FM Global is a mutual insurance company focused on commercial property insurance. It has a global presence in over 130 countries and over $10 billion in policyholder surplus. FM Global is known for its engineering-driven underwriting and prioritizes loss prevention and risk control. Its strategic priorities include growing business with existing customers, accessing new markets through data analytics, and continuing excellence in research.
A presentation on the secondary study done by students of SP Jain center of management - Singapore & Dubai on the Daimler Chrysler partnership. - Jan 2008
Design for Quality using Six Sigma approach, empowers Design engineers to know upfront the assembly build quality, correctness and completeness of drawings and their tolerances of features and provide inspection using Automated Programming with PAS-CMM
http://qualitymanagementsystem.com/total-quality-management/the-history-of-quality-management/
The history of quality management can be traced all the way back to The Middle Ages. Work completed by journeymen and apprentices were evaluated and inspected by the skilled worker to ensure that quality standards were met in all aspects of the finished product, ensuring satisfaction of the buyer. And while the history of quality management has gone through a number of changes since that time, the end goal is still the same.
Presenting this set of slides with name - Project Timeline Ppt Inspiration Example. This is a six stage process. The stages in this process are Business, Management, Strategy, Analysis, Marketing. https://bit.ly/3CEYFX0
A presentation on the secondary study done by students of SP Jain center of management - Singapore & Dubai on the Daimler Chrysler partnership. - Jan 2008
Design for Quality using Six Sigma approach, empowers Design engineers to know upfront the assembly build quality, correctness and completeness of drawings and their tolerances of features and provide inspection using Automated Programming with PAS-CMM
http://qualitymanagementsystem.com/total-quality-management/the-history-of-quality-management/
The history of quality management can be traced all the way back to The Middle Ages. Work completed by journeymen and apprentices were evaluated and inspected by the skilled worker to ensure that quality standards were met in all aspects of the finished product, ensuring satisfaction of the buyer. And while the history of quality management has gone through a number of changes since that time, the end goal is still the same.
Presenting this set of slides with name - Project Timeline Ppt Inspiration Example. This is a six stage process. The stages in this process are Business, Management, Strategy, Analysis, Marketing. https://bit.ly/3CEYFX0
Lean Six Sigma is a process improvement methodology that relies on a collaborative team effort to improve performance by systematically removing waste, combining Lean and Six Sigma to eliminate the eight kinds of waste
Lean Six Sigma projects comprise aspects of Lean's waste elimination and the Six Sigma focus on reducing defects
Monthly Business Assessment PowerPoint Presentation SlidesSlideTeam
Presenting this set of slides with name - Monthly Business Assessment Powerpoint Presentation Slides. Enhance your audiences knowledge with this well researched complete deck. Showcase all the important features of the deck with perfect visuals. This deck comprises of total of sixtysix slides with each slide explained in detail. Each template comprises of professional diagrams and layouts. Our professional PowerPoint experts have also included icons, graphs and charts for your convenience. All you have to do is DOWNLOAD the deck. Make changes as per the requirement. Yes, these PPT slides are completely customizable. Edit the colour, text and font size. Add or delete the content from the slide. And leave your audience awestruck with the professionally designed Monthly Business Assessment Powerpoint Presentation Slides complete deck.
TQM - 3 - Standards and Awards related to TQM Joseph Ho
The International Organization for Standardization
ISO 9000 Series of Quality Standards
ISO 9000: 2000
Six Sigma
Malcolm Baldrige National Quality Award
EFQM Model
Deming Prize
HKMA Quality Award
Presentation by Stathis Gould, Senior Technical Manager at IFAC, at the Institute of Cost Accountants of India's National Cost Convention, New Delhi, India, March 2012.
Richard Pharro (CEO APMG) on ‘Agile Business Cases’. Richard is boss of one of the largest project management certification bodies in the world. The new ‘Better Business Cases’ qualification aims to reduce the risk of project failure.
Survival Strategies for Small and Medium Enterprises in Nigeria for 2016FATE Foundation
Presentation given by Michael Faniran, Senior Manager, Accenture Nigeria at the Business Outlook for 2016 session at FATE Foundation on the 14th of January, 2016
It gives me immense pleasure to introduce our firm “Riskpro” founded in 2009- a specialized risk management consulting by our Founders who are qualified risk specialists with diverse work experience in India, Middle East, Europe & US across industries & FI’s.
