N AV I G AT I N G R I S K
In a time of unprecedented change and opportunity, our approach to risk and insurance must be more ambitious than ever before. Our very special Modern Insurance supplement - Navigating Risk - is the result of a fantastic collaboration with Airmic and a range of key voices from the industry. It offers the chance for the industry to put forward their ideas, discover and learn and enables us to highlight some key activities taking place within the risk sphere currently. You can find an interview from John Ludlow, Chief Executive at Airmic, who explains that we need to be open to change and embrace it as we are unleashed into a new field of risk management. David Hughes, Managing Director of Mulberry Risk, discusses the application of artificial intelligence in order to reduce commercial fleet risks. Allianz introduces Stuart Daws, Head of Loss Control Engineering, who examines security measures as new security risks continue to rise; and Professor James Lygate, Chairman and Principal Investigator of IFIC Forensics, stresses the need for effective fire risk management and the potential problem of hot work fires to the insurance industry. John Ridd, CEO of eviid, delves into the world of video technology and how this will revolutionise claims when it comes to making decisions about risk. We also meet The Risk Doctor – Dr David Hillson – who addresses the role of the risk manager; while the Institute of Risk Management (IRM) speaks to one of their members, Jason Qian, Lloyd’s Insurance Company (China) Ltd, about what it is really like to work in risk. Crawford & Co’s Joel Raedeke explains how advanced claims analytics tools can help risk managers optimise claims outcomes and drive organisational change; while Rob Williams and Ed Lewis, Partners at Weightmans, look at how to deliver success through digital transformation; and finally, Jon Pope, Cash Management Director at Ravenscroft, examines the options available for mitigating financial risk through cash and investment management. It is clear that we are facing a wave of new risks which need new solutions, and it is the risk manager who will be key to developing new answers as our relationship with risk continues to change.
Poppy Green Editor Modern Insurance Magazine 01765 600909 @Modern_Poppy email@example.com
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A world of new opportunities
Speaking to John Ludlow, Chief Executive Officer of Airmic, it became clear that there are many changes and innovations on the horizon. As he explained, we are living in an unprecedented world of uncertainty, and in order to find new solutions for this new world, the industry needs to align itself and collaborate with businesses in order to find the answers that will create mutual value.
Applying Artificial Intelligence to reduce commercial fleet risks
Mulberry Risk provides affordable, high-end actuarial services to niche insurance businesses, MGAs and brokers. David Hughes, Managing Director at Mulberry Risk Limited, spoke to Modern Insurance about Mulberry Risk’s new products and services, which are revolutionising the way we can reduce and manage fleet risks.
20 Why every business leader should listen to their risk manager
23 Turning claims data into strategic insights
Traditional security measures for a modern world
Companies are facing a tough job in protecting themselves against both physical and digital threats. Stuart Daws, Head of Loss Control Engineering at Allianz, examines security measures as new security risks are on the rise.
Pre-Loss Risk Assessments – Instruct with care
A fire risk assessment is required when construction and renovation works are being carried out to mitigate the risk of fire. The importance of effective fire risk management on construction sites cannot be overplayed. Prof. James Lygate, Chairman and Principal Investigator, IFIC Forensics, stresses the need for expertise and due diligence when conducting a fire risk assessment, plus the particular interest of the problem of hot work fires to the insurance industry.
Reducing claims risk with verifiable video technology
eviid is the patented technology driving evidential video applications in demanding, risk-conscious sectors. John Ridd, CEO, discusses how video technology will revolutionise claims and enable claims teams and underwriters to have confidence when making decisions relating to risk.
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Joel Raedeke, SVP of Technology and Analytics, Crawford TPA Solutions, explains how advanced claims analytics tools can help risk managers optimise claims outcomes and drive organisational change.
25 Delivering success through digital transformation
Dr David Hillson, The Risk Doctor, addresses the role of the risk manager and the contributions and advice they can offer your business.
With a drive towards digitalisation and automation, the insurance industry is changing. Rob Williams and Ed Lewis, Partners at Weightmans, delve into digital and suggest that collaboration should be at the forefront of your strategy if you plan on surviving this sea of change.
26 Risk in Focus
The Institute of Risk Management (IRM) asks its members what working in risk is really like and what hints and tips they’d share with people looking to move into the industry. Here we hear from Jason Qian, IRMCert 钱靖江, Assistant General Manager and Chief Risk Officer at Lloyd’s Insurance Company (China) Ltd.
29 Mitigating financial risk
Cash can be part of an overall investment strategy, depending on the organisation’s objectives and risk preferences. Jon Pope, Cash Management Director at Ravenscroft, discusses the options available for mitigating financial risk through cash and investment management.
We are living in an increasing world of uncertainty and we need to align and collaborate to find better solutions to create mutual value
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A world of new opportunities Speaking to John Ludlow, Chief Executive Officer of the Association of Insurance and Risk Managers in Industry and Commerce (Airmic), it became clear that there are many changes and innovations on the horizon. As he explained, we are living in an unprecedented world of uncertainty, and in order to find new solutions for this new world, the industry needs to align itself and collaborate with businesses in in order to find the answers that will create mutual value.
Q. The theme of this year’s Airmic conference was New World; New Solutions. Why did you decide on this topic? A. We live in a new world where technology is enabling the development of society and of business. In short, it has changed everything - how we live and how we work. Last year we launched the latest in Airmic’s “Roads to” reports entitled Roads to Revolution. It describes how to become more resilient in this digital age by building a transformational capability to the resilience model described in Road to Resilience. This year, I wanted to hear from our members and partners about how they saw this new world, and find out what they were experiencing and how they were responding to it. The Airmic conference is a great place to collaborate and work together to find new solutions, hence the fitting title. It is a great platform for everybody to talk about the huge change in circumstances that we find ourselves in. But, in twenty years’ time I am sure we are going to look back and think that this was an exciting time to live in.
Q. What is Airmic’s message about risk and what do you hope people took away from the conference this year? A. To succeed in the new world we need to align and collaborate in order to find better solutions to create mutual value. This uncertainty is driven by connected risks and a more dynamic and volatile environment. We all need to question what it is that we are trying to achieve as a profession – by which I mean both risk and insurance – and then work better and more closely together to build new solutions. As a profession, we are traditionally quite transactional but we need to move to more of a strategic partnership in the corporate space, looking at the real purpose of the partnership and working much more collaboratively to a common aim.
