Fresh Food in the Grocery Store and RevenueShield® Oct 10, 2017 By: Rick Stein, Vice President of Fresh Foods, Food Marketing Institute I recently sat down with Joel Berrian of Berrian Insurance Group to discuss the advantages RevenueShield® brings to FMI Members particularly around the area of fresh foods. Here’s our conversation: Food retail has experienced a rapid pace of change over the course of the last few years, creating significant growth in retail’s periphery. As the periphery has grown, fresh prepared and fresh produce have become important drivers of retailer’s overall success in regards to increasing customer base, revenue and brand awareness. However, the disruption has brought risk and, as our Power of Produce and Power of Fresh Prepared/Deli reports show, billions are at stake. How would RevenueShield help an FMI Member in dealing with these disruptive changes? Joel: Change is not unique to food retail. However, it is critically important for FMI Members to understand the risks and exposures involved with the disruptions because of the food safety and brand issues at risk. As we have all witnessed on too many occasions, get it wrong and a company will experience significant financial loss. RevenueShield assists FMI Members by identifying the different or unfamiliar risks and collaborating to create a comprehensive program, which properly protects a Member’s brand and balance sheet. If an FMI Member is growing its periphery and investing in emerging customer experience concepts, like in-store dining, Ecommerce or meal kits, and concerned about some of the new risks and exposures involved, how do they approach RevenueShield? Joel: Easy Rick. A Member simply goes to FMI Members Plus Program and see the RevenueShield® information. You’ll find brief outline about the program and the opportunity to schedule a complimentary Food Retail Gap AnalysisTM. Is Berrian’s Food Retail Gap Analysis free? Joel: Yes, for FMI Members. A properly detailed gap analysis can be an expensive endeavor but FMI and Berrian believe the investment is invaluable to FMI Members. How does it work? Joel: Our team works with the FMI Member’s team and we discuss critical concerns. Together, we identify vital aspects of the Member’s operations and supply chain, from a risk perspective, and identify important related documents and issues such as, vendor supply contracts, organizational charts, risk profile and adequacy of current insurance protection. We will have a different discussion with each Member, because the exposures and risk tolerances are unique to each Member. And what have you been finding from these gap analyses? Joel: In most cases, the C-suite has been surprised to learn of unexpected and unplanned for significant financial loss. Upon understanding this, they want to know the costs associated with eliminating the financial risk and how quickly the problems can be corrected. Impressive. Thank you for taking the time to explain to me a few of RevenueShield’s benefits. Joel: You’re welcome Rick. We look forward to working with FMI to ensure FMI Members are properly protected against the disruptive risks.