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AIRMIC members see the Insurance Act as their highest concern

At this years' AIRMIC conference in Harrogate, we carried out a survey to determine the risk communities highest concern at the moment. Unsurprisingly, the impact of the Insurance Act came out on top with 31% of those who surveyed.

Topics: risk management Compliance risk management software

Attacking the runaway inflation in your workers’ compensation claim expense

In a recent article in Business Insurance “Workers comp cycle poised to tighten for insurers, buyers”, a number of sources are quoted supporting the proposition that Workers’ Compensation (WC) rates will rise in the coming renewal cycle. With the line boasting a 95% combined ratio in 2015, the market expects that ratio to leap to as high as 105% when 2016 results are assessed. What is going on here?

Topics: Analytics, Reporting & Data Visualization Claims Administration

Novarica Describes “New Normal” for P&C Insurers

I just participated in a conference call with Novarica on their list of 100 technology-enabled business capabilities that represent the “new normal” for insurers. You can review the report here.

Topics: risk management

Do you understand your Risk Management Ecosystem?

Some may call it a Risk Management Ecosystem, some may call it a Risk Management Supply Chain, some might not even think about it at all. In my view, the Risk Management Ecosystem is a living community that interacts and is interdependent, much like a natural ecosystem. Each part will be different from each of the others, serving its own particular niche in the sustenance and health of the overall system and, as the senior leader in risk management, it is your unique responsibility to assemble, nurture and manage the entire ecosystem to achieve the best performance for your company.

Topics: risk management software

3 hacks to gather renewal data more effectively

For those in risk management, great data is the equivalent of gold dust. You can have a fantastic team, good workflows and insightful hunches, but rich data is the element that will propel you forward. Any kind of risk management system must be designed to gather quality data.

Topics: renewals and submissions

Are you getting the best results from your insurance renewal strategy?

The process of developing an insurance renewal strategy can be a bit like a rowing race. If you have clunky old oars, your teammates aren’t boaters and the hull isn’t structurally sound then you might still get to the finish line, but ultimately, you won’t really be competitive.

Topics: renewals and submissions

Airmic 2016: The Insurance Act, a new frontier in risk?

This year’s AIRMIC conference was held at the HIC in Harrogate, from Monday 6th June – Wednesday 8th June, and focused on “New frontiers in risk” within the world of Insurance, which enabled numerous organisations to delve into the world of risk prevention and management, industry innovation, employee benefits, and much more.

Topics: risk management Compliance risk management software