Q. Tell us about the true nature of risk and how it has the potential to make businesses more profitable as well as robust. A. Risk is about the effect of uncertainty on objectives. Good risk management is about understanding what might happen and doing something about it to achieve the best outcomes. This is as much about opportunity as it is about vulnerability. The world is a very dynamic place and businesses that understand how it is
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The position of the risk manager has grown from a technical manager to a leader. From operational to strategic. From silo to collaborative. From reactive to proactive changing are better able to defend it and themselves, while taking advantage of the new environment. If you don’t know what is going on around you then you won’t see the opportunities, and you won’t see the threats either. Understanding the changes in circumstances that affect our future performance is key to seeing opportunities and reducing unnecessary controls. For example, we use standard practices to understand the opportunities and the challenges; new markets opening or declining in both segments and geographies, new channels to market, competitors failing, new competitors arriving, and the developments in products and services. In other words, effective risk management informs positive strategic decision making.
Q. What trends are having the most transformative effect on business and risk managers? A. Let me start with business first. Technology and the rise of technology – data, analytics, big data, and AI – is already having a big impact on businesses and contributing to market disruption. Take, for example, the impact of Amazon on the high street, FinTech on banking, AirBnB and Trip Advisor on hotels and travel companies. The development of the global economy is impacting where value lies, in particular globalisation, the rise of China and the rebalancing of growth towards the East away from the West. Societal changes are also important, especially generational changes. Millennials and younger generations have different values, they communicate differently, they consume in different ways. Businesses are having to adapt to their needs. The growth in intangible assets is also a huge shift that not all businesses have fully adapted to. Reputation and data are much more highly valued proportionally than the physical assets and they need to be managed accordingly. Finally, you have got climate change. We may not all realise it, but it is starting to impact business in a big way. The risk manager is also seeing a lot of change – the most immediate one is the connectivity of risks. The risks no longer sit in nice, neat silos, they connect, which is why the world is much more unpredictable. Risk managers only used to worry about their own company but now they need to worry about the
wider ecosystem, the supply chain and the routes to market. The risk manager can no longer just look at their own business but they need to look at the wider business ecosystem that they are sitting in. The risk manager has to be a collaborative person who can walk in the shoes of everybody else and partner with them in order to get joined up thinking. The risk manager has had to shift from being an operational person to being a much more strategic person.
Q. How would you say the role of the Risk Manager has changed over the years? Are they having to work in different ways in order to face new challenges? A. The position of the risk manager has grown from a technical manager to a leader. From operational to strategic. From silo to collaborative. From reactive to proactive. And what they are doing is collecting and analysing data from not just the past but also performance data from the present, in order to get business intelligence to model and better prepare for the future.
Q. The industry is becoming much more competitive with businesses constantly having to reinvent themselves; what would you say are the main reasons behind repurposing a business? A. It is really important to repurpose. Businesses are currently waking up to the fact that there are new capitals at play like data, intellectual property, and trust in relationships. Key relationships are the new capitals, and there is a shift in the type of assets that underpin the evaluations. Ultimately there is a need to align a wider group of stakeholders to a common purpose and to create more diverse and mutually supportive outcomes. It is a jigsaw puzzle – there are lots of pieces that come together to form the modern day business ecosystem. Somehow you need to align everyone in it and fit all the pieces together.
Q. How can we bring risk management more into the boardroom? A. The first is to align the purpose of the business with the strategy plan. It is about making the business successful and resilient. Don’t try to aim straight for the board room, work with peers and the C-suite teams and get to grips with how people interact with different parts of the business. The golden ticket that the risk manager has is that they are one of the few people that can have a view across the whole organisation, most people are sitting in a silo. They need to use that ticket to their advantage.
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Q. How can Risk Managers and Insurers work more effectively together in order to identify new risks and come up with new, bespoke solutions? A. This is a simple one. It is the risk manager and insurance manager who need to bring the risk owners, who are generally in the c-suite, and the solution providers together. It is about forming strategic relationships and aligning them behind the customer’s problem.
Q. How would insurers’ access to data add value and provide support to risk managers? A. It can help in many ways. First, improved disclosure should reduce the uncertainty over claims and cover. Collaboration should reduce the losses and it should improve the pricing for better managed risks. Second, an improved understanding of the exposure by the insurers and the brokers will support new product development. In our transactional world, insurers and the brokers often come up with new products by working on their own and then they take them to market and no one buys them and that is because they didn’t involve the customer enough. Third, insurers and brokers have access to a wealth of information that can give wider support to businesses. Our members tell us that they don’t just want insurance products, they want support in reducing risk. Data is key to this.
is the Chief Executive Officer of Airmic.
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Applying Artificial Intelligence to reduce commercial fleet risks Mulberry Risk provides affordable, high-end actuarial services to niche insurance businesses, MGAs and brokers. David Hughes, Managing Director at Mulberry Risk Limited, spoke to Modern Insurance about Mulberry Risk’s new products and services, which are revolutionising the way we can reduce and manage fleet risks.
What we specialise in is providing actuarial analytical services into niche insurance businesses
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David Hughes, Founder and Director, identified that MGAs were missing something critical when entering into the market. That missing element was actuarial support, in terms of the reserving and projection of loss ratios, and analytical and capacity management services. So, founded just over two years ago, the specialist agency, Mulberry Risk, was born out of a need to service the MGA and small insurer sector. It is a boutique consultancy service focusing on data analytics, interpretation, cleansing and consolidation; it offers actuarial and data support, plus risk and insurance software consultation. Now, two years later, Mulberry Risk is partnering with Silicon Valley based technology company, Nauto to launch a new product targeted at commercial fleets. Using artificial intelligence powered camera technology, integrated with a telematics system, the device monitors driver distraction. “About 70% of accidents involve distracted drivers,” explains David, “traditional telematics don’t measure that, but with our new partnership product, in-cab technology and analytics will converge to deliver a reduction of claims and associated costs for fleets.” “The key value comes from the real-time, AI powered analysis delivered by the camera technology,” says David. There are two cameras in total, working together. The first is an inward facing camera, which faces the driver and monitors
It is all about being one step ahead and improving driver behaviour. We are really focusing on the hard insurance benefits which could impact the bottom line immediately distractions, alerting the driver when they occur to bring their attention back to the road - this can be anything from eating to changing the radio station to more serious offences such as mobile phone usage or sleeping at the wheel. The outward facing camera looks at tailgating and safety, amongst other triggers, and also warns the driver if they are driving too closely to the vehicle in front. This footage is then uploaded via the cloud to the fleet manager who can view the video. “It is a very proactive risk management system,” explains David, “alerting the driver in real-time creates an immediate feedback loop and the fleet can use this information to train, monitor and/or discipline their drivers. It’s all about preventing accidents, which will have a direct impact on the cost of claims and ultimately save lives.” “It’s all about being one step ahead,” says David, “and improving driver behaviour. We are really focusing on the hard insurance benefits which can impact the bottom line immediately.”