In continuation of our fast growing presence and business trajectory, I would like to welcome you and share towards launch of RiskPro Insurance Risk advisory Services which is an addition to our existing bouquet of Risk advisory , Consulting, Training & Human Capital Services to corporates across India currently being serviced through our multi location delivery locations in major metros with total presence in 11 Indian cities network already. Our dedicated experts team who are qualified seasoned professionals in Insurance industry across diverse business domains with right blend of optimal solutions for high performance business results.
Insurance business , like any other industry has evolved with new business models, government and regulatory changes, increased market players and de-regulation which has impacted functioning of major insurance players (General, Life)to generate business and also adhere to compliances imposed by governing authorities within volatile global paradigm, which necessitates the need for prudent risk management framework in Insurance businesses. Riskpro with its precise risk-reward approach is your ideal partner in de-risking of your insurance business operating model with risk management value proposition for a long-lasting embedded tenet in your business DNA.
Risk Management Service offerings:-
- Risk - Evaluation/Inspection/Audit & Reporting
- Due-Diligence – Current Insurances/Indemnity advisory/Renewals
- Capital Assets Valuation for loss coverage
- Claims Management
- Regulatory Compliances- IRDA/SEBI/ICDR
Key Domain Areas:-
- Property Risk- Physical Assets
- Financial Risk- Monetary Loss
- Liability Risk- Operational Loss
- People Risk- Employees Loss
Please find enclosed our Company brief introduction and services brochure for your kind consideration and give us a chance to be your preferred risk knowledge partners for a mutual alliance.
The Facility, together with its partners FSDA and AFD, organized a webinar on "Making change happen within insurers".
In this webinar, we highlighted the change management activities of two partners - AXA Mansard (Nigeria) and SUNU Assurances (Cote D'Ivoire). It also outlined FSDA and ILO's change management framework and step-by-step process.
The presenters discussed activities, results and lessons that will be helpful to other organizations that wish to go through a similar change process.
Presenters: Omosolape Odeniyi (AXA Mansard), Gildas N'Zouba (SUNU Assurances) and Paul Musoke (FSDA). Moderator: Aparna Dalal (the ILO's Impact Insurance Facility).
Lean Six Sigma is a process improvement methodology that relies on a collaborative team effort to improve performance by systematically removing waste, combining Lean and Six Sigma to eliminate the eight kinds of waste
Lean Six Sigma projects comprise aspects of Lean's waste elimination and the Six Sigma focus on reducing defects
Monthly Business Assessment PowerPoint Presentation SlidesSlideTeam
Presenting this set of slides with name - Monthly Business Assessment Powerpoint Presentation Slides. Enhance your audiences knowledge with this well researched complete deck. Showcase all the important features of the deck with perfect visuals. This deck comprises of total of sixtysix slides with each slide explained in detail. Each template comprises of professional diagrams and layouts. Our professional PowerPoint experts have also included icons, graphs and charts for your convenience. All you have to do is DOWNLOAD the deck. Make changes as per the requirement. Yes, these PPT slides are completely customizable. Edit the colour, text and font size. Add or delete the content from the slide. And leave your audience awestruck with the professionally designed Monthly Business Assessment Powerpoint Presentation Slides complete deck.
TQM - 3 - Standards and Awards related to TQM Joseph Ho
The International Organization for Standardization
ISO 9000 Series of Quality Standards
ISO 9000: 2000
Six Sigma
Malcolm Baldrige National Quality Award
EFQM Model
Deming Prize
HKMA Quality Award
Presentation by Stathis Gould, Senior Technical Manager at IFAC, at the Institute of Cost Accountants of India's National Cost Convention, New Delhi, India, March 2012.
Richard Pharro (CEO APMG) on ‘Agile Business Cases’. Richard is boss of one of the largest project management certification bodies in the world. The new ‘Better Business Cases’ qualification aims to reduce the risk of project failure.
