Major healthcare insurance carrier
Following continued NOLs, decreasing premium revenues, and the onset of ORSA reporting, board and executive leadership reached out after a lengthy RFP, for RGP to mature the insurer’s ERM program to one that would stem-out losses, provide insights on how to successfully compete, and comply with ORSA.
RGP’s Project Team contributions:
- RGP’s initial assessment and recommendations were adopted by the client’s executive management and board of directors.
- The ORSA-based ERM program that RGP designed for our client helped them manage and monitor their enterprise-wide risks and meet NAIC’s ORSA Model Act requirements for insurers. (this means filing an annual ORSA Summary Report to show evidence of the description of the
insurer’s risk management framework, insurer’s assessment of risk exposures, and group risk capital and prospective solvency assessment).
- A couple of years after implementation, client begun experiencing significant growth in premium revenues with same underwriting guidelines,
reduced overall losses, and increased risk-based capital.