Transforming risk management
Predictive analytics and big data are transforming risk management, as we can see from Mulberry Risk and Nauto’s new partnership. “We are looking more at
devices and the internet of things (IoT) because these platforms are the ones creating the data we’ve never had before. This technology is enabling us to measure data and connect it to risk management in new and more meaningful ways to help manage and reduce risk,” explains David. “The challenge we have now is getting the balance right between the volume and velocity of the data being delivered. The amount and speed of the data coming towards us is increasing and it needs to be handled effectively; we need to be able to sift through that information and find the material insights that offer us strong predictors, such as with the services we are rolling out to fleets.” In order to help us truly understand predictive analytics, David maps out a classic prediction model using the well-known example of the Titanic. The task at hand was to predict the likelihood of Leonardo DiCaprio’s character surviving. On the data set, he has four columns which include: the class of the individual (first, second, third or crew), the age of the passenger (adult or child), the sex of the person (male or female), and the final column reveals whether they survived or not. David then takes the data and
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Risk is changing and we need to be one step ahead in getting and utilising new data sets to help us pinpoint where the risk is going to come from creates a decision tree. The first differentiator on the tree was whether you were male or female. “That first factor is the most important in determining who survived and who didn’t,” explains David. If we then look at the percentage of females, in third class we can see that 46% survived, however if we look at the number of male survivors who were in the same class, the figure was tiny in comparison at 16%. It quickly becomes evident that DiCaprio was not favoured in this situation! This example helps us understand how data can be segregated, analysed and used to focus our risk management efforts and how quality data and analytics influence risk appetite.”
Future of risk
Rounding off our conversation, David turns to the future of risk: “Risk is changing and we need to be one step ahead in getting and utilising new data sets to help us pinpoint where the risk is going to come from.” According to David, most companies have a limited budget for risk management, but this needs to change if we are to really minimise risk. David goes on to explain that in order to minimise it, we need to be able to measure it; “previously we haven’t had the tools available to do this, but we are now in a situation where we can measure key indicators of risk. Once we have the data, we need to analyse it and make quick actions,
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cutting off the risk at its core.” “The future of risk is dependent on our ability to measure risk effectively, but with the wider application of IoT, predictive analytics and AI, we are successfully gaining value from our data and mitigating approaching risks.”
is the Managing Director at Mulberry Risk Limited. Please find out more by visiting www.mulberryrisk.com or contact David Hughes at firstname.lastname@example.org
RISK. MANAGED. New and emerging risks such as cyber and data management are fast becoming a worry for today’s businesses, while traditional risks like fire, flood and theft continue to challenge. That’s why we’ve developed Allianz Risk Management – our new online service to help keep customers open for business.
Allianz Insurance plc. Registered in England number 84638. Registered office: 57 Ladymead, Guildford, Surrey, GU1 1DB, United Kingdom. Allianz Insurance plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number 121849.
Traditional security measures for a modern world Companies are facing a tough job in protecting themselves against both physical and digital threats. Stuart Daws, Head of Loss Control Engineering at Allianz, examines security measures as new security risks are on the rise. An increasingly digital world has inevitably given rise to many new security risks, such as the threat of cyber attacks and data theft. Such events can have serious consequences for both large and small companies, including business interruption, financial loss and reputational damage. Any business needs to pay heed to such perils and take appropriate steps to mitigate these. However, in focusing attention on online threats, businesses need also to ensure they are not taking fewer precautions when it comes to physical security measures, as mounting evidence suggest that these remain as important as ever. The 2017 Commercial Victimisation Report (CVS) from the Home Office showed that whilst there were approximately 38,000 incidents of online crime per 1,000 premises in the manufacturing sector, this compared to 18,299 instances of theft. The same report revealed incidents of assaults and threats in the arts, entertainment and recreation sector were almost five times more likely than online crime. It’s clear there’s still very much a need to think about security measures for the physical world. As criminals continually develop new, innovative ways to overcome technological advances, many people are looking to more traditional security methods to keep lawbreakers at bay. For example, the motor fleet and trade sectors are seeing a return to customary measures, such as the use of mechanical steering and handbrake locks.
When it comes to controlling who can enter and exit your premises, simple steps such as installing security barriers or implementing an ID card system can be highly effective. For new premises, as a minimum, it’s recommended to replace locks using a professional commercial locksmith. Further, developing a security culture amongst employees is paramount, so that staff remain vigilant and can recognise and report suspicious activity. The good news is that employees are more trustworthy than ever, at least according to CVS statistics. In the wholesale and retail sector, thefts by employees had decreased by an average of 7 per 1,000 premises from 2012 to 2017. This may be partly attributed to increasingly standard company procedures, such as whistle-blowing schemes, and preemployment checks. The General Data Protection Regulation (GDPR) could also have had a positive impact, since it’s required companies to develop processes for ensuring the safe handling and storing of data. It’s hoped this will continue to make it harder for criminals to obtain such information and use it for nefarious purposes. Businesses can also look to enhance other physical and electronic systems using third party accredited products where available. The presence of physical devices, when combined with electronic, such as CCTV and intruder alarm systems remain highly effective deterrents for criminals. Since these devices are being designed ever smaller, it’s becoming harder for criminals to spot them. However, the very
knowledge that there may be a surreptitious device installed could unsettle a potential thief, and so a strategically placed sign about security cameras, whether genuine or not, could be sufficient warning. Companies today face a tough job in protecting themselves against both physical and digital threats. Criminals will always persist in trying to outsmart both traditional and emerging security measures and businesses need to do their utmost to stay ahead. This should start with taking an all-encompassing view of the assets that need protection and the requisite measures needed. Such processes and methods should be regularly reviewed to ensure they remain fit for purpose and all employees throughout the organisation need to be engaged in a robust security culture. Such actions will help companies remain safe now and in the future.
is the Head of Loss Control Engineering at Allianz.
Visit www.allianz.co.uk/riskmanagement to find a wealth of information on risk management to help customers stay open for business.
