Are you a P&C Insurer that Wants to Overcome Poor Performance, Uncertainty, and Day-to-Day Scrambling?
Many of today’s P&C companies face daunting challenges that were unheard of just a few years ago. Existing operations and business models can’t handle challenges caused by escalating claim volumes, widespread litigation, negative financial results, and increased demands for transparency from third parties.
Your insurance company appears strong, but chaos abounds in both its day-to-day operations and long-term strategy. Understanding why and how to address it is an ongoing struggle.
Employing enterprise risk management to conquer these challenges avoids the risk of a ratings downgrade, higher reinsurance rates, increased regulatory complaint filings and scrutiny, or worse, liquidation.
Enterprise Risk Management is a tool for addressing the unknowns while ensuring your company meets or exceeds its goals
Today’s fast-paced, tumultuous world requires you to take calculated risks in pursuit of strategic objectives.
As an insurance company executive, you understand underwriting risk and other insurance-related risks. ERM encompasses more than insurance-related risks but is often perceived to be a bureaucratic exercise focused on satisfying regulators, auditors, and creditors. Risk reports simply list what’s already known and are soon forgotten as company executives rush to put out the next fire.
Below are some common issues experienced by insurance companies without ERM and the result after companies integrate ERM into its operations, strategic planning, and decision-making process.