Forecasting risk isn’t getting any easier
Most risk professionals say that risk forecasting isn’t going to become easier in the next 3 years in fact almost half say it will be harder.
A survey from
Marsh and the risk management society RIMS reveals that cyber attacks and regulation are the emerging risks that will create additional challenges for the industry.
Claims-based reviews are still the most commonly-used method for assessing risk, used by 60 per cent of respondents; 38 per cent use predictive analytics.
“The widespread use of claims-based reviews means that a majority of organizations are relying on studying past incidents to predict how emerging risks will behave rather than using predictive analytic techniques like stochastic modeling and game theory to help inform their decision making,” said Brian Elowe, Marsh’s US client executive leader and co-author of the report.
Survey respondents also cited several barriers to understanding the impact of emerging risks on their business strategy and decisions with lack of cross-organization collaboration ranking first among risk professional respondents.
Insurance chief calls for national flood strategy
The chief executive of the Insurance Bureau of Canada says the country needs a national strategy for tackling extreme weather events. Writing in the Globe and Mail, Dan Forgeron calls for the government to act swiftly to adapt to the new reality of increased natural disasters, with floods highlighted as the major risk.
Forgeron acknowledges that some work is being done to bolster infrastructure in order to mitigate risk but he says it does not go far enough. He says that more funding is required for the Disaster Financial Assistance Arrangements program and that there must be a comprehensive strategy for tackling flood risk nationally.
Has this insurer got it right on millennial customer service?
French-based global insurer
AXA has become the first company in France and only the second in the world to partner with Facebook’s Messenger service to provide a 100 per cent digital experience.
The insurer has a service which is digital-only called Switch, aimed at young people. The addition of the partnership with Messenger will enable interaction between customer and insurer which is truly ‘native’ for millennials.
Facebook Messenger has only recently been made available to businesses and Dutch airline KLM was the first to sign up to enable boarding passes and check-in via the widely-used Messenger app.
AXA believes the partnership will deepen its engagement with millennials and provide a stronger customer experience.
Nicolas Moreau, AXA CEO in France and global head of its Assistance and Direct divisions commented: “With Messenger, we have reached a new level in our relationships with customers. We must respond to their needs and habits as closely as possible to best support them on a daily basis.”
