Brokers as strategic risk advisers, data analysts, and solution designers in the insurance industry

The success of any industry to stay relevant lies in its ability to transform with changing times. The #insurance industry stands at this crossroads now in a world demanding a significant change in how risks are understood and protected against. Insurance has evolved but the need to stay relevant with times is ever increasing. Significantly high levels of insurance are now needed for systemic, endemic risks like cyber and extremities of climate compared to standard protection through generic insurance products. Specialty #brokers have witnessed and experienced this profound shift deeply through their continuous engagement and relationships with clients. As a principle of deep client advocacy, they have driven innovation to their best possible ability to help clients find protection for complex risks. Strong and effective collaboration across the insurance value chain is important to drive more innovation, and for its full benefit to be realised. More importantly, the dynamic, enriching and value-addition role of specialty brokers need to be recognised beyond the generic labelling of ‘brokers are distribution costs’. LIIBA - London & International Insurance Brokers’ Association’s upcoming report, produced in collaboration with Gracechurch and Trimstone Partners, provides a comprehensive view of how this collaboration should happen and an urgent call for action for the insurance industry. The report will be available next week. Register your interest here: https://lnkd.in/evg4TX6R #Insurance #Innovation #EvolvingRisks #BrokersMatter #Collaboration

CEO of Alborz Insurance Addresses Employees and Sales Representatives at Rasht Branch 🎙️🏢 🔸 Creating a National Reinsurance Institution is a Strategic Necessity for the Insurance Industry. During this meeting, the CEO of Alborz Insurance emphasized the importance of strengthening the domestic capacity of the insurance sector. He stated, "Establishing a national reinsurance entity is advantageous for the entire insurance industry in our country. Given the current sanctions, this national institution must be established as soon as possible to increase the country's capacity for covering large-scale risks." 🌐 Furthermore, he highlighted the vital role of innovative technologies in enhancing insurance services: "Artificial Intelligence has entered the arena to facilitate and expedite service delivery, and soon we will witness a breakthrough in supplementary health insurance. This initiative, covering over 900,000 insureds, will pave the way for better service provision." 🤖💡 This vision aims to reinforce the industry’s resilience and embrace cutting-edge solutions for improved customer experience and risk management. 🚀📈 #InsuranceInnovation #Reinsurance #DigitalTransformation #AIinInsurance #HealthInsurance #StrategicDevelopment #AlborzInsurance #CustomerExperience #IndustryLeadership

As insurance agents, you know the hospitality industry faces unique exposures, but many insureds still rely on general liability or package policies that leave critical gaps. ✅ Standalone Management Liability protects owners, executives, and managers from claims tied to employment practices, mismanagement, and fiduciary duties. In a high-turnover industry like hospitality, EPLI (Employment Practices Liability Insurance) is especially vital. ✅ Crime Coverage is equally essential. From employee theft to social engineering fraud, hospitality businesses are prime targets due to high cash flow and frequent vendor interactions. Selling these coverages isn’t just about risk, it’s about protecting the people who run the business and the assets they’ve built. Together, let’s help your clients see beyond the basics and build smarter, stronger coverage. #InsuranceAgents #HospitalityIndustry #ManagementLiability #CrimeCoverage #EPLI #DandO #RiskManagement #ClientProtection

Affinity insurance programmes that ignore captive solutions risk being left behind, warns Marsh in a new report. The study reveals how innovative organisations are using captives to cut costs, strengthen risk management, and deepen customer loyalty. Discover how captives can unlock new value in affinity insurance: https://ow.ly/IsLA50Xfx7X #Captives #CaptiveInsurance

Captives represent an important tool for managing risk and capital in an Affinity ecosystem. The article from Captive International covers our most recent paper on this important topic. #MarshAffinity. David Galea

A great panel last week at the NICC - National Insurance Conference of Canada in which we* explored the challenges and opportunities at the intersection of supply chains and insurance. - what are emerging supply chain risks that insurers should be aware of? - what new supply chain risk transfer opportunities exist? - how can insurers/brokers do more to support loss control in supply chains? - what supply chain risks do insurers have in their own [mainly digital] supply chains? In almost every case the answer came back to Data; hardly a surprise given that data is the lifeblood of insurance and supply chains. The more actionable ‘so what’ for the insurance industry is how to get ‘closer’ to the vast amounts of supply chain data being created. The short answer is to find ways in which analytics necessary to risk transfer can also be valuable to optimizing supply chains. A few examples: - Predictive analytics to reduce cold chain losses that also reduces transportation costs (e.g. Everstream Analytics). - Embedding dynamic insurance pricing and risk analytics into TMS platforms (e.g. Loadsure). - Computer Vision to reduce workplace injury and optimize warehouse operations (e.g. Voxel). - Motor carrier identity verification to reduce cargo theft risk and on-time/in-full delivery (e.g. Highway). - Dynamic use of in-vehicle telematics data to reduce transportation risk, improve insurance pricing accuracy and increase on-time/in-full delivery (e.g. TruckerCloud). These examples are the proverbial tip-of-the-iceberg compared to the size of the opportunity for the insurance industry to collaborate with retailers, manufacturers and logistics companies to reduce losses and improve operational performance while improving pricing accuracy. * huge thanks to fellow panelists, Sarah Kalma, Tiffany Ho, and Andrea Korney for bringing such diverse viewpoints and to Carol Jardine for her role as Emcee as well as the team at MSA Research (Joel, Nevina, Ola...) for hosting an exceptional conference. #supplychain #supplychaininsurance #insurance #supplychainrisk #supplychainriskmanagement Daniel Stanton Benjamin Gordon Adebayo Adeleke Marian Temmen Stan Aronow Jason Miller Rob Handfield Alan Amling Jim Rice Thomas Madrecki Tom Raftery Marc Dragon Pam Simon Niall Murphy Ravi Heerwani Kathy Fulton Wolfgang Lehmacher Sheri R. Hinish Krenar Komoni Johnny McCord Tiana Schowe, CPCU Matthew Yeshin Clinton D'Souza CIP EY Accenture J.S. Held LLC

David Shillingford makes an outstanding point. Insurance only delivers real value when it’s built into the way supply chains actually work... -Embedded in TMS platforms so quoting and binding happen in the same workflow -Available on load boards at the point of booking -Automated through APIs at key shipment milestones -Claims filed and resolved inside the same systems tracking freight -Data-driven pricing aligned with real shipment details -Accessible in broker and shipper portals alongside booking tasks That’s how protection becomes faster, smarter, and part of the flow and not an afterthought. The closer insurance gets to the workflow, the better it can do its job: keeping supply chains moving with confidence. #SupplyChain #CargoInsurance #EmbeddedInsurance #Insurtech #RiskManagement

Tokio Marine Kiln, an international specialist insurance company and part of the Tokio Marine Group, has announced the launch of Enterprise Ctrl, a new enterprise errors and omissions insurance solution. https://lnkd.in/eip4xS4P

Co-Founder and Director, Tom Davey, explores the role After The Event (ATE) insurance plays in providing access to justice for SMEs in legal battles against far larger businesses in his new article in Business Reporter.   Tom explains that, among other benefits, having ATE insurance proves that the policy holder can cover other side costs in the case of a loss, reducing the risk of a security for cost order preventing a claim being taken forward.    You can read the full article here: https://lnkd.in/e5JuWmr2   #insurance #sme #accesstojustice  

Maurice Zicman, vice president of CX strategy at TP in Australia, has addressed the shifting landscape for insurers as extreme weather events become increasingly common and severe. https://hubs.ly/Q03K-4JV0 #ArtificialIntelligence #Empathy #Insurance