Survival Strategies for Small and Medium Enterprises in Nigeria for 2016FATE Foundation
Presentation given by Michael Faniran, Senior Manager, Accenture Nigeria at the Business Outlook for 2016 session at FATE Foundation on the 14th of January, 2016
It gives me immense pleasure to introduce our firm “Riskpro” founded in 2009- a specialized risk management consulting by our Founders who are qualified risk specialists with diverse work experience in India, Middle East, Europe & US across industries & FI’s.
In continuation of our fast growing presence and business trajectory, I would like to welcome you and share towards launch of RiskPro Insurance Risk advisory Services which is an addition to our existing bouquet of Risk advisory , Consulting, Training & Human Capital Services to corporates across India currently being serviced through our multi location delivery locations in major metros with total presence in 11 Indian cities network already. Our dedicated experts team who are qualified seasoned professionals in Insurance industry across diverse business domains with right blend of optimal solutions for high performance business results.
Insurance business , like any other industry has evolved with new business models, government and regulatory changes, increased market players and de-regulation which has impacted functioning of major insurance players (General, Life)to generate business and also adhere to compliances imposed by governing authorities within volatile global paradigm, which necessitates the need for prudent risk management framework in Insurance businesses. Riskpro with its precise risk-reward approach is your ideal partner in de-risking of your insurance business operating model with risk management value proposition for a long-lasting embedded tenet in your business DNA.
Risk Management Service offerings:-
- Risk - Evaluation/Inspection/Audit & Reporting
- Due-Diligence – Current Insurances/Indemnity advisory/Renewals
- Capital Assets Valuation for loss coverage
- Claims Management
- Regulatory Compliances- IRDA/SEBI/ICDR
Key Domain Areas:-
- Property Risk- Physical Assets
- Financial Risk- Monetary Loss
- Liability Risk- Operational Loss
- People Risk- Employees Loss
Please find enclosed our Company brief introduction and services brochure for your kind consideration and give us a chance to be your preferred risk knowledge partners for a mutual alliance.
The Facility, together with its partners FSDA and AFD, organized a webinar on "Making change happen within insurers".
In this webinar, we highlighted the change management activities of two partners - AXA Mansard (Nigeria) and SUNU Assurances (Cote D'Ivoire). It also outlined FSDA and ILO's change management framework and step-by-step process.
The presenters discussed activities, results and lessons that will be helpful to other organizations that wish to go through a similar change process.
Presenters: Omosolape Odeniyi (AXA Mansard), Gildas N'Zouba (SUNU Assurances) and Paul Musoke (FSDA). Moderator: Aparna Dalal (the ILO's Impact Insurance Facility).
As the US economic recovery gains momentum, unemployment is falling and consumer confidence is on the rise, creating a more conducive environment for carriers to market their products and services. This year’s Outlook discusses bigger picture issues likely to have a significant effect on consumer behavior and insurer operations in 2015 and beyond.
4th Annual RiskMinds Insurance Conference - Stream B: The future of Insurance...accenture
Eric Jeanne & Markus Salchegger discuss ”What will the market look like and how will it behave? Drivers of change and opportunities for Insurers” at the 4th Annual Risk Minds Insurance Conference in March 2015.
2. FM at a glance
• Mutual insurance company domiciled in Rhode Island
• Global commercial & industrial property insurance
Operations spanning 130 countries
PHS in excess of $10 billion
• Known for engineering-driven UW
Loss prevention & loss control
Value proposition
• Narrow focus → large market share
3. History
● Zachariah Allen
○ 1848: Rhode Island Mutual
○ Years later: Factory Mutual
● 1874: Supported creation of fire sprinkler
● 1878: Collective Inspection Unit is formed
○ Inspection, appraisals, adjustments, loss analysis and research activities
● 20th Century: began expansion to other markets
● 1999: Merged with 3 other entities to create FM Global
○ Allendale Mutual, Arkwright-Boston Manufacturers Mutual, Protection Mutual
4. Structure
● AFM
○ Commercial property for mid-size businesses
● FM Approvals
○ Certifies products and services for companies
● FM Global Cargo
○ Comprehensive cargo coverage
● Mutual Boiler Re
○ Boiler Reinsurance
● Emergency Response Consultants
○ Emergency response for fire brigades, hazardous material emergency responders, technical and
confined-space rescue teams, emergency medical services and local fire departments.
