There is one certainty in baseball — change occurs often and quickly. While most organizations and clubs make plans for at least three years ahead, issues inevitability emerge. In 2020, the pandemic put increasing pressure on both the physical and financial health of baseball teams everywhere.
The result: upended schedules and large financial hits.
Even without a pandemic, planning in sports has been an ongoing challenge. In particular, player injuries can disrupt even the best programs. The speed of business in baseball requires flexibility in planning and meticulous attention to data.
Every year, player rosters change. Over time, training and coaching methods change, and a team’s structure shifts fundamentally. Keeping up with the changes can be a daunting task.
As the pandemic took hold and Major League Baseball (MLB) adopted COVID-19 protocols, NFP adapted its own risk management approach in order to comply with or exceed these guidelines. For example, while the pandemic put restrictions on some procedures necessary for insurance carrier approval, NFP was able to use the clubs’ historical data to fulfill these requirements.
Traditionally, baseball organizations have relied on historical data, as well as situational anecdotal information, to help them address such rapid change. Information on players or on past injuries can help teams understand that player’s capabilities, the physical demands of the position they play and what player types can work best together.
By working with historical data and analysis of past injuries and player types, NFP’s sports experts are able to quote and place appropriate insurance policies based on terms and pricing. The same kind of data that baseball clubs use to analyze injury histories and establish better player selection, training and contractual processes is also used in analysis of insurance policies.download full article