Many of our readers should find the topics and outcomes of the 2013 Risk Frontier Survey interesting reading. Although largely centering of matters of the European risk and insurance management community, this survey has valuable information that applies to all organizations in all parts of the world.
New risks require new thinking – and, this is why “The Risk Frontiers Survey” is so worthwhile as it delivers an in-depth picture of the current state of the risk management profession, gleaned from its leading practitioners. It also outlines the big risk issues and ideas on how risk managers and those in the insurance market need to respond to these risks and challenges.
The survey is split into two halves. The first focuses on the big risks and the role of the risk and insurance manager. The second half focuses more on risk transfer than management.
The completed survey has been designed to provide both the risk management community and risk transfer industry with a list of things ‘to do’, or at least think very hard about…..
A short summary of that listing follows:
1. The risk management community is being dragged into the wider world of business risk or enterprise-wide risk management whether it likes it or not. The nature of the key risks faced by corporations are broad, interdependent and international. Risk and insurance managers can therefore no longer hide away in silos. The opportunity is there. Grasp it!
2. Europe’s risk and insurance managers are being challenged by their board members and fellow managers to find new risk transfer solutions to apparently new risks. These are, however, primarily old risks that are evolving along with the global economy. The insurance industry is going to have to sharpen its game to keep up with the needs of its bigger customers especially, or face losing relevance (and large premium payments) over time.
3. Risk and insurance managers would like to see the insurance sector really up its game on service and claims in particular. Cash flow is tight and valid claims need to be paid faster and with less hassle, particularly for overseas operations. The insurance sector should regard this as a key competitive edge and invest accordingly. Claims handling is more important than price, apparently.
4. Global programs are absolutely critical for the larger corporate sector and increasingly the upper middle market. The leading brokers and insurers have invested in this area recently and continue to do so. But they will have to seriously step up their game if they are to meet the fast-rising demands of their customers. Compliance is important but workflow and communication even more important.
Click here to download and read the full report.
You may seriously want to add this report to your organization’s risk management library of resources and please pass this information along to those professional risk management team members in your company.