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Plenary Session with Cristina Martinez, Stéphanie Augustin (AXA) and Jocher Koerner (Marsh)
Citation preview
Leveraging
Insurance
to Optimize
Risk Management
BRUSSELS, 20-21 October www.ferma.eu
Agenda
1. Partnership as key driver
2. Risk management in practice: Rule of thumb or
analytics-based decision-making?
3. Insurance program structure:
1. Program sophistication
2. Standard vs non-standard exposures
4. Area of improvement: day-to-day operations
1. Servicing
2. Claims handling
3. IT systems
SEMINAR 2014 2
BRUSSELS, 20-21 October www.ferma.eu
Partnership
seen as a key driver for efficient insurance
Risk managers continue to invest in relationships reflected by their desire:
for long term agreement or roll-over (50% , an increase of 25% vs 2012)
for improved coordination between teams involved in a claim; in house, brokers, insurers, (37%)
SEMINAR 2014 3
Confirmation of position of coverage as quickly as
reasonably possible (as desired by 43% of respondents)
BRUSSELS, 20-21 October www.ferma.eu
Risk management in practice:
Rule of thumb or analytics-based decision making?
SEMINAR 2014 4
BRUSSELS, 20-21 October www.ferma.eu
Insurance arrangements will become ever
more sophisticated
SEMINAR 2014 5
Increased loss prevention activity (43%)
Change in insurance buying pattern (34%) = of these, increase in: - retention (55%) - limits (40%) - lines of cover (52%)
Increased use of captives
93% of respondents are considering changes!
BRUSSELS, 20-21 October www.ferma.eu
Increased use of captives
Don’t know 9%
Yes 39% No 52%
33.4% 39.2%
61.4%
41.3%
5.1%
19.6%
Traditional Lines ofCover
Non-traditionalLines of Cover
More important
Identical
Less important
Involvement of captive over the next 2 years
Captive user?
6
Yes
BRUSSELS, 20-21 October www.ferma.eu
Insurance arrangements will become ever
more sophisticated
SEMINAR 2014 7
Increased loss prevention activity (43%)
Change in insurance buying pattern (34%) = increase in: - retention (55%) - limits (40%) - lines of cover (52%)
Move towards more global programmes with
Master policy and local policies in selected
Countries
Increased use of captives
93% of respondents are considering changes!
Avec animation, appar Ition dans l’ordre 1/2/3/4
Cerveau infographe à intégrer
Intérer dans les slides qui suivent et de manière esthétique: - Graph ref slide Q7,1 du Ferma lié au 3 - Carte liée au 4)
BRUSSELS, 20-21 October www.ferma.eu
but still some room for improvement in the
local offering
SEMINAR 2014 8
Brazil, Russia, India, China, France, Malaysia, Argentina, Mexico, USA, Nigeria, Turkey, Japan
BRUSSELS, 20-21 October www.ferma.eu
Insurance program structure:
Standard VS non-standard exposures
SEMINAR 2014 9
Non-standard coverages for evolving risks
INSURANCE INVESTMENT
Standard coverages for traditional risks
Standard coverages for traditional risks (including property damage)
BRUSSELS, 20-21 October www.ferma.eu
Insurance program structure:
Standard vs non-standard exposures
Stand-alone cyber coverage
SEMINAR 2014 10
19%
5%
2%
1%
72%
<EUR50 million
EUR50 - 100 million
EUR101 -300 million
˃EUR 300 million
No coverage
BRUSSELS, 20-21 October www.ferma.eu
Area of improvement: day-to-day operations
Servicing
SEMINAR 2014 11
BRUSSELS, 20-21 October www.ferma.eu
Area of improvement: day-to-day operations
Large Claims handling
Looking for claims certainty and claims mitigation prior to a loss
Policy wording tests (39%)
+
Learned lessons analysis (36%)
Internal Crisis management
simulations (34%)
SEMINAR 2014 12
Clarity of extent of cover
Anticipation
=
+
BRUSSELS, 20-21 October www.ferma.eu
Area of improvement: Day-to-day operations
IT systems
Risk and insurance management IT platforms are key for
smooth day-to-day operations.
There is still some way to go before their capabilities are
optimised.
SEMINAR 2014 13
Area of
Improvement
Internal systems
importance rating
Area of improvement External systems
importance rating
Tailor-made & user-
friendly reporting
44% Tailor-made & user-
friendly reporting
37%
Claims management
tools
38% Technical information /
advice / best practices
31%
24/7 access 24% Claims management
tools
29%
Q&A