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Excellence in Risk Management: New Survey Results from Marsh and RIMS

The risk professional's role in managing technology innovation

The gathering of risk management professionals at the recent RIMS meeting in San Antonio saw the release of the fifteenth “Excellence in Risk Management” survey from our colleagues at Marsh and the event sponsor, RIMS.  Drawing on the responses of about 450 risk management professionals, Maintaining Relevance Amid Technology Disruption tackled the key issues around the risk management professional’s role…

How to go Bionic – Technology in the Future of Underwriting

What are the implications of a blend of digital and human capabilities?

The recent report from Oliver Wyman and the Chartered Insurance Institute (CII), “The Underwriter of the Future Six Years On,” makes clear that in many areas of corporate and commercial insurance, much of  the current “artisan” business model will get a “bionic upgrade” – not 100% machine, but an inseparable blend of digital technology and human capabilities.  What are the…

Whither the Underwriter in the Age of the Machine?

Reflections on the underwriter of the future

Six years ago, Oliver Wyman and the Chartered Insurance Institute (CII) collaborated on a joint report, “The Underwriter of the Future,” that laid out a vision of what a commercial insurer might look like in 2012.  Here in 2018, having passed the half-way point, a new report “The Underwriter of the Future Six Years On” takes stock of what has…

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Avoiding “Renovator’s Regret” in P&C Digital Investment

How P&C Insurers Can Earn High ROI on Digital Investments

When you’re thinking about how to use technology in your company—to build efficiency, expand your reach, provide new analytic tools, create new products, or just to keep up your competition—it’s important to keep in mind a lesson you probably already learned at home. Let’s call it “Renovator’s Regret.” If you live in an old house, you’ve almost certainly experienced it.…

The Customer Value Gap for Insurance

Oliver Wyman's Anthony Bice on what insurers can learn from big tech

Insurance is not known for being at the forefront of innovation. By and large, customers are buying the same types of covers from the same carriers in the same way as they were 20 years ago. Of course there are some exceptions to this rule, and solution innovators are mostly still playing at the edges of the industry. And even…

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Executive Conversations: Bill Scaldaferri, President & CEO Allianz Global Corporate & Specialty (AGCS)

Thoughts on strategic partnerships, better utilizing data to assess commercial risks, and cyber risk

One year into his role as CEO and President of AGCS, Bill Scaldaferri has a busy agenda when it comes to proactively tackling the evolving nature of risk. Having recently announced a groundbreaking strategic partnership with Cisco, Aon and Apple, he believes AGCS is offering an innovative approach to dealing with cyber risk. Likewise the firm is championing new growth…

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The Digital Dimensions of Operational Excellence for Insurers

Moving beyond doing more with less to doing more . . . better

Faced with tightening economics and increased competitive uncertainty, many large insurance enterprises have used operational excellence programs to closely monitor and improve all areas of performance.  But efficiency – doing more with less – is not enough anymore.  The goal now is operational excellence. Oliver Wyman Partner Mathieu Sebastien notes that being operationally excellent requires tailored solutions to well-defined problems…

From AM Best: Marsh and McLennan Companies’ Dan Glaser on AI in Insurance

Predictive capability will come through machine learning and artifical intelligence

What MMC President and CEO Dan Glaser calls “augmented intelligence,” driven by advances in machine learning and AI, will allow insurers to keep up with the increasingly complex risks companies face today.  What will clients find most valuable about these insurtech advances?  And will there always be a role for the broker? Join AM Best’s  Meg Green in conversation with…

From Oliver Wyman Health: Opportunities in the Making?

Insight into the Amazon-Berkshire Hathaway-JP Morgan Announcement

The recent announcement from Amazon, Berkshire Hathaway, and JP Morgan is still echoing in many ears, and has caused much speculation about what the plans of these three titans mean for payers, providers, and consumers, and where and how disruption might occur.  Our colleagues Helen Leis and Sukanya Soderland have put the announcement in perspective in a fascinating post on…

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Meeting AI Risk Head On

Prashanth Gangu in HBR on approaching AI risks like natural disasters

As the world becomes increasingly interconnected, and as we become increasingly dependent upon the information flows from tens of billions of sensors and the algorithms that drive them, the associated risk of global scale shutdowns becomes more real. Yet, as Oliver Wyman Partner Prashanth Gangu points out in a recent piece in Harvard Business Review, we’ve learned a great deal…