Never before, or at least never in the modern era, has the world witnessed such an extraordinary level of risk and uncertainty.
Executive SummaryHaving too many goals. Focusing on external stakeholders. Narrowing your future-view to three years out. Forgetting about succession planning. Having minimal interdepartmental or team communications… Insurance company leaders are focused on risks like ongoing litigation and increasing claim volumes, but they may not be mindful of risk-related areas around goal setting, strategic planning and operational risk that can damage their companies, too, Consultant Carol Williams reminds carrier leaders.
Although a cursory look at the news confirms this, in-depth surveys like the 2021 State of Risk Oversight Report from North Carolina State University show that 67 percent of organizations across the board believe that the volume and complexity of risks is “mostly” or “extensively” increasing, a 12 percent jump over last year.
Insurance companies are by no means immune from this uncertainty. Issues ranging from industry-specific threats like ongoing litigation, increased claim volumes and skyrocketing reinsurance rates to society-wide trends like shifting employee expectations and the constant threat of displacement by more agile competitors hang over insurers like the proverbial Sword of Damocles.