Criminals will always persist in trying to outsmart both traditional and emerging security measures and businesses need to do their utmost to stay ahead
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+44 (0)141 639 6611 +44 (0)141 639 +44 (0)141 639 6611 6611 email@example.com firstname.lastname@example.org email@example.com
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Pre-Loss Risk Assessments â&#x20AC;&#x201C; Instruct with care Hot work refers to methods of work, primarily in construction and refurbishment, which produce heat in the form of flame, hot surfaces or sparks
A fire risk assessment is required when construction and renovation works are being carried out to mitigate the risk of fire. The importance of effective fire risk management on construction sites cannot be overplayed. Prof. James Lygate, Chairman and Principal Investigator, IFIC Forensics, stresses the need for expertise and due diligence when conducting a fire risk assessment, plus the particular interest of the problem of hot work fires to the insurance industry.
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In his address at the recent Airmic Conference, the incoming Chairman, Tim Murray, explained that we are entering a hardening insurance market, arguably, at a time when new risks are emerging at an ever faster pace. He emphasised that in this new environment, close collaboration and transparency between buyers and providers will become of vital importance if we are to demonstrate the value of insurance to our businesses, not just as a transactional function but as a strategic risk management ally, a powerful weapon in a risk managerâ&#x20AC;&#x2122;s armoury. Mirroring this position, IFIC Forensics can report an increased interest in pre-loss risk assessments from delegates visiting our stand at the conference. Pre-loss risk assessments not only give insurers confidence that they know the full details related to the risk that they are underwriting but can also help to elevate the insurance proposition through the ability to provide risk mitigation advice to a customer or prospective
customer. Risk managers have long recognised the valuable information to be gained from performing a pre-loss risk assessment. Of particular interest to delegates at Airmic 2019 were fire risk assessments related to property portfolios, perhaps linked to the ongoing media coverage of the Grenfell Tower Inquiry, the pending reforms of the building regulations and fire safety guidance and the recent high profile heritage fire at Notre Dame. In the bid to be fully informed however, it is vital to ensure that fire risk assessments are undertaken by suppliers with the appropriate technical expertise. Following Grenfell, Dame Judith Hackittâ&#x20AC;&#x2122;s recommendations for building regulations and fire safety identified and referenced the fact that people without well-established experience and qualifications are able to offer their services as fire risk assessors. It is true that some fire risk assessors are advertising their services after simply completing a two day training course and applying for inclusion on the Approved Fire Risk Assessors list. There is a stark difference between a fire risk assessor and a Chartered Fire Engineer who has an in-depth understanding of the building regulations and fire safety requirements, recognises the applicability of small scale fire tests to demonstrating compliance and knows how building materials react to fire and their role in promoting and resisting fire spread. This level of expertise is what is required to assess risk fully, to recommend risk mitigation strategies and measures and to be able to conclude that a building complies with regulations and that the fire suppression systems and evacuation plans are apposite should a fire break out. Our fire engineering skills have seen IFIC Forensics appointed as fire expert witnesses on many complex building cases where building design or refurbishment has been at issue or cited as responsible for the spread of fire resulting in damage to property and loss of life.
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The market’s increased interest in pre-loss risk assessments pertaining to fire risks is both forward thinking and timely; considering the recent government announcement that the legislation to implement Dame Judith Hackitt’s recommendations for building regulations and fire safety ‘will be brought before parliament later this year
According to a recent survey of construction companies by Building Magazine, a majority of firms in the sector have yet to change the way they work in line with the recommendations made in the Hackitt Report. The Notre Dame fire again raised concerns about construction site risks and hot works and this was the theme of IFIC Forensics’ stand at Airmic 2019. A fire risk assessment is required when construction and renovation works are being carried out to mitigate the risk of fire. The importance of effective fire risk management on construction sites cannot be overplayed and of particular interest to the insurance industry is the problem of hot work fires. Hot work refers to methods of work, primarily in construction and refurbishment, which produce heat in the form of flame, hot surfaces or sparks. Guidance documents produced by insurers, industry groups and government bodies relating to ‘Hot Work Safety’ detail relatively similar procedures which represent good practice in hot work. Most policy conditions are based on this guidance and failure to comply can invalidate policy cover. These documents are extremely important as risk mitigation tools and can also form the basis of a third-party recovery or a repudiation in the event of a claim. Fire risk assessments and the instigation of a Permit to Work Scheme are vital when hot work is being undertaken. These are the responsibility of the ‘Responsible Person’ at the premises. Permits to Work are a process that result from a Fire Risk Assessment and are used to supervise the contractor and control the risks. A Hot Work Permit should be produced for every period of work. They last a maximum of one day, cover only the area detailed in the permit and should be signed at the start of the task and at the conclusion of the task by those completing the work and those authorising the work. Fires occurring where the correct level of control
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is applied and Permit to Work Schemes are operating properly are rare. To conclude, the market’s increased interest in preloss risk assessments pertaining to fire risks is both forward thinking and timely; considering the recent government announcement that the legislation to implement Dame Judith Hackitt’s recommendations for building regulations and fire safety ‘will be brought before parliament later this year’. My closing caution is to stress the need to apply due diligence when appointing a supplier to carry out a fire risk assessment and to seek out appropriate fire engineering expertise, enabling you to rely on the findings with absolute confidence.
Prof. James Lygate,
Chairman and Principal Investigator, IFIC Forensics.
Reducing claims risk with verifiable video technology eviid is the patented technology driving evidential video applications in demanding, risk-conscious sectors. John Ridd, CEO, discusses how video technology will revolutionise claims and enable claims teams and underwriters to have confidence when making decisions relating to risk. The world is increasingly becoming mobile first and mobile video in particular is now used in almost every aspect of our lives. For the insurance industry, video can give a faster, more detailed picture of a claim, reducing risk and allowing both claims teams and underwriters to make accurate decisions with confidence. Statistics show that in the UK, smartphone use is rapidly increasing with 85% of the adult population now owning a smartphone device1 up from 52% in 2012 – more than one in eight people now have instant access to video recording in their pockets. We also know that more people are capturing video daily on a range of other devices with 16% of drivers now using dash cams2 in their vehicles and home CCTV is on the rise. For insurance claims the possibilities with video are huge. For the risk market in particular, the ability to integrate video into claims videos, either through live video call, upload of evidential video such as CCTV or dashcam footage and the capability to share with third parties including lawyers, can give underwriters and risk professionals a more accurate picture of potential risk. This means decisions are informed by real life evidence quickly and consistently. So, if the potential is so vast for the insurance industry, why is it still perceived as so difficult to integrate video into claims workflows, and what is the solution? The importance of data integrity The benefits to reducing risk are clear to see but we’ve met many customers that have tried to integrate video technology in some
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form or other and failed because essentially, in a risk conscious industry, video is only as valuable as its validity. As an industry, insurance claims is one which has compliance at its heart. Challenges around customer data and fraud prevention are key to making decisions around claims technologies. As we know, insurance claims can often involve significant amounts of money, making the claims process particularly susceptible to fraud. Using video in claims workflows is all well and good but these days, anyone with a smartphone has access to free or cheap video editing software, making it all too easy for insurers to fall foul of fraudsters. If data can’t be validated as accurate and of evidential standard, it’s of no use to decision makers. Video has the potential to reduce risk across the insurance market but without a guarantee that a media file is accurate and not tampered with, video technology simply would be unusable. Insurers need to be sure that a video or photograph is an accurate depiction of a claim and that the time and location of filming is accurate and not manipulated.
