and
engage risk managers that want to participate.
Share concrete examples of risk insights during the next RMC meeting.
Vet the agendas of future RMC meetings with members in advance.
Supplement twice yearly RMC in-person meetings with conference calls, including calls
to gather agenda suggestions for upcoming meetings.
Provide members with advance pre-reading material.
Do deeper dives on some issues, such as broker relationships, regulatory issues, etc.
Provide more information on a smaller number of topics.
Try to schedule Daniel Hofmann to speak in person at the next off-site meeting.
Allow risk managers to present their own case studies.
Perhaps do more frequent Webcasts on topics such as economics, etc.
Devote more time to a subcommittee process, i.e. breakout sessions.
For next RMC, we agreed to explain the Relationship Leader process, tools, performance
metrics, interaction with brokers, etc.
We will make details about our Customer Relationship Management (CRM) process
available through the Zurich Virtual Concierge so that all customers will better understand
their roles in the process.