Insurers are starting to focus on achieving a return on their risk management capabilities investment. In fact, the majority of insurers surveyed in Accenture’s 2013 Global Risk Management Study expect to achieve benefits beyond compliance with regulatory requirements.
The key areas of improvement that insurers expect to see as a result of their risk management efforts—in addition to keeping the regulators happy—are:
- Improved internal reporting—65 percent of insurers surveyed.
- Improved public communications—61 percent.
- Better risk-adjusted performance management—60 percent.
- Better integration of finance and risk—60 percent.
For some insurers, a great deal of the compliance burden has been met, and there is a shift starting to occur from project mode to business as usual.
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