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. In this episode, hosts Peter Duggan and Mike Diercksen, CRIS, welcome Derek Fennell, Assistant Vice President of Subcontractor Default Insurance Claims at AXA XL. Derek shares insights around four steps that help lead Carriers and Insureds to a better way of handling claims. Derek dives quickly into his first step towards a better way which is #1 - Communicate Early. Communication, person to person, is necessary to avoid what he terms as the RFI loop. Next, Derek emphasizes the importance to #2 – Create an Atmosphere of Trust. He explains that it is difficult to collaborate if / when everyone retreats to their corners, making it difficult to resolve issues. Issues are less likely to be resolved when the Insured does not trust their Carrier. Once Communication and Trust is established, Derek says it’s important to #3 – Educate the Insured. The reality is that risk managers do not see SDI claims daily. Derek suggests that the Carrier should "take the analytics developed during claims and give the feedback to the Insured in ways that make the Risk Managers understand risk more." Derek’s last step is #4 – Rip the Band-Aid Off. By informing the Carrier of any significant project nuances early on, all parties involved have more time to process and prepare for the claim. He describes this as giving "the message very early so the project team is prepared and the risk management team is prepared, which will often lead to a better result." Please like, share, and subscribe to this podcast!