Editor's Note: This article has been contributed by Denise Tessier, senior regulatory consultant for Insurance Compliance Solutions, ERM and the Consulting Practice at Wolters Kluwer Financial Services.
Last year marked the 100th anniversary of the first and only voyage of the RMS Titanic. On Apri 15, 1912, the demise of the “unsinkable” ocean liner caused 1,502 fatalities, one of the deadliest maritime accidents of all time. For more than a century, scholars have researched the many contributing causes of the disaster, hoping to prevent future loss.
This enormous ship was designed to be the “state of the art” in safety, with no expense spared by the White Star Line to ensure first class passengers the utmost in comfort and luxury. Yet, the “biggest and the best in the industry” failed miserably—a statement that rings true in many industries, including insurance, today.
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