Utica Case Study Summary
Through this case study, various risks to Utica National Insurance Group (Utica) have been identified as well as various questions raised in order for Guy Carpenter to better understand and service the prospective client.
Utica was founded in 1914 and is an award-winning, nationally recognized mutual organization that provides personal and commercial insurance products and services. Over 2,200 independent insurance agents sell the company’s products across the country and Utica is the second largest insurer of Agents’ Errors and Omissions (E&O) business in the USA. Despite this size and experience, Utica is not immune from reputational risk.
Utica’s mission statement says that it is “committed to providing our mutual policyholders with valuable services and products to help make them feel secure.” In addition, Utica promises that their 1,200 employees take daily steps “to make people feel secure, appreciated, and respected.” Having a promise like the aforementioned is a great way to make the consumer feel that Utica places a strong emphasis on its client relationships. Its mission indicates how Utica values its reputation and also highlights the threats thereto.
The below exhibit prepared by Guy Carpenter affiliate, Oliver Wyman, shows some of the ways a company’s reputation can be damaged.
Looking at the different kinds of reputational risks above,
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Accordingly, we can help Utica manage its exposure to its own agents as well as to the rest of its book of business (not just E&O). The input of Guy Carpenter Global Strategic Advisors combines a trusted partner's understanding of each client's strategic imperatives with line-of-business expertise in markets around the world. We can also call on the expertise of other groups within the Marsh & McLennan companies, such as Oliver Wyman, as
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