5. Key Executives
● Thomas A. Lawson- President & CEO since 2014
○ On the Board of the National Fire Protection Association & Member of National Society of
Mechanical Engineers
○ Graduated from Illinois University with Degree in Occupational Safety
● Shivan S Subramaniam- Chairman (Former CEO from 1999-2014)
○ Degree in Mechanical Engineering from a University in India
● Jonathan Hall - Executive VP & COO since 2014
○ Degree in Management
● Backgrounds in Engineering and various safety programs contribute to FM
Global’s superb engineering expertise & inspection and loss prevention services
6. Board of Directors
• Members of Board are in high leadership positions at their various
companies/organizations
Disney, MLB, GlaxoSmithKline, USAA, RR Donnelley, Caterpillar, etc.
• Many clients sit on Board of Directors, advisory boards, risk management
councils
o Ex. Edward Rapp, Group President of Construction Industries at Caterpillar (one of FM
Global’s largest clients)
o Beneficial to hear client needs firsthand at board meetings
o Contributes to long-term partnerships with clients → 95% retention ratio in 2015
• Out of 13 board members, only 2 are women
7. Mission
“We have a unique risk management focus. Our clients look to us to develop cost-
effective insurance and risk-financing solutions, to minimize business interruption
and financial impact if a loss does occur.”
Meet these needs with customized programs that draw upon:
State-of-the-art loss prevention engineering and research
Risk management skills and support services
Tailored risk-transfer capabilities
Superior financial strength
9. Products / Services
Products
● All Risk Property Coverage (FM Global Advantage Policy)
● Business Interruption Coverage (Time Element Select Policy)
● Sustainability Coverage (Sustainability Select Policy)
● All Risk Boiler and Machinery Coverage
● Customized Cargo Coverage (as standalone or with risk policies)
Services
Site Evaluations
Unique Cargo Risk Engineering Services
Risk Quality Benchmarking (RiskMark, Engineering Data Reporting Tools)
Project Planning
Client Training
Supply Chain Risk Management
Product Certification
10. FM Global Advantage All-Risk Property Policy
A product designed to keep your business “resilient”
Includes:
Coverage for Scheduled, Misc. Property, and Business Interruption
● Expanded coverage for Cyber, “Cloud” Services, & options to expand coverage
to suppliers through Contingent Time Element and Logistic Extra Cost options
Benefits:
Maximizes risk transfer and improved contract certainty
The ability to scale the policy to fit your needs
11. Supply Chain Risk Management
Available through FM Global Advantage
Expert risk assessment
Extend coverage through suppliers’ suppliers
Global Resilience Index
Ranks resilience of 130 countries
Prioritization & insights
12. Customers
Core strength is forming long-term strategic partnerships with clients
FM seeks customers that view risk management as an investment
Large commercial companies
95% customer retention rate
Major customers include: Caterpillar, Modine, Mercy and HSN
14. Underwriting Results
Loss Ratio
Year FM CB TRV ZURN
2010 51% 58% 61% 71%
2011 95% 64% 73% 72%
2012 60% 64% 65% 70%
2013 51% 54% 58% 68%
2014 50% 55% 58% 67%
AVG 61% 59% 63% 70%
Expense Ratio
Year FM CB TRV ZURN
2010 28% 31% 32% 27%
2011 25% 32% 32% 27%
2012 24% 32% 32% 28%
2013 28% 32% 32% 30%
2014 26% 33% 31% 31%
AVG 26% 32% 32% 28%
2011 - Natural hazard losses added ~53 points to combined ratio
2012 - Sandy added ~13.5 points to combined ratio
15. Profitability
• Driven by strong underwriting
• Investments
Inv Yield 2.2% vs Industry 2.7%
Inv Inc Growth 3.9% vs Industry -2.9%
Fueled by growth in invested assets
• Membership credits
2014 ~$465 million
7th credit since 2001
16. Risk Profile
• BCAR 378.6 & RBC 439%
AM BEST “A+” ; Fitch “AA” ; S&P “A+”
• High deductibles & attachment points
• No debt issued
• Elevated common stock leverage
