This is the last in a three-part series on risk management in insurance. If you’re just joining us, you’ll want to catch up on the first part of the series:
- Part One: The Opportunities and Challenges of Risk
- Part Two: Four Considerations for Risk Management
The Accenture Risk-Adjusted Operating Model (RAOM) entails four steps:
- Target and deliver value
- Diagnose and explore
But what are the benefits to insurers of adopting the Accenture RAOM?
Benefits of the Accenture RAOM
Accenture believes that insurers can benefit tremendously from implementing the RAOM. Benefits include:
- Value generation by using risk management capabilities to improve decision making processes.
- Better risk management by aligning overall risk appetite and business strategy.
- More efficient capital utilization and reduced risk management costs.
- Improved business results by aligning processes and systems, reducing duplication and non-value-added activities.
- Enhanced operational efficiency through an integrated and robust IT landscape.
- A consistent data management and quality framework to improve automation and industrialization.
If you have any questions about how the Accenture RAOM can help your business, please leave a comment below. I look forward to hearing from you.
To learn more, download A New Risk-Adjusted Operating Model for the Insurance Industry (pdf; opens in a new window).