Insurance Risk Management is the assessment and quantification of the likelihood and financial impact of events that may occur in the customer’s world that require settlement by the insurer; and the ability to spread the risk of these events occurring across other insurance underwriters in the market. Risk Management typically involves the application of mathematical and statistical modelling to determine appropriate premium cover and the value of insurance risk to ‘hold’ vs ‘distribute’.
Insurance Risk Management: Value
- Alignment of the pricing market strategy and reinsurance arrangements to the organisation’s risk appetite as well as optimising the goals of the organisation
- Assist clients to recognise risk events and changes to claim rates earlier, to move towards a more market responsive, risk-based pricing approach which ensures the efficient deployment of capital and a reduction in extreme risk event losses.
- Enhance the feedback mechanism from claims function to underwriting and product development processes to improve the performance and profitability of these processes.
Insurance Risk Management: Core Services
Create the right risk strategies to achieve the enterprises strategic aims and implements the optimum frameworks to ensure risk is appropriately managed.
- Assessment, design, and implementation of Insurance Strategies
- Assessment, design, implementation of Insurance Risk Frameworks
- Assessment, design and implementation of insurance risk related risk portfolios and assessment methodologies
- Assessment, design, and implementation of Insurance Risk Appetite Statements
- Claims Function KPI design
- Commodity Sector Strategy Input
- Insurance Product Pricing
- Underwriting Function KPI design
- Reinsurance Program Design