IBTX Prides Ourselves in Empowering Businesses
IBTX prides ourselves in empowering businesses to achieve success within their industry. You can learn more about our enterprise risk management solutions and how we’ve helped clients by reviewing a few of our select projects below.
Energy Client, Safety and Regulatory Compliance
An IBTX client in the energy industry had the potential to suffer contract loss for ISNetworld non-compliance. They were dealing with negative experience modifier trends and a negative impact on their profitability. To make matters worse, their frequency and severity of workers’ compensation and auto claims were rising.
We collaborated with the client, engaging in a three-year risk management partnership. During that time, we reduced accident frequency and severity through our Safety & Loss Control training. We paired them with a claims advocacy team, providing both subrogation and reserve reduction. IBTX also implemented coverage advocacy and ISNetworld support.
Effect of Solution
The client experienced increased growth, exposure reduction and safe culture implementation. Their business became MSA compliant, and their experience modifier went under one, driving a six-figure profit directly to their bottom line.
Cyber Crime, Claims Advocacy
One of IBTX’s manufacturing clients became a victim of an online crime fraud called Fraudulent Impersonation. Because the insured’s primary form of contact with their China supplier was via email, nothing appeared out of the ordinary when they received wiring instruction from their regular contact informing the insured that “We have changed banks.”
However, the Chinese supplier’s email system had been hacked, and the hacker was now impersonating the contact. The $38,000 in funds was moved to the new bank, ultimately, into the cyber criminal’s hands.
When the insurance carrier initially denied the claim, IBTX claims and coverage team combed through the policy wording. Eventually, IBTX found the contract language to be broad enough to include this type of claim. They insisted on a more formal declination from carrier Claims Counsel, and Counsel agreed with the IBTX interpretation, paying the claim in full.
Effect of Solution
The client’s $38,000 was returned and reallocated to other company needs.
Learn how IBTX can improve your bottom line and keep you safe.
IBTX’s risk management and insurance solutions are built around the various industries we serve. Learn how we can support you.
“WOW! IBTX is great! With so many resources, there is no reason for me to go anywhere else for my insurance, bonding or even HR needs. Every rep I’ve dealt with, whether benefits, bonds or business insurance – anytime I work with anyone at the firm, I am always treated with such prompt and undivided attention. Thank you for being such a valued part of our insurance and risk management program.”–Moore Erection, L.P.