According to Accenture’s 2013 Global Risk Management Study, the vast majority of insurance respondents are developing—or plan to develop—emerging-risk management capabilities. In fact, the top external pressures are causing insurance firms to integrate risk management into decision-making.

Survey respondents confirm that, over the last two years, risk management has been progressively integrated into corporate processes such as:

  • Budgeting and forecasting—89 percent;
  • Strategic planning—86 percent;
  • Financing—85 percent;
  • Performance management—61 percent; and,
  • New product development—54 percent.
Risk integration in insurance is progressing - Extent risk management integrated other business functions
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While insurers are making steps in the right direction toward integrating their risk management into decision-making, they still have a way to go. Next week, I’ll explore the most significant areas of opportunity in managing risk for insurers.

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