The five critical success factors for effective risk exposure and insurance management
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“Insurance managers within the shipping and aviation industry are working around the clock to find solutions that safeguard their people, operations and their customers’ supply chain” said David Power, CEO Insurwave. “They need real time, reliable information to understand their insurance positions, the operational impact and ongoing risk exposure for their organisation.”
Interview with David Power, CEO Insurwave
The invasion of Ukraine, sanctions on Russia and expatriation of high value assets, have sent corporations, brokers, and insurers into a tailspin, struggling to understand exposures, sanction breaches and their overall insurance stance.
Power explained that ‘The unprecedented pressure’ for marine, aviation and energy insurers and brokers to respond to these urgent demands, has forced a frantic attempt to pull together multiple sources of data to understand the full picture. “Analysts are manually gathering data from multiple sources and downloading it into spreadsheets before they manipulate it and report to decision-makers” he said “And the challenge is further exacerbated by the sheer volume of exposures across multiple policies and providers”
He told us that Insurance managers across the shipping sector have frequently expressed ‘frustration at the lack of visibility and speed to respond’ from their insurers and brokers and the additional administrative burden that it creates for their own teams internally.
“The current crisis has brought all of these issues to a head” he said, explaining that it is vital that businesses are equipped to make data driven decisions quickly. “ Worryingly, inaccuracy or delays may have dire consequences in such unpredictable times.”
When asked what Insurance Managers need from Insurers and brokers, Power said “At Insurwave, we refer to the ‘Five critical success factors’ for effective risk exposure and insurance management”
1. Real time visibility of all assets on a risk map.
2. One unified, automated dashboard of covers, limits and policies in force.
3. Accessible insurance policies in one place with geographical and company entity relationships.
4. Visibility of the full audit history of asset and insurance changes.
5. Ability to manipulate, analyse and interpret the data to quickly understand exposures to changes in the risk landscape and generate reports for decision makers.
“Data-driven insight and platforms are transforming the way discrete business functions focus their time where they can add the most value, rather than being overloaded with administration.” Power said. Providing these tools to risk and insurance managers means that they can ‘keep ahead of the increasingly complex risk landscape’ and provide significantly more value to their organisations.
At Insurwave we’re already delivering this solution for some of the world’s leading specialist insurers, brokers and shipping companies. To find out more please contact us.