The risk function among North American insurers is maturing and value-centric, and, for some, has come to play an integral role in business strategy. But in a low interest rate environment with growing regulatory requirements, risk managers face several challenges.
Insurance risk managers are tackling an array of issues, many hinging on an increasingly digital environment that opens new doors but presents new concerns. By taking a lead role, risk managers can help guide their businesses forward—for maximum gain and minimum risk, even in volatile times.
North American survey respondents believe they will need to:
Strengthen their focus on customer-facing digital efforts
Ensure the risk function plays an active role in digital transformation
Renew their emphasis on operational risk management
Invest in the right breadth of capabilities
Increase focus on data and analytics