2020 Innovation Awards: LineSlip Risk ManagementPosted On: Sep. 24, 2020 12:00 AM CST
LineSlip Solutions Inc.
LINESLIP RISK MANAGEMENT
Sometimes looking for the solution to a problem can lead people to unexpected destinations. That was the case for Leo Bernstein, co-founder and CEO of LineSlip Solutions Inc. in New York.
The former investment manager went on to build a real estate business, where his responsibilities included overseeing insurance.
“I found it very difficult to understand my insurance program because all the reporting the brokers did was manual,” Mr. Bernstein said. “There was no easy way to track that insurance program over time.”
He set out to find a workable solution that would efficiently consolidate reporting and track rate information. That would lead to the development of LineSlip Risk Management, a technology platform that is a winner of a 2020 Business Insurance Innovation Award.
“Once I started to dig in, I realized that Fortune 1000 risk managers have many of the same problems and more, because they deal with multiple brokers,” he said. “If you work with multiple brokers, you spend a big chunk of your time repackaging reports so that you can report up to the CFO and understand what’s going on in your insurance program because broker A will report differently than broker B.”
As a result, any reporting requires rekeying information into a spreadsheet or Word document, Mr. Bernstein said.
In 2016, he co-founded LineSlip using technology to extract data automatically and provide an audit trail.
“We map directly from the source document into our database,” he said. “We then bubble that up into a series of views, which are designed specifically with the risk manager in mind. This way they can see what is driving premium spend in their complex insurance programs.”
The platform gives risk managers current information on their insurance placements for reporting, quantifying trading relationships, comparing program performance over time and assessing budget needs. “It’s all about understanding their in-force and historical insurance programs, specifically risk-transfer premium and relationships with carriers,” Mr. Bernstein said.
Adoption of the program can be more streamlined than other systems because “we don’t actually compel them to change what they are doing” he said. “They literally send us their insurance document through a cloud-hosted secure file repository, and our team uses our technology to batch-upload the document into our system.”
Mr. Bernstein describes LineSlip as a high-value, low-volume platform. “This means that while you may not access it every day, when you are in the system, it’s critical. You’re using it for your quarterly reporting requirements, annual budgeting and renewables,” he said.