eviid’s patented evidential video technology automatically dates, time and location stamps videos at source and creates a tamper evident file which cannot be altered. The patented eviid technology is the only the only technology capable of sharing and generating video evidence which is fully verified and suitable for use in court proceedings. Claims handlers can be confident they have an accurate view of the claim and underwriters can quickly make informed decisions relating to risk. Find out more about eviid’s unique evidential video technology and how it can help your business by visiting www.eviid.com.
For the insurance industry, video can give a faster, more detailed picture of a claim, reducing risk and allowing both claims teams and underwriters to make accurate decisions with confidence
IMAGES: Making a decision â&#x20AC;&#x201C; different routes on offer, genie in the lamp
Why every business leader should listen to their risk manager Dr David Hillson, The Risk Doctor, addresses the role of the risk manager and the contributions and advice they can offer your business.
How many business leaders arrive at work on a Monday morning wishing that they had a crystal ball to reveal what would be happening in their future? Or a lamp that they could rub to summon the genie who would tell them what to do? The business world is becoming increasingly uncertain, with constant change being the order of the day/year/decade. But customers are still demanding value, government and regulators demand compliance, shareholders demand returns, and staff demand direction. How can a business leader make good decisions under such stringent conditions of uncertainty? Fortunately, help is at hand. Someone in the business has the skills to help our hard-pressed business leader cope with the ever-present uncertainty while making optimal decisions. That person is the risk manager. If you are a risk manager, you may not experience that level of appreciation or recognition in your organisation. Risk specialists are often seen as doom-mongers, warning of dire consequences that might result from things that might never happen. Why would any sane business leader listen to that type of message?
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The risk manager can tell you things you need to know that you currently don’t know. They can also advise you on things you need to do that you aren’t currently doing But the risk professional also knows that they can make two very important contributions to their leadership colleagues. The risk manager can tell you things you need to know that you currently don’t know. They can also advise you on things you need to do that you aren’t currently doing. This reflects the two-fold purpose of risk management. We don’t do risk management in order to identify risks, or prioritise them, or develop responses. The real point of risk management is to help decision-makers make better decisions. We do this by drawing attention to key risks that are outside the current planning horizon, that are not covered by existing policies or processes, that are not part of business-as-usual for our organisation, and that are not currently being considered by decision-makers. We also propose effective action to address these risks, which is not currently planned, which nobody is nominated to undertake, and which will optimise our chances of success. Any risk management approach that does not result in focusing attention and encouraging action is an unnecessary overhead. Mere analysis is a means to an end, risk registers are tools to be used, but the true value of the risk approach is to provide advice to business leaders that they can’t get from anyone else. In fact, risk management acts as the longed-for crystal ball, peering into the future to reveal the uncertainties that could affect our business. And the risk manager is the genie of the lamp, ready to offer insightful advice that allows us to respond appropriately. How then can risk managers answer the criticism that they are inveterate pessimists, like Jeremiah or Cassandra who prophesy destruction, or like Private Frazer telling us that “We’re all doomed”? There are several helpful steps that the risk manager can take to increase their credibility: • Always tell the whole truth. The risk manager is required to speak truth to power. We don’t tell people what they want to hear; we tell them what they need to hear. We know which are the key risks, when they might arrive, how significant they might be, what can be done to address them, and who should do it. Not telling it like it is (or might be) is unprofessional for the risk manager. • Include good news. Not all risk is bad. Uncertainties that matter include both threats and opportunities. If we limit our advice to downside risk, we might rightly deserve the doom-monger label. But we should also be telling leaders about genuine opportunities that might otherwise be missed, and that could create additional value for the business if they are successfully captured. Providing clear actionable advice on key opportunities alongside the main threats will encourage business leaders to welcome our input. • Speak the right language. Risk managers have their own jargon, which is often impenetrable for outsiders. When offering advice to business leaders, we need to speak their language not ours. Risks must be related
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About the author Known globally as The Risk Doctor, Dr David Hillson is a thought-leader and expert practitioner who speaks and writes widely on risk management. David has a well-deserved reputation as an excellent speaker and presenter on risk. His talks blend thought-leadership with practical application, presented in an accessible style that combines clarity with humour, guided by the Risk Doctor motto: “Understand profoundly so you can explain simply”. David has advised major organisations, governments and charities in over fifty countries on how to create value from risk using applied risk-based thinking, and his wisdom and insights are in high demand. David has received many awards for his ground-breaking work in risk management, and he has developed significant innovations that are now widely accepted as best practice.
to business, corporate and strategic objectives. Impacts must be described in terms that matter to business leaders, including reputation, market share, competitiveness, ROI or shareholder value. Actions must be outlined that make sense in the boardroom, and the cost of inaction must be made clear. • Celebrate success. Risk management works when it is done properly. Too often, when we successfully avoid a key threat to the business, we heave a sigh of relief and quickly move on. If we manage to capture an opportunity and create additional benefit, we take the credit and carry on. If we recognise that these outcomes are the result of successful risk management, the input of risk managers will become increasingly valued and sought. So, our hard-pressed business leader can arrive at the office each Monday morning knowing that his crystal ball has been polished and his genie is poised to offer wise advice. The risk manager’s voice will be heard by those who need to listen to his message, directing attention to key risks and proposing action that will be appropriate and effective. Indeed, any business leader would be foolish to ignore such a valuable resource.
Dr David Hillson
FIRM HonFAPM PMI-Fellow CMgr FCMI
is an international risk consultant, leading the team at The Risk Doctor Partnership.
