Negotiation 101: Strategies for the Risk Professional (CAD006)
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2 Negotiation 101: Strategies for the Risk Professional (CAD006) Speakers: Christine Schelble, Risk Manager, Lexmark International, Inc. Robert Reeves, Partner, Ernst & Young LLP Session Coordinator: Allen Melton, Partner, Ernst & Young LLP
3 Learning Objectives At the end of this session, you will: Obtain a step-by-step method to use for large or small negotiations. Understand how to apply the methodology to real-life negotiations. Learn ten tips for successful negotiating.
4 Agenda Five Steps to Successful Negotiations Details to Negotiation Steps with Examples Property insurance renewal Buying Cyber insurance coverage Property and business interruption claim settlement Ten Tips for Successful Negotiations
5 Five Steps to Successful Negotiations 1) Preparation and Planning 2) Building Relationships and Establishing Rapport 3) Exchanging Information and Offers 4) Bargaining and Problem Solving 5) Reaching Final Agreement
6 Step 1 - Preparation and Planning Research Key Facts Clearly Identify Your Team s Goals Objective What you want to achieve Bottom line - What you have to achieve Options if negotiations fail BATNA Understand the Other Party s Goals and Motivations Determine Your Team s Starting Position List, Value and Rank Your Team s Issues Prepare an Agenda Rehearse the Negotiation
7 Scenario Step 1 - Preparation and Planning Case Study Your Company s Property Policy Expires in Less Than a Year The C-Suite Requests that You Achieve Renewal without an Increase in Premiums Your Current Insurer Has Provided Property Coverage for Your Company for Over Thirty Years Your Company Submitted a $10 Million Property and Business Interruption Claim from a Hurricane that Nears Settlement Questions How Many Negotiations do You Need to Prepare For? What Type of Research do You Need to Complete to Prepare for negotiation(s)?
8 Step 1 - Preparation and Planning Case Study Potential Answers Need to Prepare for Negotiations Internally and with Insurers Information to Gather During Research: State of Property Insurance Market Comparison of Premiums Paid to Claims Received C-Suite s Tolerance for Higher Deductibles and/or Lower Limits of Coverage Impact of Higher Deductibles and/or Lower Limits of Coverage on Premiums Cost of Comparable Insurance from Other Carriers Amount of Potential Current Claim Mitigated by Company Current Insurer s Goals and Motivations in Renewal
9 Step 2 - Building Relationships and Establishing Rapport Confirm Agreement on the Agenda Approach Negotiations as Collaboration, not a Zero-Sum Game Recognize the Potential for Future Negotiations with the Same Parties Follow the FBI s Behavioral Change Stairway Model 1. Listen Actively (and make sure they recognize it) 2. Empathize (understand their point of view) 3. Rapport (they recognize your empathy) 4. Influence to Solve the Problem Together 5. Behavioral Change
10 Step 3 - Exchanging Information and Offers Decide in Advance Who Makes the First Offer Spend More Time Actively Listening Than Talking Gathers Information Builds Rapport Improves Listening by Other Party Paraphrase Their Points for Understanding and Acknowledgement Clearly and Concisely State Your Case Provide Supporting Evidence and Documentation Explain What You Want as a Result Demonstrate Your Knowledge of the Facts and Issues Exude Confidence
11 Step 3 - Exchanging Information and Offers - Case Study Scenario You Have Been Tasked with Procuring Cyber Insurance for Your Company During Your Research You Determine Capacity for Cyber Insurance Coverage Has Increased Citing Increased Cyber Attacks, Insurers Typically Offer Policies with Limits of Liability Lower than Requested by Your Company Even with Relatively Low Limits of Liability, Premiums Continue to Increase Insurers Have Offered Your Company Cyber Coverage excluding Coverage for Time Element and Prior Acts The Policy Offered Also Excludes Coverage for Prior Acts Questions What Information Should You Provide to Insurers? What Would You Request from Insurers?
12 Step 3 - Exchanging Information and Offers Case Study Potential Answers Provide Information Showing Company s Cyber Readiness Business Model and Associated Cyber Risks Incident Response Plan for Organization Cyber Security Plan for Present Cyber Security Plan for Next Ten Years Independently Prepared IT Security Assessment Affidavit Signed by CISO and Other Company Executives Stating No Knowledge of any Prior Acts Request Information from Insurers on any Cyber Related Services Provided (Prevention, Investigation, etc.) Request Cyber Policy with: Time Element Coverage Coverage for Prior Acts Increased Limit of Liability Reduced Premiums
13 Step 4 - Bargaining and Problem Solving Start By Restating Agreed Upon Items Clearly Define Open Issues and Differences Spend More Time Actively Listening Than Talking Remember Your Objectives and Bottom Line Refer Back to Your List, Value and Rank of Your Team s Issues When Considering Concessions and Proposals Strengthen Your Team s Points by Emphasizing the Benefits to the Other Party Be Patient - Make Incremental and Strategic Concessions and Proposals to Avoid Going Straight to Your Bottom Line
14 Step 4 - Bargaining and Problem Solving Case Study Scenario Your Company Submitted a $10 Million Property and Business Interruption Claim from a Hurricane Insurers Consultants Provided a Claim Calculation of $7 Million The Property Damage Elements of the Claim and Insurer s Calculation include Reasonable Differences of 5% The Time Element Sections of the Claim and Insurer s Calculation Differ by 20%, including Large Conceptual Issues Questions What Are Your Next Steps? What Can You Do If You Reach an Impasse?
15 Step 4 - Bargaining and Problem Solving Case Study Potential Answers Contact Insurers in Advance to Settle the Property Damage Elements of the Claim d Receive a Cash Advance Prepare for Meeting the Insurers by Clearly Defining the Agreements and Differences with Calculations Prepare an Agenda for the Meeting that Starts by Listing the Areas of Agreement In Case of an Impasse on Certain Issues, Schedule a Direct Meeting with Insurers for a Money-to-Money Discussion
16 Step 5 - Reaching Final Agreement Consider the Long Term Relationship Work to Achieve a Mutually Agreeable Settlement Focus on Achieving Goals, not Winning Keep Your Word Restate Agreements Already Reached Revisit Your Objectives and Bottom Line Look for Closing Signs Relaxed or Tired Body Language Checking the Time / Travel Schedules Get Agreements in Writing as Soon as Possible Recognize When to Stop Negotiating
17 Ten Tips for Successful Negotiations 1) Prepare Thoroughly 2) Know the Relevant Information Completely 3) Rehearse the Negotiation 4) Focus on Your Objectives 5) Work to Keep the Process Calm and Civil 6) Actively Listen to Build Rapport 7) Spend More Time Listening than Speaking 8) Present your Positions Clearly and Concisely 9) Look for Nonverbal Clues from the Other Party 10) Attempt to Achieve Mutually Beneficial Agreements
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