Organizing the Details: How LineSlip Works for Alcority
LineSlip’s tech-based solutions give companies an effective, time-saving method for aggregating and accessing policy and other information.
For Alcority, a shared services organization established in New York City in 2019, this service has been critical.
“We were taking bits and pieces of all the different insurance programs and bringing them under the Alcority umbrella,” said Stephanie Grossberg, vice president, risk management at Alcority.
Their customer base includes industrial services, healthcare services, specialty manufacturing, and motor sports companies.
They recognized the need to organize this information so it could be viewed holistically. LineSlip, she said, was the perfect solution for aggregating policy information for several disparate insurance programs and different lines of coverage. “It was a way to centralize in one resource,” Ms. Grossberg said.
How LineSlip Works
LineSlip was developed for risk managers to track, aggregate, and store insurance policy information. Once data is organized, the dashboards can serve any number of purposes, including summarizing policies and comparing premiums and rates.
Our platform converts program documents into accessible dashboards with a series of views.
Because of these capabilities, LineSlip has made Ms. Grossberg’s job much less complicated. Her process of budgeting and planning for 2023 is a prime example.
“Today, I was in LineSlip running reports,” she said. “I need to easily access how many lines of coverage we have, how many policies my department is responsible for managing and overseeing, how much we spend on insurance and where that spend is concentrated—with which portfolio companies, which insurers, and which lines of coverage.”
Accessing this information, she noted, is now easy. “It’s one report that I’m able to pull out of LineSlip to answer those questions,” she said.
For example, their home healthcare companies need to budget for what they will spend on insurance in 2023. “That telescopes out of what I’m doing,” she explained. “I create for the enterprise, and those different parts get pushed out to the insureds so they can do their planning.”
Before and After
Before LineSlip, this voluminous amount of information was managed on a SharePoint site. “We had a folder for every portfolio company and for every insured with their policy information, so it was a very manual process,” Ms. Grossberg said. “Now I’m able to run a report and pull that information out in minutes.”
This has been especially beneficial with the diverse industries, customers, and insurers Alcority serves, as “A big part of what we do is contract review,” she said.
LineSlip makes it easy when a unique clause or sublimit is required, she said. LineSlip abstracts the information, “Making it easy to find out what those sublimits are and to dig into the coverage. This saves time for our team and the organizations we work with,” Ms. Grossberg said.
Summary
LineSlip allows organizations to:
▪ Store and access all documents associated with a policy.
▪ See and analyze their total cost of risk.
▪ Examine their insurance spend so they can plan for the upcoming year.
▪ Prepare for internal auditing: whether agreed-to coverage reconciles with the binder, policy, and invoice.
▪ Continually update and customize their programs.
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