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Chesapeake Employers Insurance Company
Technology Category
- Application Infrastructure & Middleware - Data Exchange & Integration
The Challenge
Chesapeake Employers’ Insurance Company, a non-profit, non-stock corporation providing workers’ compensation insurance to Maryland businesses since 1914, has been implementing new Enterprise Risk Management (ERM) initiatives to ensure the proactiveness of their program. The company has introduced a monthly risk dashboard and a Top 10 Risk Response Plan. These initiatives leverage existing aspects of their ERM program including risk appetite, tolerance levels, and Top 10 identified risks to reveal possible areas of improvement and an action plan for the risk team. The challenge was to ensure that the risk program was successful and that there was increased engagement from the ERM team.
About The Customer
Chesapeake Employers’ Insurance Company (Chesapeake Employers) is a non-profit, non-stock corporation that has been providing workers’ compensation insurance to Maryland businesses since 1914. The company operates solely from premiums and investment income. Over the past few years, Chesapeake Employers has been implementing new Enterprise Risk Management (ERM) initiatives to ensure the proactiveness of their program. The company has introduced a monthly risk dashboard and a Top 10 Risk Response Plan, leveraging existing aspects of their ERM program including risk appetite, tolerance levels, and Top 10 identified risks.
The Solution
Chesapeake Employers’ Insurance Company implemented two new ERM initiatives to ensure the proactiveness of their program: a monthly risk dashboard and a Top 10 Risk Response Plan. These initiatives leverage existing aspects of their ERM program including risk appetite, tolerance levels, and Top 10 identified risks to reveal possible areas of improvement and an action plan for the risk team. The company also used the RIMS RMM model to benchmark their program and identify areas for improvement. To supplement this increased focus on enterprise engagement, Chesapeake Employers is also creating an online resource library comprised of various insurance articles structured around their risk taxonomy and identified risks.
Operational Impact
