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NEWSLETTERS

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RISK ALL STARS



RISK ALL STARS OVERVIEW

Topics: Award Applications | Risk All Stars | Risk All Stars Application



What is a Risk All Star?

Risk & Insurance® strives to identify emerging risks and mitigation strategies,
while covering the fascinating people who drive the industry forward. Our goal
is to inform and help our readers succeed in their careers as well as to inspire
and motivate them.

Risk & Insurance® All Stars embody this credo. They stand out from their peers
by overcoming challenges through exceptional problem-solving, creativity,
perseverance and/or passion. By presenting their stories, we strive to recognize
outstanding accomplishments while also providing our readers with ideas,
solutions and motivation to overcome similar challenges.

Who is eligible for the award?

Eligible nominees include any individual with responsibility for managing risk
or claims for their employer. For example:

 * Risk Manager
 * Claims Manager
 * Workers’ Comp Professional
 * COO
 * CFO
 * Owner/CEO/President
 * Any other professional responsible for risk management or claims

Who selects the winners?

Risk All Stars are selected by editors at Risk & Insurance® magazine.

What criteria are used to select winners?

Winning applicants are selected based on the compelling nature of their story
and accomplishments. The central question is, “Does the applicant’s story inform
and/or motivate others?” While a compelling story is most important, winners
also will exhibit success in any of the below:

 * Problem-Solving
 * Creativity
 * Perseverance
 * Passion

Nomination process

Applicants can apply directly or be nominated by a colleague, broker, insurer or
service provider.

Risk & Insurance® editors review all applicants and narrow the pool down to
finalists based on the application. Each finalist is then interviewed by a staff
member. A summary of the interview along with an evaluation form is completed by
the editor performing the interview.

Important Note Regarding Confidentiality: We are very conscious of the sensitive
nature of the information provided. Client references listed on applications and
contacted by judges may choose to be on or off the record. This includes the
client name, company name and additional identifying information. All other
information on the application will be considered on-the-record unless specified
otherwise.

Judging process

Once all interviews are complete, the judging team meets to review the
interviews and evaluations. Winners are selected.

There is no limit on the number of winners. Each Risk & Insurance® All Star is
chosen based on the compelling nature of their story.

Publication

Winners will be announced in the July/August 2023 issue of Risk & Insurance®.
The information will also be featured on the Risk & Insurance® website, and via
eNewsletter, magazine digital edition and app. A profile highlighting each Risk
All Star’s story along with a head-shot is presented by industry category.

Award Boxes

A few weeks after the winners are announced, each Risk & Insurance® All Star
receives a copy of the print issue, an award and additional promotional items.

Download the 2022 Logo Usage Agreement and PR Statement.

2023 Application Deadline: June 2, 2023

Winner Announcement Date: July/August (7/17/23) Issue








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SPONSORED CONTENT BY THE HARTFORD



WHY INSUREDS SEEKING LIFE SCIENCES COVERAGE CAN BENEFIT FROM ELEVATING COMPANY
BEST PRACTICES

When it comes to securing life science coverage, the product may not matter as
much as you think.
By: The Hartford | April 3, 2023

When medical device, pharmaceutical and other life science companies consider
their liabilities, concerns over product safety, potential recalls or
contamination and the potential for patient injury are front and center.

Encompassing basically everything the FDA regulates save for food and tobacco,
life sciences products can include everything from drugs that are in clinical
trials to medical devices. These companies and the goods they bring to market
are critical for people’s health, but if something is damaged or causes an
adverse event, it could cost companies millions of dollars in litigation.

In today’s legal environment, where social inflation has driven ever-higher jury
verdicts, insureds and their agents and brokers might think it’s important to
highlight what controls they have for any high-hazard products in order to
appeal to potential insurance carriers. But it’s not always complex, high-hazard
products that result in costly legal entanglements.

Simpler products, too, come with risks and can be hit with litigation.
High-hazard products tend to be tightly regulated, and some of the exposures
they face are reduced since they’re so tightly monitored. Low-hazard products
may not receive the same attention to detail.

“Some of the largest losses in the years that I’ve been in this industry segment
have been things like latex gloves, toothbrushes and ice packs,” said Brad John,
head of life sciences with The Hartford.

“Those are not the things that people really think about when they think about
high-hazard products within the life science space.”

That’s why, no matter the product, it’s important for life sciences companies to
emphasize their strong reputations in addition to what operational controls they
have in place when seeking insurance. Cultivating strong corporate
responsibility and environmental, social and governance (ESG) practices can help
insureds get ahead of potential liability claims.


HOW SOCIAL INFLATION HAS AFFECTED LIFE SCIENCES COMPANIES

Brad John, Head of Life Sciences, The Hartford

Social inflation has long been a challenge for corporations. Companies facing
product liability lawsuits are being hit with ever-growing verdicts as socially
conscious jurors seek to challenge companies they perceive as having wronged the
public.

