The Building BITE

Please tune in to this episode of The Building BITE Podcast, as we hear from industry experts about key topics to help you be successful. The Building BITE hosts Valerie Bono and Mike Diercksen, CRIS, welcome Rachel Walsh and Kristen Weber of Liberty Mutual. Rachel Walsh, Regional Vice President of Northeast Claims for Liberty Mutual, graduated from Law School and worked primarily as a surety and construction lawyer in private practice. Fast forward, she would go on to join Liberty Mutual, where she part of the team that stood up the SDI product when Liberty Mutual decided to start a new product line. Kristen Weber, Underwriting Officer for SDI, shares her background, having worked for several of ENR's top contractors. She started in risk management, continuing to grow within coverage, claims avoidance, management, contracts, and risk transfer. Kristen shares how she was drawn to the insurance side of the business when she knew she could offer a different perspective, providing empathy for what insureds may face. In this episode, listeners get an inside look at potential challenges that often result in missed opportunities within the SDI space. First, Kristen shares challenges of what a team can face amid a crisis in groupthink. Then, she offers solutions to avoid groupthink and how listeners can better position themselves if faced with that situation. Rachel shares the importance of communication and coordination when dealing with a potential claim. It's essential to ensure familiarity and compliance with all contracts that govern the parties' relationship. These include the governing SDI policy and the subcontract covered by that policy. And it's best if there's some level of familiarity before a claim arises. Finally, Rachel rounds out the discussion around the issue of subrogation and that it should be front of mind to avoid having actions impair your SDI Carrier's rights to recover losses from the at-fault party. In addition to addressing other Common challenges and missed opportunities within SDI, they leave are audience with the following three takeaways: 1. Be objective when you assess the situation and the possible paths to resolution. 2. Identify your resources and do not hesitate to engage those resources, both internal and external. 3. Think about the long-term consequences of your actions as you handle a default—and as you formulate a plan, be ready to pivot where necessary. To hear more challenges and missed opportunities within SDI, tune in to this episode! Please like, share, and subscribe to this podcast!