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To Our Customers, Brokers, Carriers and Vendor Partners
Re: 100 Day Update
The 100 days since announcing our spin-off from Zurich has been a time of tremendous progress, and I’d like to share this update to keep you informed.
In addition to attending to the financial, legal and regulatory matters that follow spin-off transactions and closing the books on a successful 2007 financial year, REM management and our new board members tackled a number of strategic and operational priorities. We jointly examined and committed to our company’s shared purpose, culture, core values and key measures of success – the cornerstone of our future; revised the senior staff reporting structure; launched the transition of a number of managed care services to new Preferred Providers and finalized a near term growth strategy, in addition to implementing a number of internal operational improvements. We also welcomed new customers North American Specialties, Pharmacist’s Mutual Insurance Company, The Pantry, Inc., IREX Contracting Group, and a number of new programs with Britt Paulk and The Norwich Group.
Customer and marketplace response to the spin-off has been highly positive and supportive. Board and senior staff members have joined our account executives, account managers and field managers in actively communicating with customers, carriers, brokers, program managers, and even prospective customers concerning our commitments to quality service, growth and investment in REM.
Attached to this update is our Statement of Shared Purpose, a brief but important statement that builds on the three pillars of our well-established business mission. It provides a balanced statement of REM’s purpose – to meet the needs of customers, shareholders and employees – and speaks to our culture and core values of integrity, ethics, dedication to customers, teamwork and “can do” attitude that, collectively, define us.
Senior staff responsibilities and reporting lines have been revised and are shown in the organization chart that follows. I am pleased to announce the following senior staff appointments:
Linda Naif, formerly REM’s Senior Vice President, Applications and Customer Support, has been appointed Senior Vice President, Information Technology. In this expanded role, Linda assumes responsibility for Computer Operations and Telecommunications, while retaining her responsibilities for Applications and Customer Support;
Michael Finelli has joined REM as Vice President, Operational Improvement. Michael joins REM from Bank of America, where he was Vice President, Global Treasury Services, and is a 28 year veteran of the financial services industry.
Linda and Michael will report to me, as will other members of the senior staff as follows:
We are excited about our enhanced growth strategy, which will be rolled out in coming months to drive organic growth. Marketing and sales of REM services will be based on our belief that the best way to achieve sustainable and profitable growth is by providing outstanding value and having great relationships with our customers. Our growth strategy and continuous drive to operational and service excellence will therefore go hand in hand.
We have adopted a stronger orientation towards sales in target industries such as Retail, Hospitality, Healthcare, Energy, Construction and Consumer Products, among others within the Risk Management segment, where we have exceptional capabilities and see specific opportunities for growth. Run-off and Insurer business will remain core markets, and our Program segment will be reenergized to become a key growth segment. We will expand services such as our highly successful Casualty Cat service, which supports customers experiencing large scale product and other casualty claim events through a highly experienced team devoted to minimizing loss costs and preserving our customers’ reputations. We have already begun expanding our Sales and Account Management teams to support this multiple strategy, and will launch initiatives to improve awareness of our brand in coming weeks.
Consistent with our view that customers benefit most from an integrated, best in class Managed Care network of preferred providers, we announced in January the selection of Corvel as our preferred provider of bill review, PPO/non-network provider and other services. The selection followed an exhaustive marketplace review during which we concluded that Corvel offers the best value to our customers due to superior medical cost management results, disciplined oversight of a broad network, superior service orientation and state-of-the-art automation tools.
Our nurse case management network has been supplemented since the first of the year through the addition of a number of providers, led by Intracorp and Corvel. Best in class nurse case manager selection was made by locale in keeping with our practice of selecting the best individual nurse case managers for our network.
While fine-tuning continues, the transition of managed care services is now complete.
We are all grateful for the customer and marketplace response to the spin-off, and pleased with the progress we are making in the various initiatives. We are proud of our people across the company for the high level of operational performance and absence of service disruptions, given all that has occurred these past 100 days.
I look forward to providing future updates. In the meantime, please feel free to contact me with any questions, comments or suggestions.
Very truly yours,
Mike Riney
REM Statement of Shared Purpose
The purpose of REM is to provide:
-Exceptional quality to our customers
-Rewarding careers and quality of life for our employees
-Superior returns to our shareholders
We provide superior loss cost management to long term, highly satisfied customers. We achieve this by:
-Reducing customer loss costs
-Providing superior information tools
-Delivering extraordinary responsive and tailored customer service
Our company culture is one of:
-High integrity and ethics
-Dedication to helping our customers succeed in controlling loss costs while exceeding their service expectations
-Teamwork with a “can do” attitude in a fun environment that encourages learning and skill development, and rewards good performance
Our key measures of success are:
-Exceptional customer satisfaction and recognition of REM’s value in all that we do
-Significant growth through attracting and retaining quality customers
-Continuous improvement in financial performance that meets shareholder expectations
Contact
Mike Riney
(609) 495-0016
michael.riney@remltd.com
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