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Are you a P&C Insurer that Wants to Overcome Poor Performance, Uncertainty, and Day-to-Day Scrambling?

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Carol Williams

ERM Specialist

Are you a P&C Insurer that Wants to Overcome Poor Performance, Uncertainty, and Day-to-Day Scrambling?

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Carol Williams

ERM Specialist

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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.

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Enterprise Risk Management is a tool for addressing the unknowns while ensuring your company meets or exceeds its goals

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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.

Without ERM
  • Regulators and auditors are constantly haranguing you and your staff with questions, document requests, or worse, threatening to place the company under administrative supervision.
  • Despite your team’s best efforts, the company continues to operate at a loss, eroding available cash reserves for paying claims, retaining top talent, technology investments, and more.
  • You and your team are always putting out fires and struggle to make progress on important initiatives.
  • Your company sets strategic goals, but the goals are not being achieved, and you aren’t sure of the cause.
With Robust ERM
  • Regulators and auditors are assured the company is being well-managed in the interest of policyholders and other stakeholders. You no longer receive random calls with probing questions.
  • The company is more financially solvent , resulting in lower reinsurance rates, improved or affirmed financial ratings, and satisfied policyholders and employees.
  • Initiatives, projects, and transformative changes are completed on-time and on-budget without being overwhelming. Crises de jour are a thing of the past.
  • You and your management are on the same page about the goals, prioirities, and their role in achieving those goals.

Click below to contact us today to discuss your company’s specific challenges and goals and how ERM can help you survive and thrive in today’s uncertain market.

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SCHEDULE A CALL
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SCHEDULE A CALL TODAY
SEND AN EMAIL

Email: Carol@strategicdecisionsolutions.com

Phone: (850) 212-6693

Achieve Goals Faster and with More Certainty