Turning claims data into strategic insights Joel Raedeke, SVP of Technology and Analytics, Crawford TPA Solutions, explains how advanced claims analytics tools can help risk managers optimise claims outcomes and drive organisational change. Claims management, by its very nature, is often perceived as a reactive or backward-looking function. However, claims data is a goldmine for actionable insights that can help risk managers be proactive, strategic leaders within their organisations. Organisational alignment and C-suite buy-in is always a challenge for risk managers. They need to tell a good story, and that starts with identifying end objectives that align with company strategy – not just what needs to get done right now, but next year, the year after, or beyond. Those objectives should be specific, such as reducing litigation spend or improving return to work speed, for example. Once goals are identified, risk managers can work with their third-party administrator (TPA) to determine which metrics are good indicators of how they are currently performing in relation to those goals and what progress is being made as they move forward. Indicators can now be easily and transparently tracked via central dashboards that synthesise the organisation’s data, allowing the risk manager to identify specific claims drivers and potential changes to implement to mitigate risk. These tools also include data visualisation components that allow risk managers to articulate their stories to the board with clarity, in a language that business leaders understand – numbers. Harnessing predictive analytics Advanced analytics, including predictive models, benchmarking and other investigative tools, allow risk managers to identify alternative scenarios and trajectories that produce better outcomes. In addition to rich, reliable data, expert insight is needed to help drive the process forward. If a company seeks to reduce its average number
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Organisational alignment and C-suite buy-in is always a challenge for risk managers. They need to tell a good story, and that starts with identifying end objectives that align with company strategy of disability days, for example, it may learn its current number but not be aware of whether this is good or bad relative to its peers. This is where the TPA can benchmark the client’s data against other clients in its portfolio with similar business characteristics to generate statistically valid comparisons. This process may uncover, for example, that the peer average is 31 days, but best-in-class companies have an average of 25 days, presenting clear targets for the risk manager to aim for. To justify objectives and investments, risk managers need to demonstrate clear financial benefit to the organisation. Predictive tools help them refine their arguments and back them up with hard numbers by projecting potential cost savings and other operation impacts. This data is also invaluable in helping shape the design of the programs and initiatives that follow. Coordinated execution If turning an idea into reality is 5 percent strategy and 95 percent execution, technology has a vital role to play, not just in generating insights but also transforming them into realworld results. Effective execution requires an integrated, coordinated effort, as well as fast, efficient communication. In order to be useful, analytic insights must be held centrally. Today’s tools are very good at organising and prioritising information while minimising the time demands on users, with dashboard analytics, investigative tools, data organisation and communication features all contained within a single platform.
This means entire projects can take shape in one place. Insights can be easily accessed by all, team members can share ideas and feedback, and learnings and processes can be simply replicated by different teams embarking on similar projects. Perhaps most importantly, these tools give risk managers the flexibility and control to focus on outcomes from the start. Rather than finding ways to use existing technology to tackle existing challenges, risk managers can determine strategic needs and objectives, then tailor their use of the technology by deciding which tools are best to use and how they might best be applied. By leveraging technology in this way, the risk manager and TPA are effectively equipped and staffed like a CEO. This empowers risk managers to take control of their claims, effect change in their organisations, and elevate the profession as a whole.
is the SVP of Technology and Analytics at Crawford TPA Solutions.
How do you harness the power of technology? The digital revolution is here, and with it comes great reward - and risk.
There are exciting opportunities available for organisations seeking to futureproof their business and improve their customer journey. Are you collaborating with companies that can help you use technology to stay relevant, responsive and resilient? Get in touch to find out how we can help you achieve success through digital transformation.
Rob Williams, Head of Insurance
For further information please contact: Rob Williams on 0345 070 3852 or firstname.lastname@example.org
Delivering success through digital transformation With a drive towards digitalisation and automation, the insurance industry is changing. Rob Williams and Ed Lewis, Partners at Weightmans, delve into digital and suggest that collaboration should be at the forefront of your strategy if you plan on surviving this sea of change. The changing digital landscape The shifting sands of the insurance industry are well documented. Big established players and new entrants alike are attempting to carve out space for themselves and find their feet in a new digital-first landscape. The spoils are significant for those who can harness the power of technology whilst also having the vision to develop and create demand for new and differentiated products, stimulate growth and drive down costs. This is no small task, especially for large organisations that were not born digital. But, for businesses who want to stand the test of time, it’s now an essential consideration, not an optional extra. Getting digitisation right offers huge rewards. Using data and tech to augment operational processes, unlock new revenue streams and add value, are easy to work with and always on empowers your staff and customers and ultimately leads to more insights, fewer claims, lower costs, and greater loyalty. It is a business-critical issue. With potential comes risk But there’s no shortage of risks. The most recent Centre for the Study of Financial Innovation and PwC report found that risks associated with the take-up of modern technology far outweigh other forms – and it continues to rise.
predictive analytics, automation and decision trees to limit risk. But while data is abundant, it is only as useful as how well it is structured and analysed. This requires capital and skills, both of which are often in short supply. Turning to third party software suppliers and platforms doesn’t present an obvious answer for insurers. In fact, this approach carries its own risks. With so many external vendors on the market, there’s concern over ‘backing the wrong horse’ by picking the wrong technology or buying into a largescale system that will become quickly outdated. Prioritising ‘digital fitness’ The pace of change seems to be constantly increasing. This creates a sense of urgency that can lead insurers to react to external market changes and competitor activity, rather than pausing to strategically plan for the future. When decisions are made in response to what is happening elsewhere in the industry, with speed as the most important factor, this can leave organisations vulnerable to further problems if they are not already ‘digitally conditioned’ to deliver new initiatives properly.
A major challenge is how to mobilise a large organisation to work flexibly and be agile enough to respond to digital challenges. In the traditional and typically conservative insurance sector, this often means unpicking complex legacy systems and user behaviours that dictate everything from claims settlement to underwriting.
This is especially the case when it comes to data, the insurance industry’s greatest resource in the drive towards automation and digitisation. Consumers are fatigued by high profile data breaches and digital trust issues. So, making your organisation ‘digitally fit’ internally through robust conditioning of data management systems and GDPR compliance is just as crucial as making sure you’re on the front foot in adopting new tech. Not only does this shore up customer confidence, it’s essential to keep the regulators happy.
