Darius Delon is a Canadian Risk Manager and friend of ours, and he recently wrote "I am a Risk Manager." We thought it was so good we wanted to share it. Thanks Darius!
Risk Management Blog - ClearRisk
This has been an interesting week! I write this as I return home from a Sitkins broker networking event in Albuquerque, New Mexico. The conference was great, New Mexico was beautiful (my first visit), and the election and Hurricane Sandy were on everyone’s mind. It all made me think about keeping pace with changing risk.
In my last post, I discussed 3 insurance technology trends that insurance professionals must take advantage of to stay on top of the competition. I would like to talk a little more in-depth about cloud computing and business automation in the insurance industry.
Moving to the cloud is becoming commonplace in the world of insurance. In fact, 4 out of the 5 world’s largest brokers, including Aon and Wells Fargo Insurance Services, use cloud applications to manage customer and carrier relationships around the globe. Adopting the cloud is inevitable. However, many still fear the cloud, even when considering the efficiencies that come along with it. Salesforce.com, one of the leading cloud platforms for the insurance industry, notes significant improvements across their customer base in a new survey. Among the many improvements, Salesforce.com users reported:
A company's reputation is its most valuable asset. With rapid advancements in technology and social media, managing reputation risk is difficult, but crucial.
Because of the ease of communication and global reach due largely to social media, we have an increasingly uncensored view of not only how businesses operate, but also how they interact with customers, shareholders, and employees. For better or worse, this transparency creates an open forum for sharing information, experiences, and opinions. The reach and impact of these open forums demand participation and careful management of brand perception by all customer-facing businesses; 43% of all online consumers follow or are a fan of a brand, making it essential for companies to manage reputation risk.
Recently, I wrote an article entitled “Adapt or Die” for the Ontario Broker, the official publication of the Insurance Brokers Association of Ontario (IBAO). Because the technology trends discussed in "Adapt or Die" have universal implications, I've summarized key takeaways from the article to share with our readers.
The world is changing exponentially. Smartphone and tablet sales have exceeded PC sales, meaning more people are using mobile devices to access the internet. The app market is $10 billion strong and doubling annually. Consumers are looking to social networks to provide information on products and services. Cloud computing is expected to be the standard in 3-5 years.
What does this mean for the insurance industry? Adapt or die. How do insurance brokers take advantage of technology?
Your competition will leave you in the dust if you do not adapt to these 3 technology trends:
This is the fourth installment of five blog posts that summarize the 25 quick tips from my eBook, “Insurance Premiums Are Killing My Business." This risk management ebook is a great start for small to medium-sized business owners that are curious about starting the risk management planning process.
The tips below have been written with small to medium-sized businesses in mind, although the same principles should be employed by very large businesses.
16. Implement and follow formal written policies.
Policies and procedures are a very effective way to defend against claims and lawsuits. Policies must be strictly followed to be effective.
With changes in consumer behavior and challenging economic conditions, sales professionals everywhere are struggling to differentiate themselves and grow their business. The insurance industry is becoming increasingly competitive, making it very difficult for brokers to win and retain clients. Brokers often struggle to get their foot in the door with new prospects. In this environment, brokers need to be innovative to stand out.
This is the third installment of our Best of @ClearRisk series. Start with the first Best of @ClearRisk post to catch up, and move onto the second installment of our risk management Twitter feed to discover valuable content and users on Twitter.
Twitter has always been an excellent source of information, expertise, and conversation for ClearRisk. Using the hashtags #riskmanagement and #insurance, the ClearRisk team is kept up-to-date on news and events in the risk management and insurance industry. I would like to share some of our favorite Twitter contributors so that you can stay informed, too!
As 2011 comes to a close, the ClearRisk team reflects on some of the most active and influential Twitter users for the risk management and insurance industry this year. Though this is not an all-inclusive list, here are ClearRisk’s top 5 Twitter users for risk management:
Top Twitter Users for Risk Management and Insurance
Chubb Insurance: @ChubbInsurance
For nearly 130 years, the Chubb Group of Insurance Companies has been delivering exceptional property and casualty insurance products and services to businesses and individuals around the world. Chubb Insurance shares their exceptional knowledge with their Twitter followers on a daily basis. Don't miss out on their risk management and insurance expertise!
Mid-market is the most profitable and coveted segment, and therefore the most fiercely competed over. Medium-sized companies have the same problems as Fortune 500 companies, just on a smaller scale. The problem lies in risk solutions; these solutions don't scale and small companies are unsure of where they can turn for help. As a result, medium-sized businesses do not benefit fully from risk management.
Insurance brokers deal with these companies every day, sharing advice on one important aspect of risk: their insurance. Brokers specialize in helping these same companies use broader risk management resources, tools, and services. If the brokers do not provide risk management services, others will: accountants, lawyers, and OHS and WCC consultants. Insurance brokers should talk to their clients and prospects about risk management in a way they understand. Here are 8 points every insurance broker should discuss with their client:
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Click here if you want to review risk management tips 1 – 5 before going on. Click here to read risk management tips 6 - 10.
Risk Management Tips 11 - 15
11. Use your broker to help you with the claim process.
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