Sign up and be the first to know

About Hugh Terry & The Digital Insurer

Hugh Terry & The Digital Insurer Video

Contact Us

1 Scotts Road
#24-10 Shaw Centre
Singapore 228208

Write an article

Get in touch with the editor Martin Kornacki

email your ideas at martin.kornacki@the-digital-insurer.com

Pre Registration Popup

itcasia2020 Registration Popup

Share Popup

Prime Member: Find out more

Access a unique programme!
  • 56 pre recorded lesson of online content from industry experts over 7 courses
  • The best in digital insurance for practitioners and by practtioners
  • Online MCQ after each lesson
  • Join the discussion forum and make new friends
  • Certificate upon completion to show your expertise and comitment
  • 3 months to complete
  • Normal price US$1,400 Your Prime member price is US$999
  • Access to future versions included in your Prime membership!
Become a member

Prime Member: Contact Us

REach out to us. Please fill up the form below
  • Let us know how we can help. You can expect a response within 24 hours

Strategic risk management in insurance – Deloitte Report

[ff_author_box_style2]

Article Synopsis :

‘Strategic risk management in insurance’, by Deloitte suggests carriers face a variety of strategic risks, defined as ‘emerging threats that could undermine assumptions at the core of a company’s value proposition and foundational business model.’

 The Digital Insurer reviews Deloitte’s Report on Strategic risk management in insurance

SRM is about seeing icebergs, at night, in the fog

Specifically, the report sees three key strategic risks emerging in insurance:

  1. Technology and culture shifts
  2. Accelerating medical breakthroughs
  3. New (digital native) competitors/players in insurance distribution

To cope with game-changing technologies and new competition from non-traditional sources, the authors recommend adopting Strategic Risk Management (SRM) as a holistic framework to not only help manage the downside of disruptive risks, but achieve faster growth by capitalising on the resulting opportunities. Carriers establishing SRM programs will hold an advantage over non-SRM competitors, quickly spotting evidence of potentially disruptive developments and adapting products, services, and business models more effectively to changing competitive environments.

The report presents a model framework for implementing SRM, including a deep dive in the following component areas:

  • Establishing an SRM capability
  • Integrating SRM into risk-sensing
  • Preparing a scenario-based action plan
  • Leveraging cognitive tools to enhance decisions

Though 95% of insurers have an Enterprise Risk Management (ERM) program in place, ERM is not designed to address strategic risks potentially disruptive to an insurer’s value proposition or business model. SRM is focused on conditions or events typically difficult to foresee, measure, and minimize.

Link to Full Article:: click here

Digital Insurer's Comments

Most if not all insurers invest in risk management to mobilize the company against tangible, knowable, and measurable risks that arise during the normal course of business. What happens if we hit an iceberg?  SRM is about seeing potential icebergs, at night, in the fog.

SRM can be transformational. Anticipating and interpreting evolving customer needs typically requires new know-how and (digital) skills. It could mean experimentation with new business models and collaboration with new partners. It definitely means innovation and embracing a fail-fast culture – which may pose the most daunting challenge of all, as most carriers are capital-constrained and risk averse.

Link to Source:: click here

Comments

';

Livefest 2019 Register Popup Event

Livefest 2019 Already Registered Popup Event

Livefest 2019 Join Live Logged-in Not Registered

Livefest 2019 Join Live Not Logged-in