This need stretches across all parts of the industry, from underwriting to the customer journey and claims settlement. The wealth of data held by insurers offers invaluable and actionable insight into more efficient and cost-effective ways of doing things, through using
Collaboration is key Despite all of this, there’s moderate relief to be found in the fact everyone in the industry is facing the same challenge. The move towards digitisation is propelling everyone out of their comfort zones. That’s why collaborative working
The key to longevity in this brave new digital world lies in finding partners that fearlessly understand the challenges your organisation faces and can offer new ways of thinking to complement your existing expertise
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and joining forces to achieve greater industry shifts is essential for survival. Who you choose to collaborate and cofound with could be critical. The value of fresh and diverse external perspectives means that the best collaborators for your organisation will most likely not be part of your usual supply chain. The key to longevity in this brave new digital world lies in finding partners that fearlessly understand the challenges your organisation faces and can offer new ways of thinking to complement your existing expertise. As a digitally conditioned, tech-enabled law firm, our role is far more than just delivering the excellent legal service you expect. We can also help you to focus on the digital challenges you need to solve at an organisation-wide, enterprise level, and identify new opportunities for evolution and growth, rather than simply offering up a sticking plaster solution that does not address your overall strategic requirements. By allowing us to collaborate creatively with you as part of your project team, we can dynamically generate ideas to help you find those solutions. This frequently enables us to work together to improve efficiency and to deliver actionable insights alongside an excellent digital customer experience in today’s highly regulated world.
Rob Williams is Head of Insurance and Partner at Weightmans. Ed Lewis is the Project Lead for CyXcel and Partner at Weightmans.
RISK IN FOCUS The Institute of Risk Management (IRM) asks its members what working in risk is really like and what hints and tips they’d share with people looking to move into the industry. Here we hear from Jason Qian, IRMCert 钱靖江, Assistant General Manager and Chief Risk Officer at Lloyd’s Insurance Company (China) Ltd.
Effective communication is constantly one of the top challenges
Q. How did you get your job? A. I have been in the insurance industry for more than 17 years. My experience mainly falls into claims, operations and project management before risk management became my main focus. I started to look after risk management in parallel to my operations role six years ago. At that point, the focus was mainly operational risk. As the company’s business grew, our risk profile gradually became more sophisticated. At the same time, the insurance regulator started to put comprehensive requirements on risk management in the past a few years, in particular, the newly implemented risk oriented solvency regime (known as C-ROSS). I became the dedicated head of risk management in 2014 to concentrate on developing and enhancing our risk management framework and get up to speed with the new requirements. I was then promoted to chief risk officer after the formal implementation of C-ROSS in 2016. Q. What’s typical day like as a chief risk officer? A. Here are some of my typical daily activities: • Review various risk information that flows to me. This could be risk incident information, risk indicator dashboard reports, etc. I may then talk to people, ask questions, make judgement or decisions, etc. I need to understand the overall risk status and make sure all the information has been adequately analysed and addressed. • Provide opinions and/or recommendations from the risk management perspective. The audience are mainly ‘first-line-of-defence’ functions and sometimes the senior management team. The topic could be operational manuals, new products, new processes, projects, etc. This is very important as we take an ‘embedded’ approach. This is a good opportunity to promote risk culture as well. • Understand the development of the company’s business and operations. This includes understanding how are things going, what is going on and what is being planned. This is important information feeds into the risk management framework. We are then able to conduct effective risk communication based on good understanding, and make relevant risk management processes and controls fit for purpose and proportionate also identifying any emerging risks in time.
• Develop my team. I believe leaders and managers are all aware how important a good team is. Not to mention that my team is comparatively young and the environment is changing quite fast. Coaching and developing is sort of dynamic along with performing our daily duties. • Last but not least - keep learning. Risk management touches almost every aspect of a company. You do not have to be expert for them all but to some extent you need to be able to understand. Not to mention that our business, the industry, regulation, and risk management itself, are all constantly developing. To prevent being caught on-site, we need to always catch up. Q. What are the challenges? A. Effective communication is constantly one of the top challenges. In a highly regulated industry, it is not uncommon that risk management is interpreted as just compliance or internal control whereas actually it is more than that. People’s risk appetite may vary based on their background and position. Risk assessments will inevitably be subjective to some extent, in particular for non-quantifiable risks. Risk solutions are sometimes not an obvious right-or-wrong and it is not easy to get to a point that is best-choice for all.. Not to mention that communication itself could be a burden as good risk management relies on adequate flows of information and it might difficult to define how much is ‘enough’. To choose the best-suitable approaches or tools is another challenge we constantly face. A sophisticated balance needs to be carefully managed when a bunch of factors need to be counted – risk profile, risk appetite, business objectives, people, process, validity, cost, efficiency, etc. Talent might be another challenge from an industry perspective. The function is still young. Both business practice and relevant regulatory requirements are constantly developing. Successful risk managers would need a set of comprehensive knowledge and skills. Qualified risk managers are still short-handed in the market. Q. How has your role developed and what are your career ambitions? Has being linked to the IRM helped? A. Top tips: To those who want to be a risk management professional I would say start with an IRM qualification:
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Q. In what way are your IRM qualifications relevant? A. The International Certificate in Enterprise Risk Management qualification itself has definitely helped with my career. The Board want a professional, and CRO is a senior position subject to screening by the regulator. The IRM certificate is very much an instant assurance. The practical nature of the content of the qualification is helping me on a day-to-day basis. I think the design of the qualification is fantastic. It provided me with both a path of progressive essential knowledge building and an opportunity of comprehensive development. Access to plenty of relevant resources and also a good portal for continuous professional development. The knowledge and tools have helped me in addressing live situations. On the other hand, it helped me to strengthen my competency to refresh the learning points and reading materials after work from time to time. Q. What would you say to others thinking about joining IRM as a member? A. It’s definitely worth doing, without doubt and study for the qualifications! I’d like to add that the IRM provides valuable access to professionals, leading thinking and analysis, as well as very good educational and training opportunities. Find out more about the Institute of Risk Management and our Training, Membership and Qualifications.
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Risk solutions are sometimes not an obvious right-or-wrong and it is not easy to get to a point that is best-choice for all • Risk management is not a ‘techie’ role. Be prepared to comprehensively develop yourself. I am not undermining the technical bit of risk management, which is increasingly important. What I have seen is that the further you go into the area, the more you need to deal with people. • Do not underestimate assessment of the qualification. By no means can you can pass it by just remembering bullet points. It truly requires that you understand the essentials and are able to systematically utilise them. This is also why I would recommend IRM qualification as it is real and reflects practice. • Find you own way. I do not think there is a ‘bible’ answer to many risk scenarios as in your own life. My experiences and lessons learned is to practice what you have learned as early as on as possible, review the outcome and work out the best solution for your organisation and/or yourself together with your colleagues.
Jason Qian, IRMCert 钱靖江
is the Assistant General Manager and Chief Risk Officer at Lloyd’s Insurance Company (China) Ltd.
