The value of risk and insurance management

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As we all know, the world is set to change at an exponential speed and the risk and insurance profession is part of that change. At Airmic, we want to understand the nature of this transformation, so we can help to shape the future of the risk management profession for the benefit of our members and to inform our future research and knowledge and skills programmes.

We launched our largest ever survey in partnership with Longitude, provider of world-class expertise in thought leadership and research, to understand the nature of this transformation and its impact on businesses, the risk landscape and the roles and responsibilities of those in the risk management profession. The result is a differentiated and valuable insight that will make unique contributions to the ‘profession debate’.

The results show risk and insurance managers are embracing change in a transformative business landscape – and that there are opportunities for all. We review a number of these opportunities in detail in three deep-dive mini reports:

• The value of risk and insurance management – how to demonstrate the value of insurance management and the strategic contribution members can make in a fast-changing business landscape, supported by JLT
• Digital transformation – how digitalisation is transforming business models while creating strategic opportunities for members, supported by Chubb
• Is the insurance market fit for the future? – an exploration of the changing risk and business landscape and the insurer’s role in tomorrow’s world, supported by Axa Corporate Solutions.

These mini reports are part of the larger survey report, A profession in transformation, which provides the bigger picture and further horizon-scanning analysis to inform today’s risk and insurance managers as tomorrow’s risk professionals.

It is clear from our research that risk and insurance managers are key contributors to the future success of business. Increasingly they should operate at a strategic level to provide perspective and understanding, to help organisations build resilience with sustainability and release opportunities and potential. Based on a foundation of specialised knowledge, skills and experience, the risk management role is about supporting decision-making and creating value.

Julia Graham, deputy chief executive and technical director, Airmic