RIMS unveils new strategic plan, mission statement  May 3rd 2023

RIMS unveils new strategic plan, mission statement

RIMS unveils new strategic plan, mission statement

The Risk & Insurance Management Society Inc. on Monday revealed its new strategic plan and mission statement. Speaking during the opening session of Riskworld, the RIMS annual conference, in Atlanta, Gary LaBranche, CEO of RIMS, said the RIMS board and management team last year began a planning process for the future of the organization, ranging from its mission and programs to its structure and technology.

“The result is a new strategic plan that charts the course for where RIMS aims to go in the future,” he said.

The plan, which plots a 10-year mission, includes a commitment to strengthening its organizational capacity, innovation and agility to support risk managers, according to statements by the RIMS board members.

RIMS will “refit and reposition” the organization to develop new programs and collaborate with others, they said. RIMS also announced a memorandum of understanding with the Pan-Asia Risk & Insurance Management Society during the session.

RIMS committed to enhancing member engagement; building more resilient chapters; ensuring the organization is more diverse, inclusive and equitable; and supporting rising risk professionals.

RIMS’ new mission statement is: “RIMS empowers risk professionals to strengthen organizational resilience by driving strategic decision-making and improving business outcomes.”

Chubb’s Greenberg expects continued rate increases

The current insurance pricing environment will likely continue as insurers contend with rising loss costs due to inflation, higher court awards and climate-driven claims, Chubb Ltd. Chairman and CEO Evan Greenberg said Tuesday.

While inflation may slow for some property exposures, casualty rates will need to continue rising as litigation increases, he said during his keynote presentation at Riskworld, the Risk & Insurance Management Society Inc.’s annual conference in Atlanta.

Meanwhile, the use of artificial intelligence is set to expand in the insurance sector, Mr. Greenberg said.

“We’re in the midst of a reinsurer-turbocharged hard market in property,” he said.

Reinventing Insurance With Generative AI - Oliver Wyman

Opportunities and new efficiencies for insurers

Similar to how iPhone technology transformed the way we communicate, generative artificial intelligence (AI) is creating new opportunities and efficiencies for the insurance industry. Most recently, our Insurance team has been working with leaders to augment and reinvent significant areas of their business.

Here, we share our recent video release and discussion on Reinventing Insurance with Generative AI, with Paul Ricard, Randy Lampert, Tiffanie Couts and Matthew Fairbanks. Our discussion includes: our latest research, a primer on generative AI, how insurers can get started, risk considerations, and opportunities and key actions for industry reinvention. More highlights can be found below.

Generative artificial intelligence is having its 'iPhone moment'

The future is now. Generative AI is ready to help insurers transform the way they do business — both internally and externally

Oliver Wyman

Wait ‘Til Next Year: Auto Profit Unlikely to Return in 2023: S&P

In spite of continued actions to raise prices of coverage, auto loss cost continue to climb and profits will continue to elude personal auto insurers—probably until 2024, analysts at Standard & Poor’s said.

John Iten, senior analyst and P/C sector lead for S&P Global Ratings and Tim Zawacki, principal research analyst, S&P Global Market Intelligence both made the prediction during the webinar titled, “IN/sights: Outlook and Trends for U.S. Insurers 2023,” which also covered property/casualty reinsurance and life insurance trends.

CCC Intelligent Solutions Holdings Inc. Announces First Quarter 2023 Financial Results

CCC delivered strong first quarter results, highlighted by 10% year-over-year revenue growth and 39% adjusted EBITDA margin.

We believe our solid start to 2023 reflects our durable business model, ongoing innovation, and continued adoption of CCC solutions that help our clients address a growing number of the business challenges facing the P&C insurance economy,” said Githesh Ramamurthy, Chairman & CEO of CCC.

The total number of claims processed through CCC® Estimate-STP continues to increase. Estimate-STP is CCC’s AI-based system that can pre-populate a complete repair estimate on a qualified claim in seconds. In March of 2023, the annualized run rate value of auto claims processed through Estimate-STP was over $1 billion, which is more than 10 times CCC’s run rate value in March of 2022. With the current run rate value still representing less than 1% of CCC’s current annual Automobile Physical Damage claim volume, the growth potential of this product remains very strong.

Elon Musk must give deposition in fatal Tesla Autopilot

A California judge presiding over a wrongful death lawsuit against Tesla Inc. found it "deeply troubling" that the electric-car maker claims videos of Elon Musk touting Autopilot may not actually be real.

Confronted with Tesla's refusal to rule out that some clips could be digitally altered deep fakes and therefore not suitable as evidence, the judge came up with an elegant solution: Put the billionaire entrepreneur and artificial intelligence enthusiast under oath and have him testify as to which statements coming out of his mouth are authentic.

Thursday's order by Santa Clara County Superior Court Judge Evette Pennypacker is a watershed moment in the escalating controversy over Tesla's driver-assistance technology.

Tesla and Musk are under legal pressure from consumers, investors, securities regulators and federal prosecutors questioning whether the company has over-hyped its progress toward self-driving vehicles during the last eight years. Tesla also is in the thick of multiple probes by the National Highway Traffic Safety Administration over possible defects in Autopilot linked to at least 17 deaths.

Munich Re warns of increasing cyber risk accelerated by AI, IoT, geopolitical conflict

Munich Re has warned that future cyberattacks will be accelerated by key technology trends such as artificial intelligence (AI), the “metaverse,” and expanding IT, Internet of Things (IoT), and operational technology (OT) worlds.

While these technologies offer great opportunities for society, businesses, and governments, they also create new attack surfaces, vulnerabilities, and systemic risks, the reinsurer noted in its report called “Cyber insurance: Risks and trends 2023.”

Additionally, the human factor remains a significant challenge in cybersecurity, making phishing, social engineering, and business email compromise (BEC) likely to remain successful attack vectors.

The Race Against Natural Disasters

Because of technological advancements, we’ve never been better prepared to understand what could happen tomorrow. 

• Technology has made an unprecedented amount of data on natural disasters available to anyone who needs it.
• MGAs and technology companies will start building better disaster-related insurance products.
• They still need more and better tools so their efforts can scale.

We’re four months into 2023, and already California has been hit with multiple flash floods, skiers were left snowless in the French mountains and earthquakes shattered cities in Turkey, Pakistan and the U.K. Natural disasters used to happen once every few years -- some were considered “once in a lifetime.” Today, they have become a part of our daily news agenda.

Technological advancements have finally democratized access to vast amounts of data on these natural disasters. We’ve never been better prepared to understand what could happen tomorrow.

Amrit Santhirasenan, co-founder and CEO of hx.

Is Sky Protect the Future of Home Insurance?

Sky Protect Smart Home Insurance promises £250 of smart home kit when you sign up. Is this package a smarter way to take care of your home?

Today, Sky launches its new product, Sky Protect Smart Home Insurance. It’s a comprehensive, 5-star Defaqto-rated home insurance policy underwritten by Zurich. Potential customers can sign up at Sky.com, via the MySky app or over the phone.

The hook is that when you take out a policy you’ll get a smart home kit comprising a smart doorbell and chime, an indoor camera, a door sensor, a window sensor, a motion sensor and leak sensor. Sky values the kit at £250.