Highly Evolved. Highly Specialised. We are cash managers, each with more than 20 years experience of investing in the money markets. We have a proven track record of working closely with captives and delivering on objectives. Our cash management service offers a well-diversified cash portfolio using high quality banking names and provides security, liquidity and diversification. We focus on deliverables such as reports to meet the needs of the captive, its board and the parent company. We are cash management specialists.
+ Diversification – spreading counterparty risk + Bespoke liquidity portfolios + Consistent and proven track record in cash management + Provide dedicated resources to client’s team + Easy administration + Security Interest Agreements + Security of assets
Contact: Pierre Paul email@example.com Jonathan Pope firstname.lastname@example.org
Call us on 00 44 1481 711261
Ravenscroft is a trading name of Ravenscroft Cash Management Limited (“RCML”), which is licensed and regulated by the Guernsey Financial Services Commission to conduct investment business. All calls will be recorded and monitored for training and security purposes.
Mitigating financial risk Cash can be part of an overall investment strategy, depending on the organisation’s objectives and risk preferences. Jon Pope, Cash Management Director at Ravenscroft, discusses the options available for mitigating financial risk through cash and investment management. Q. Tell us about Ravenscroft Cash Management Limited and your role within the business… A. I am a Director of Ravenscroft Cash Management Limited, with primary responsibility for the investment management requirements of segregated cash management clients. While the name may be new, the business has been operating for years and the team has decades of experience. We were previously known as Royal London Asset Management C.I., which was acquired by Ravenscroft. Ravenscroft itself is a fast growing entrepreneurial company, founded by Jon Ravenscroft and Andy Stewart, who are well known for founding Collins Stewart. It is primarily a stockbroker but has grown into investment management, offering a full range of financial services. From Ravenscroft’s perspective, Ravenscroft Cash Management adds to its repertoire and we were delighted to join them in November of last year. Ravenscroft as a whole has offices in Guernsey and Jersey, a joint venture in Monaco and a presence in the UK through Vartan Ravenscroft – it employs more than 100 people and has £6.5bn of assets under administration for both private and institutional clients. Led by our chairman, Stephen Lansdown CBE, it is our aim to build the leading Channel Islands-based investment services firm through exceptional customer service, integrity and accountability. Q. How do your investment funds cater to the range of investment requirements and risk appetites in the sector? A. It is not a fund but a segregated mandate – every client has their own individual investment management agreement, which stipulates how we can invest and it gives increased flexibility. Each client has their own guidelines and objectives and we use money market instruments within Ravenscroft Cash Management to
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achieve the goals of the client. Our insurance clients are looking for a product that offers an improvement on their cash management, and at the same time, an increased diversification by using a certificate of deposit (CD) rather than opening an individual bank account. We work with a lot of captive insurance companies; captives are effectively taking risk from elsewhere and it’s no good if the assets they then use to invest their surplus in are effectively taking on more risk as well – they want a low risk solution to keep the money liquid. It is crucial that these assets are available and can be required quickly to settle a claim. Q. Cash can be part of an overall or whole investment strategy, depending on a client’s objectives and risk preferences – why would you suggest a cash management service instead of a bank? A. A specialist cash manager can add value to a client’s cash. We believe that a well-diversified cash portfolio consisting of high quality banking names can deliver security and liquidity for a client.
It is a balance of acknowledging and embracing change where we can but also proceeding with some caution
It is important that against that backdrop of change, there will be solidity in the investment process and the assets types that you use A crucial part of what we offer is monitoring the CDs that we have bought on behalf of the client - we have a lot of experience in monitoring both credit ratings and market movements of the underlying bank – keeping an eye on the client’s money that we have invested on their behalf and that the investments we are making continue to offer equity and verification. Q. Risk Control Cash Management – what needs to be in place? A. You need a robust, repeatable investment management policy so that you can manage client money on a day to day basis using a defined method. You need to have clearly agreed counterparties so that you can make sure you have lending limits per counterparty so that you are lending a sensible amount of money to well rated counterparties that are active in the market, and the crucial thing is if you are going to go down the route of buying or using assets that can be sold, you have to make sure that you have a buyer for that asset should you need to sell it. You need to ensure a good level of knowledge about the market that you are operating in, and I certainly think a minimum rating criteria is a good way to start for counterparties that you are investing it. Q. Ravenscroft’s topic of choice at the AIRMIC conference was Letters of Credit and the use of Security Interest Agreements as an alternative – why are these becoming more appealing to captives and their (re)insurance partners? A. The Security Interest Agreement is a charge over the portfolio which we manage. It gives a fronting insurer security over the portfolio, which means, in terms of clearly defined situations, the fronting insurer could effectively take control of that portfolio giving the fronting insurer comfort knowing that when claims are settled there is cash available. The big advantage of the Security Interest Agreement is its flexibility. Once it has been set up and all parties are happy with the terminology, then when claims are incurred these can be paid and the charge over the portfolio is reduced by the amount of the claim. This cannot happen with a Letter of Credit. From the captive insurer’s point of view, they can clearly see the owner of the portfolio; from a fronting insurance point of view, they take comfort from the fact that their portfolio remains invested in a range of top quality banks, so there is a diversification there as well.
can become involved in that product and whether it suits our clients as things change. In terms of the market, we are involved in not so much a revolution but an evolution and we have definitely seen that change in the last ten years. It is important that against that backdrop of change, there will be solidity in the investment process and the assets types that you use and I think we should take some reassurance from the fact that the Ravenscroft Cash Management team is stable and has managed through all various ups and downs and the political and economic cycle. Our approach is definitely one of evolution and adapting to new changes but relying on the core solidity of a product and the people we have on the team. It is a balance of acknowledging and embracing change where we can but also proceeding with some caution. Q. What is on the horizon for Ravenscroft? A. Ravenscroft Cash Management has had a busy few months, together with the wider Ravenscroft team we moved into new headquarters in Guernsey, we attended the Captive Owners Summit, the Guernsey Funds Forum in London and AIRMIC in Harrogate, and have plans for other events later in the year. We are certainly excited about the future and our ambition is to continue to grow the cash management arm of the business, and that is done by tapping in to the broader reach that Ravenscroft has. We are looking forward to understanding the industry more and seeing how we can fit in during this period of change. In terms of the wider group, Ravenscroft has ambitious plans for growth both within the jurisdictions they already operate and new ones. There is a real buzz about the future of the company and we are delighted to be a part of it.
is the Cash Management Director of Ravenscroft.
Q. There is great change upon us and our approach to risk and insurance is more ambitious – how will you be turning change into advantage? A. Ravenscroft is an entrepreneurial company and we have a lot enthusiasm, so where opportunities are discovered, a lot of thought will be put into whether we
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