How to Support a Risk-Based BCDR Program without Spending More

Emergency situations like natural disasters, data breaches, fraud, and the like arise, by definition, without warning, leaving you little to no time to prepare. So how do you build a BCDR plan that is flexible to handle any situation and…

Overcoming Failures in Risk Management: Is Wells Fargo Getting the Message?

It’s been a rough two years for Wells Fargo. Ever since the existence of the bank’s massive cross-selling scandal came to light in 2016, Wells Fargo seemed to be trapped in a downward spiral of failure after failure in risk…

The platform-fueled insurance future

As announced in my preview post last week, the IBM Institute for Business Value has just released our main insurance study for 2018, titled “The platform fueled-future: New ways to differentiate in a changing insurance industry.” This study is based on a global survey of 1,000 insurance executives, with questions centering on insurance platforms about […]

Sneak peek: Is the industry ready for insurance platforms?

Next week, we will be releasing a new IBM Institute for Business Value study on the insurance industry. Titled “The platform-fueled future,” we surveyed 1,000 insurers across 35 countries on various questions of interest around insurance platforms – on their disruptive impacts, benefits, downsides and how much or how little participation they are envisioning. We […]

Latest Trends in P&C Brokerage Valuations – Let’s Talk Multiples

While we are always monitoring changes to financial issues related to the P&C insurance industry, we have long stopped trying to predict the future, especially in terms of the valuation of brokerages. Having said that, we are in the unique position to…

M&A Activity in the P&C Insurance Industry – The Limits of Current Pricing

Over the years, we have written several pieces about the state of mergers and acquisitions (M&A) activity in the Property and Casualty (P&C) industry and think it is safe to say the market has been, and will continue to be, robust in the foreseeable…

Chipotle’s Outbreak is Their Worst Risk Management Failure Yet: What Can They Do?

Since 2015, Chipotle has suffered multiple scandals of food-borne illness. The latest Chipotle outbreak has left more than 700 people ill. What does the Mexican grill have yet to learn? In my last blog, “Hey, Chipotle, Can You Say Risk…

GDPR Readiness: How Do You Stack Up?

The GDPR is the strictest set of data protection rules any nation has published, featuring some of the most severe penalties connected to data privacy seen yet. Now that the compliance deadline has passed, we started to wonder about GDPR…

Are fire service charges fair or necessary?

A letter from Amanda Dean, Vice-President, Atlantic Canada, Insurance Bureau of Canada: Saint John City Council recently enacted the Fire Protection Fees By-Law, which establishes fees to be paid by property owners or occupants to cover the city’s costs of…

Do Insurance Companies Really Need Risk Management?

Risk management in the insurance business is a bit of a head scratcher. On the one hand, insurance companies are selling what many people consider to be a risk mitigation. On the other hand, insurance companies themselves face a variety of…

Deeds Not Words

I recently hosted an industry table at a charity dinner. As always choosing the guests was one of those chores underlining just how few senior women there are in the market. It is utter misery to be surrounded by all or mostly blokes at these events, never mind the lousy message it sends about insurance to the other diners from more progressive parts of the …

MSU Creates New Office of Enterprise Risk Management in Response to Nassar Scandal

Michigan State University has employed a new Chief Compliance Officer in response to the Larry Nassar scandal. By creating an Office of Enterprise Risk Management within the university, MSU is getting on the right track. Earlier this year, former MSU…

Harley-Davidson Moves Manufacturing In Response to Trade War: Was it the Right Call?

Back in March, President Trump’s administration threatened to impose steep tariffs on imported goods from some of America’s biggest trading partners. In the following months, the administration set a 25% import tax on steel and 10% on aluminum. Just as…

Know what you sell: Product Knowledge 

For new general insurance brokers, one of the biggest challenges is to learn and remember their products and coverages from multiple insurers. All of the insurers offer a similar base product with a variety of optional add-on coverages and limits. Although, additional coverages are optional but extremely important to have as a part of the […]

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