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Redhand Advisors’ White Paper: “Aligning Technology with Risk Management Priorities”

In mid-2016, Redhand advisers undertook a survey of risk management professionals and, this week, published their findings in a white paper, “Aligning Technology with Risk Management Priorities”.  Find a copy of the white paper here

Topics: risk management Insights

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 RMIS insurance act airmic

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

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 RMIS insurance act

The Insurance Act: End of  Data Dumping?

One of the biggest changes for Risk Managers in the wake of the Insurance Act 2015 coming into force in August 2016 is a new responsibility for interpreting as well as collating risk data.

Topics: risk management data management duty of fair presentation insurance act compliance

I don’t live in the UK, what does the UK Insurance Act have to do with me?


Have you heard of the Insurance Act 2015 (the Act)? If not, perhaps you should do some reading before the Act goes into effect on August 12, 2016. The Act makes some pretty profound changes in the way underwriting data must be reported and the responsibilities of the insurer and the insured in the event that the underwriting information, for any reason, is not accurate or complete. As a risk manager outside of the UK, you may not think these regulations will impact you. However there are a number of situations where you and your risk could be effected by provisions of the Act: 

Topics: risk management risk management data

The Insurance Act: A New Dawn for Risk Management

With the new UK Insurance Act coming into force August 2016 and applying to all insurance placed in the UK market, it is vital that companies act now in order to get their ‘houses in order.’ It is certainly a case of ‘fail to prepare, prepare to fail’ when it comes implementing the right systems and processes now required.

Topics: risk management duty of fair presentation insurance act compliance

The Insurance Act: Do you know your DoD from your DoFP?

The UK Insurance Act 2015 comes into force in August 2016 – but how many Risk Managers recognise the significant impact on day-to-day operations? Duty of Disclosure (DoD) is so ingrained in daily processes for Risk Managers there is the assumption that Duty of Fair Presentation (DoFP) may not be that different – this is a misunderstanding which should be remedied sooner rather than later.

Topics: risk management duty of fair presentation insurance act

New Guide: Preparing for the Insurance Act 2015- Make sure you're ready

With the UK Insurance Act coming into force in August 2016, have you considered the full practical implications of complying with the new act?

Our new guide “Preparing for the Insurance Act 2015: Make sure you’re ready” looks to provide valuable insight and guidance into the changes outlined in the new insurance act and how you and your origination can prepare for them.

By downloading and reading this guide, you will receive:

  • A breakdown of the changes from the old Duty of Disclosure (DoD) to the new Duty of Fair Presentation (DoFP) and information on how you can comply with the requirements of the DoFP.
  • A clear definition of ‘reasonable search’ and details on how you can demonstrate a clear audit trail prior to market presentation
  • An understanding of how technology can help in categorising and assembling reliable data for presentation to the insurance market
  • A breakdown of the consequences of failure to comply with the Insurance Act
  • Information on the global impact, the act doesn’t only affect the UK
  • Details on how a Risk Management Information System can aid with complying with the Insurance Act 2015
Topics: risk management duty of fair presentation insurance act

A Thought From RIMS 2016 - Strategic Risks

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The 2016 RIMS Conference provided quite a number of thought-provoking technical presentations.  Among the sessions was one on Strategic Risk and Analytics, presented by Soubhagha Prija, SVP & CRO for New York Power Authority and William Dehnert of Deloitte Advisory.

Topics: risk management Updates & Viewpoints Conferences