One prime example: opioid litigation. Over the past few years, jury verdicts in
lawsuits involving the opioid epidemic have reached into the millions. Johnson &
Johnson, for example, was ordered to pay $572 million to the state of Oklahoma
for its role in the crisis.

Life sciences companies have always managed the risks of costly litigation. With
high-hazard products, a patient injury could be severe and the ensuing
litigation could be costly, but in recent years, social inflation has caused
those costs to increase — even for less severe claims.

“It’s always been a severity-driven business. If you think about the injury
potential associated with these types of products, we’ve always had that
dynamic,” John said.


WHY A SPARKLING REPUTATION IS A STELLAR RISK MANAGEMENT STRATEGY

One way life sciences companies can manage the effects of social inflation is
through reputation management. Illustrating good corporate governance, a
commitment to ESG principles and a record of supporting the communities their
products are supposed to help can go a long way toward building goodwill with
jurors. Underwriters are scrutinizing potential insureds’ reputations as a means
of risk management.

“Companies are always cognizant and aware of their reputation, but historically
they have thought of it more from a business reputation,” John said.

“If we see a lot of negative chatter about the company — whether that’s from a
regulatory perspective, social media or other means whatever — that’s going to
make us pause.”

Carriers are looking for companies that go above and beyond in keeping up with
regulatory controls and committing to their communities.

Ever-shifting regulations — especially as the COVID-19 pandemic continues to
evolve — can put a company at risk. New telemedicine concerns and the management
of COVID regulations when the federal Public Health Emergency declaration ends
in May are just two areas where life sciences companies may need to manage
shifting regulatory concerns.

Investing in ESG measures and tracking progress with measurable goals can help
life sciences companies demonstrate their commitment to doing good as well as
creating critical products. A demonstrable commitment to ESG goals can show
juries that a company is a good corporate citizen, potentially reducing jury
awards.

“Primarily, that’s in the form of operational measures, and then commitment to
the community, and in particular the community where that litigation may be
occurring,” John said.


PARTNERING WITH A CARRIER THAT UNDERSTANDS YOUR STORY

The Hartford takes a holistic approach to life science underwriting. With a full
suite of P&C, professional liability, auto, workers’ comp and other products,
they’re well suited to meet each and every insurance need a life science company
may have. With so many products, they’re able to eliminate gaps between
carriers, and their extensive knowledge of the regulatory environment allows
them to offer effective coverage for today’s concerns.

“We continually work towards broadening the breadth and depth of the enterprise
with respect to the industry,” John said.

In its underwriting process, The Hartford’s life science team considers not only
whether a company is staying abreast of regulations and following the best
practices for a particular product but also whether they are a good corporate
citizen.

Its underwriters have a broad appetite and a keen eye for how company
organization, program structure and claims history might affect future losses —
allowing some insureds to find coverage for products that others in the market
are hesitant to take on.

“That’s a key tenet of how we underwrite,” John said. “You can potentially have
better outcomes if you can tell that story well and demonstrate how you’re doing
it and how what you’re doing goes above and beyond.”

In addition to caring about both a company’s story and the quality of its
products, The Hartford offers key risk management services to help life sciences
clients tackle potential claims. They’ve built a number of relationships with
external legal counsel and are able to offer support services to help avoid or
minimize litigation. They also work with regulatory experts to ensure clients
understand how ever-shifting regulation affects their businesses.

“What really matters when you’re talking about litigation in front of a jury of
your peers is how you can demonstrate where you’ve taken strong actions in these
areas,” John said. “We’re able to bring those relationships to bear to support
our customers.”

To learn more, visit:
https://www.thehartford.com/business-insurance/biotech-life-science-insurance.  

The Hartford Financial Services Group, Inc., (NYSE: HIG) operates through its
subsidiaries, including the underwriting company Hartford Fire insurance
Company, under the brand name, The Hartford®, and is headquartered in Hartford,
CT. For additional details, please read The Hartford’s legal notice at
www.thehartford.com.

Links from this site to an external site, unaffiliated with The Hartford, may be
provided for users’ convenience only. The Hartford does not control or review
these sites nor does the provision of any link imply an endorsement or
association of such non-Hartford sites. The Hartford is not responsible for and
makes no representation or warranty regarding the contents, completeness or
accuracy or security of any materials on such sites. If you decide to access
such non-Hartford sites, you do so at your own risk. 





This article was produced by the R&I Brand Studio, a unit of the advertising
department of Risk & Insurance, in collaboration with The Hartford. The
editorial staff of Risk & Insurance had no role in its preparation.

The Hartford is a leader in property and casualty insurance, group benefits and
mutual funds. With more than 200 years of expertise, The Hartford is widely
recognized for its service excellence, sustainability practices, trust and
integrity.







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