What does risk management innovation look like?

The industry has long thought of novel ways to manage risks. Honor them with an Insurance Luminaries nomination.

“It (risk management) is not just transacting insurance. The field of risk management is really exciting and covers a lot of different areas,” Bobby Bianconi of Aspen Insurance Group said. “Making sure that we continue to allow folks coming out of school to check it out is really important.” (Credit: IRStone/Adobe Stock)

Across the insurance ecosystem, there has been a hastened adoption of digital tools and processes, spurred on by the pandemic and supported by technology breakthroughs such as artificial intelligence.

The push toward the bleeding edge, where a range of vendors clamor for attention to their latest technology, begs the question: What does true risk management innovation look like?

According to Michael Combs, CEO of claims solutions provider CorVel, true innovations are those that wipe the slate clean and allow risk managers to tackle issues in previously unthought-of ways.

“If we were starting from scratch, the question is what can we do today to most effectively manage risk?” Combs said at RIMS’ 2023 RiskWorld conference. “Too often we’re constrained by how things are today and we need to look past that. We need to envision a future where things are very different.”

Innovating risk solutions is in the insurance industry’s DNA, noted Tim Hardcastle, CEO of Instanda.

“MGAs the world over are thriving and raising the bar on innovation through specialization,” Hardcastle said. “In cyber, we’re moving to preventative models to reduce the risk of distributed denial of service attacks. And in the actuarial world, data science, data analytics and machine learning are reshaping how risk management is done. History will recall this period as risk management’s true age of innovation.”

Bobby Bianconi, head of technology and cyber at Aspen Insurance Group, said innovative thinking also includes investing in the upcoming generation of risk managers and insurance professionals. Whether it is filming a Netflix series or building a $3 million development, he explained that risk management is at the center of it all.

“It is not just transacting insurance. The field of risk management is really exciting and covers a lot of different areas,” Bianconi said. “Making sure that we continue to allow folks coming out of school to check it out is really important.”

Recognizing the importance of innovation in the field of risk management, PropertyCasualty360.com is proud to spotlight breakthrough thinking in this sector as part of the 2023 PropertyCasualty360 Insurance Luminaries program.

Champion risk management innovators

This honor is rooted squarely in the P&C insurance world. It recognizes companies, individuals, teams, programs, practices and products that are modernizing and humanizing the P&C insurance business.

There is no limit to the number of nominations each P&C insurance firm, company or vendor chooses to submit. Nominations are now open in the following categories:

  1. Technology Innovation —Honorees in this category are pacesetters who push insurance carriers, organizations, vendors, agencies and brokerages forward in terms of digitalization, modernization, and client and customer experiences.
  2. Risk Management Innovation —Honorees in this category find fresh and inventive ways to address insurer and insured risks while fostering advanced thinking and action when it comes to risk-related communication and mitigation.
  3. Coverage Innovation — Insurance reflects the world. As societies shift, so too should insurance options. Honorees in this category are furthering fresh approaches to protecting today’s diverse policyholders.
  4. Claims Innovation —Honorees in this category thoroughly understand the impact that a single claim can have on policyholder satisfaction. They foster progressive tools and practices to manage claims, and further fraud and claims mitigation.
  5. Innovation in Workplace Culture — Honorees in this category know how to promote the insurance industry as a great place to build a career. They actively support current insurance professionals and are engaged in finding and training new insurance stars. They are vested in fostering satisfied employees through diversity and inclusion initiatives, health and wellness programming, Environmental Social and Governance (ESB) initiatives, community service and more.

How are honorees selected?

Honorees will be selected based on their scores in the following areas, with 0 being the lowest and 5 being the highest in each area, for a total of 25 possible points:

  1. How well has the nominee stated and achieved goals with regard to the nomination category? (0-5 points)
  2. How impactful has the nominee been? (0-5 points)
  3. How measurable is this impact, either in quantitative or qualitative results? (0-5 points)
  4. How dedicated has the nominee been to furthering modernization and humanization in the P&C insurance business? (0-5 points)
  5. What level of commitment has the nominee shown to the highest ethical standards as well as dedication to service and excellence? (0-5 points)

The nomination window has been extended to June 7, 2023.

Honorees will receive:

  1. Recognition in the October 2023 issue of NU Property & Casualty magazine as well as online at PropertyCasualty360.com.
  2. A formal press release along with social media and public relations guidance around promoting this honor.
  3. The opportunity to purchase a badge for their website and business communications as well as more visible print and digital recognition within our publications.

Submit your nominations today!

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