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Innovation Awards 2020: LineSlip Risk Management



LineSlip Solutions Inc.
LINESLIP RISK MANAGEMENT

Sometimes it can lead people to unexpected destinations if you are looking for the solution to a problem. Such was the case with Leo Bernstein, co-founder and CEO of LineSlip Solutions Inc. in New York.

The former investment manager continued to build a real estate business, where his responsibilities included insurance oversight.

"I found it very difficult to understand my insurance program because all the reporting that the brokers did was manual," says Bernstein. "There was no easy way to track that insurance program over time."

He set out to find a workable solution that could effectively consolidate reporting and tracking information, leading to the development of LineSlip Risk Management, a technology platform that is a winner of a 2020 Business Insurance Innovation Award

"When I started digging in, I realized that Fortune 1

000 risk managers have many of the same problems and more, because they are multiple brokers, he said." If you work with multiple brokers, you spend a lot of your time to repackage reports so that you can report to the CFO and understand what is happening in your insurance program because broker A will report differently than broker B. "

As a result, all reporting requires new information to be entered in a spreadsheet or Word documents, says Bernstein.

In 2016, he founded LineSlip using technology to extract data automatically and provide a review track.

“We adds directly from the source document to our database, ”he said. We then bubble it up in a series of opinions, which are designed specifically with the risk manager in mind. This way, they can see what drives the premium spending in their complex insurance program.

The platform provides risk managers with up-to-date information on their insurance investments for reporting, quantifying trading conditions, comparing program performance over time and assessing budgetary needs. "It's about understanding their current and historical insurance programs, especially risk transfer premiums and relationships with carriers," Bernstein said.

The adoption of the program may be more streamlined than other systems because "we do not actually force them to change what they do," he said. "They literally send their insurance document through a secure file repository in the cloud, and our team uses our technology to upload the document to our system. "

Mr Bernstein describes LineSlip as a high-value, low-volume platform. You use it for your quarterly reporting requirements, annual budgeting and renewable energy, he said.


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