Mary Pulley has more than 17 years of experience working with a national broker and presently serves as the managing director of health care for Aon Risk Services Inc. Central. Pulley oversees health-care-related property, casualty and medical malpractice operations, which includes developing new insurance programs for hospitals, doctors groups and long-term care facilities throughout Indiana.
Q. How will managing risk help your bottom line?
The biggest thing that will help you is it takes out the surprises. If you are managing your risk and improving your risk, it’s going to take out that possibility that you have a catastrophic claim that you’re not prepared for. If you are controlling your risk and your dollars that your insurance company is paying on your behalf are less every year because you’ve gone in and are taking control of the risk and exposures of your company, you’re going to pay less in premium in future years.
Q. How does the cost of insurance compare to the cost of an uninsured event?
An uninsured claim is always going to cost you a lot more money because what that implies is that you have not thought through your risk management program and recognized what a risk was. With risk management, we always say it’s an art. You can avoid the risk, you can retain the risk or you can transfer the risk, but if you don’t know about the risk, then it’s going to hit you on the bottom line.
Q. How often should you review your products and risk management strategies?
It really should be a daily thing. In the past, risk management kind of was tied to insurance products and now it’s really become almost part of quality. A lot of times you’ll see what we call a chief risk officer now in organizations that are truly looking at not only what can I insure in the insurance marketplace but also my financial hazards and that sort of thing. It’s one of those things you can’t just look at it once a year. You really need to be constantly looking at it every day.