Insurance Coverage Explorer Fact Sheet 122010
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The Insurance Coverage Explorer (ICE) is a solution that allows companies to store and organize their insurance policies and related documents in a secure online database. Key features include storing policies as searchable PDFs, generating interactive coverage charts, and providing expertise to ensure complete and accurate data collection. ICE helps companies access historical insurance information more efficiently, facilitating tasks like evaluating legacy liabilities and insurer insolvencies. It also allows for real-time access and updating of policy data across a multinational organization.
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Insurance Coverage Explorer Fact Sheet 122010
- 1. Marsh Risk Consulting Mass Tort and Complex Liability Practice Insurance Coverage Explorer? Managing current and historical insurance on a secure, internet-accessible database platform that is delivered and supported by insurance experts from Marsh assets can be difficult, particularly if hundreds Risk Consulting¡¯s (MRC¡¯s) Mass Tort and Complex Liability of policies issued by dozens of insurers are Practice. involved. This difficulty is often compounded ICE helps to protect organizations from the risk of when merger and acquisition activity results important policy documents being lost or destroyed. ICE in multiple insurance programs being cobbled organizes policy information, which users can access together. If a company maintains its historical through a range of different search criteria. It also allows insurance policies in paper form, it not only for advanced Boolean searches of policy images and data, risks losing its only evidence of coverage, but enabling one to find the ¡°needle in a haystack¡± out of also may find itself searching through many thousands of policies. boxes of policies to locate a single item. Even if policies are imaged, one may still be left with the task of opening hundreds of files with arcane file names to locate a specific policy. Business leaders frequently incur unwanted costs as the result of the inefficient use of resources attempting to trace policies. Even worse, where policies are not found, businesses can be exposed to significant losses that otherwise would have been insured. The Insurance Coverage Explorer? Solution Insurance Coverage Explorer (ICE) is a unique, market-leading solution that enables organizations to capture and access key summary data concerning their insurance assets as well as text-searchable images of the policies and related documentation. It is built
- 2. Leadership, Knowledge, Solutions... Worldwide. Most powerfully, ICE features color-coded, electronic, and interactive coverage charts that MRC generates from the policy data. The coverage charts can be color-coded by insurer, by exclusions or policy provision, by insurer solvency, and by the nature of policy documentation. We can also depict prior limit exhaustion or erosion. The main features of MRC¡¯s ICE solution are: ? the ability to store and classify a company¡¯s complete inventory of insurance coverage, and to search for key policy detail through text-searchable PDFs; ? secure internet-accessible delivery, enabling multinational companies to access, and MRC to update, policy information in real time; ? decision support, including the ability to evaluate and present issues relative to insurer insolvency, limit erosion, or terms and conditions through electronic, interactive coverage charts that allow a user to right-click on any policy on a chart to an organization to demonstrate the value of its access policy documentation and detail; insurance legacy portfolio and maximize the ability ? insolvent and solvent scheme insurer reports; and of its insurance program to offset current and future liabilities. ? corporate profiling, including divestitures and liability retention. ICE not only strips inefficiency and uncertainty The ICE solution is much more than a database. We out of our clients¡¯ operations, it also acts as an provide advice to our clients on the scope of data important decision-making tool for all insurance- collection to meet their individual requirements. Our related challenges. For example, a client faced with insurance experts then extract and capture key data legacy liabilities, retrospective premium adjustments, for the database, ensuring data quality and freeing up insurer insolvencies, or London market ¡°schemes of management time for our clients. arrangements¡± can locate applicable policies in seconds. Importantly, it can provide easy access to the current ICE assists in maintaining a well-managed business insurance in the immediate aftermath of a major from a corporate governance standpoint. It enables business interruption. For More Information: To learn more about ICE and related services, please visit www.marsh.com or contact your local Marsh representative. You can also speak with: James Dorion (Chicago) (312) 627-6186 james.f.dorion@marsh.com Mass Tort and Complex Liability Practice Leader John Denton (New York) (212) 948-2357 john.denton@marsh.com Michelle Curci Pingor (Cleveland) (216) 937-1375 michelle.m.pingor@marsh.com The information contained in this publication provides only a general overview of subjects covered, is not intended to be taken as advice regarding any individual situation, and should not be relied upon as such. Insureds should consult their insurance and legal advisors regarding specific coverage issues. All insurance coverage is subject to the terms, conditions, and exclusions of the applicable individual policies. Marsh cannot provide any assurance that insurance can be obtained for any particular client or for any particular risk. Marsh is part of the family of MMC companies, including Guy Carpenter, Mercer, the Oliver Wyman Group (including Lippincott and NERA Economic Consulting). Copyright ? 2010 Marsh Inc. All rights reserved. www.marsh.com Compliance No. : MA9-10436