• Facultative
Coverage requirements outside UW criteria
• Excess-of-loss
$1.23 billion X $250 million per-risk retention
$1 billion X $500 million per-CAT retention
• Berkshire Hathaway & Swiss Re
~16% of ceded premium
Reinsurance Program
17. Reserves
• Less reserving risk relative to peers
o Short-tail nature of risks
o Develop into paid losses within 3 years
o Favorable AY development
Gg
• Asbestos & Environmental
o Discontinued reinsurance operations
o 27% of total reserves ~$650M
o Chubb ~$478M ; SR: 6.9
19. Strengths
• Non-Traditional Business Model
Prevention is first priority
• Underwriting
61% loss ratio
• Expense management
26% expense ratio
• Customer retention
95% retention
• Well Capitalized
Able to absorb losses and volatility
$10 Billion PHS
20. Weaknesses
• CAT exposure
Volatile underwriting results
• A&E exposure
Continuous unfavorable development
• Property-only focus
Contributes to undiversified book of business
21. Opportunities
• Data analytics
Exploit data to drive new business & cross-selling
• Supply chain & cyber
Utilize FM Global Resilience Index
• Emerging markets
8-9% expected growth
Emerging Asia: ~12% expected growth
22. Threats
● Competition
○ Risk-engineering
○ Line bundling
● Global environment
○ Macroeconomic
○ Political
● Foreign exchange
○ Impact of strong $USD
○ Foreign currency translation
■ ($126 M) in 2015
● Insurance regulation
26. 3. Continue excellence in research
• Research sets FM apart
• Crucial to continue innovating and investing
• Large companies could imitate their business strategy
AIG
Chubb
27. Today → Tomorrow
• Currently positioned well in the market
Excellent performance
Market share
Retention
• Looking ahead
Grow with existing customers
Access emerging markets
Continued excellence in research → solidify FM as the premier commercial property insurer
FOCUS ON CREATING VALUE FOR CUSTOMERS, to create value for owners
Vision for improving profitability for firm and provide more/better services
Middle Mkt Specialty: Affiliated FM, FM Global Cargo
Commercial: FM Global, Mutual Boiler Re, FM Global Cargo
Reinsurance: Mutual Boiler Re
Writes 5.27% of industry fire8.74% of allied lines
5.91% of inland marine
22.93%
Allied lines - closely related to fire; coverage for accounts receivable, water damage, vandalism, demolition, increased cost of instructionInland marine - property in transit equipment (golf, (floaters)
CR 87%
2014 76%
11% ROE
Authorized reinsurers
Reinsurance purchased 762M
(Case+IBNR)/(avg 3 yrs past losses) -----nobody really knows the benchmark Survival ratio (13.7) is below industry composite; better than Chubb (6.9)
Industry 15.1
Favorable AY development since 2006
Prior - adverse development = $222M unfavorable
Business model & retention are a function of mutual structure
2010 - low -10% finished at 15% growth
2009 Equities 31% growth
2008 equities -38% total -20% LR 79% → LOST MONEY
Zurich: 1% growth
Graph illustrates the volatility >>>>ZURICH UP 1% in 2008 shows that high common stock leverage is BAD<<<<<
2010 - low -10% finished at 15% growth
2009 Equities 31% growth
2008 equities -38% total -20% LR 79% → LOST MONEY
Zurich: 1% growth
India, china, southeast asia, malaysia
Global flood mapping
Analytics
Resilience index ALL FEED INTO EMERGING MARKETS
*political destabilization
Loss of profit from premium if converted from weak currency to strong dollar
Global flood mapping
Analytics
Resilience index ALL FEED INTO EMERGING MARKETS
*political destabilization
Opportunities - insights into buying patterns & habits → who IS & who ISNT buying cyber & supply that should --- what is DRIVING this purchasing habit/behavior
Flood mapping & resilience index → who & where do we want to write
Predictive analytics - current that are profitable, potentials that resemble current insureds, want to invest in RMIGo to market with the all risk, stressing supply chain & cyber
Access emerging markets