FERMA Risk and Insurance Report 2016 - full report with questions

In collaborationwith:

FERMA EUROPEAN RISK AND INSURANCE

SURVEY REPORT 2016


8th biennal survey conducted by the Federation of European Risk Management Associations (FERMA)

In collaboration with: AIG, CHUBB, EY, MARSH and XL CATLIN.

Presentation of the survey:


39 questions Survey Conducted from 8th April to 10thJune 2016 24 national associations members of FERMA 1 contact list : others (25 contact list in total) 634 Respondents Based on FERMA standard

Key Facts:


Content: QuestionnaireThe survey comprises three parts:

PART 1: RISK MANAGEMENT PROFESSION AND PRACTICES IN EUROPE: from S1 to Q16This part is seeking to reinforce the understanding and positioning of the risk and insurance

management role.Support the development of the risk and insurance management function.

PART 2: EUROPEAN INSIGHTS ON RISK MANAGEMENT: from Q17 to Q20NEWThis part is seeking to identify the main priorities for EU risk and insurance managers to ensure that

FERMA supports its members’ needs and expectations as regards the risk and insurance management function.

PART 3: Insurance Management : from Q30 to Q39This part is seeking to provide EU insight on the evolution of the insurance market and risk managers’

expectations.


Sample – GlobalAll respondents: Long Completes + Short Completes

Associations Total Respondents Total invited Response RateAGERS 13 50 26%ALRIM 37 200 18,50%ASPAR CZ 5 50 10%BFV 1 1 100%DVS 7 90 7,78%FINNRIMA 20 104 19,23%SI.RISK 5 11 45,45%POLRISK 17 100 17%AIRMIC 59 1063 5,55%AMRAE 94 748 12,57%ANRA 57 227 25,11%APOGERIS 6 58 10,34%BELRIM 30 122 24,59%BRIMA 8 11 72,73%ERMA 32 99 32,32%DARIM 41 71 57,75%IGREA 11 41 26,83%MARM 5 31 16,13%NARIM 39 158 24,68%RUSRISK 25 56 44,64%SIRM 20 106 18,87%SWERMA 26 226 11,50%NORIMA 12 55 21,82%AIG 49 686 7,14%Others 15 43 34,88%Total 634 4407 14,39%


Sample - 1st,2nd and 3rd Part completed Long Completes

A respondent is considered Long Complete if he

answered for all three parts of the questionnaire.

Associations Long Completes Total invited Response RateAGERS 6 50 12%ALRIM 7 200 3,50%ASPAR CZ 3 50 6%BFV 1 1 100%DVS 6 90 6,67%FINNRIMA 13 104 12,50%SI.RISK 4 11 36,36%POLRISK 10 100 10%AIRMIC 38 1063 3,57%AMRAE 57 748 7,62%ANRA 37 227 16,30%APOGERIS 5 58 8,62%BELRIM 20 122 16,39%BRIMA 6 11 54,55%ERMA 13 99 13,13%DARIM 30 71 42,25%IGREA 10 41 24,39%MARM 2 31 6,45%NARIM 32 158 20,25%RUSRISK 9 56 16,07%SIRM 17 106 16,04%SWERMA 15 226 6,64%NORIMA 8 55 14,55%AIG 44 686 6,41%Others 13 43 30,23%Total 406 4407 9,21%


Sample – 1st and 2nd Part completedShort Completes

A respondent is considered Short Complete if he answered for first two parts of the questionnaire.

Associations Long Completes Total invited Response RateAGERS 7 50 14%ALRIM 30 200 15%ASPAR CZ 2 50 4%BFV 0 1 0%DVS 1 90 1,11%FINNRIMA 7 104 6,73%SI.RISK 1 11 9,09%POLRISK 7 100 7%AIRMIC 21 1063 1,98%AMRAE 37 748 4,95%ANRA 20 227 8,81%APOGERIS 1 58 1,72%BELRIM 10 122 8,20%BRIMA 2 11 18,18%ERMA 19 99 19,19%DARIM 11 71 15,49%IGREA 1 41 2,44%MARM 3 31 9,68%NARIM 7 158 4,43%RUSRISK 16 56 28,57%SIRM 3 106 2,83%SWERMA 11 226 4,87%NORIMA 4 55 7,27%AIG 5 686 0,73%Others 2 43 4,65%Total 228 4407 5,17%


PART 1 - RISK MANAGEMENT PRO-FESSION AND PRACTICES IN EUROPE

PART 2 - EUROPEAN INSIGHTS ON RISK MANAGEMENT

PART 3 - Insurance Management 0

100

200

300

400

500

600

700

406 406 406

228 228

Total number of respondents for each part (Long Complete + Short Complete)

Long Completes Short Completes

SAMPLE


Part 1 :RISK MANAGEMENT PROFESSION AND PRACTICES IN EUROPE

PART 1 - RISK MANAGEMENT PRO-FESSION AND PRACTICES IN EUROPE


PART 3 - Insurance Management

634 634

406

Total completes for each part


Sample - 1st Part

A representative sample of European companies

Female 27%

Male 73%

S1: Are you?

Less than 25 years old

Between 31 and 35 years old

Between 46 and 55 years old

60+ years old

0.3%

3.5%

7.6%

35.5%

36.1%

11.0%

6.0%

S2 - What is your age ?

Basis: 634


Sample - 1st Part

Less than €60k

Between €60k - €80k





More than €200k

18.5%

17.5%

18.0%

15.5%

11.7%

11.7%

7.3%

S3 - What is your total annual remuneration (including bonus and all compensations) ?

Basis: 634A representative sample of European companies



Less than €50 million

Between € 50 million and less than € 100 million

Between € 100 million and less than € 500 million

Between € 500 million and less than € 1 billion

Between € 1 billion and €5 billion

More than € 5 billion

10.1%

3.3%

13.6%

10.9%

31.2%

30.9%

Less than 250

Between 250 and less than 1,000

Between 1,000 and 5,000



More than 20,000

13.2%

9.6%

21.6%

11.8%

12.8%

30.9%

Q2.1 - Organization’s turnover: Q2.2 - Organization’s total number of employees:

A representative sample of European companiesSample - 1st Part

Basis: 634


Don't know

Negative

Between 0% and 5%

Between 5.1% and 10%

Between 10.1% and 20%

More than 20%

44.0%

8.0%

22.2%

12.3%

8.8%

4.6%

Q2.3 - Organization’s average growth rate (EBITDA - Earnings before interest, taxes, depreciation and amortization) over the last five years.


Basis: 634


Latin America

Middle East

Africa

Asia / Pacific

North America

Europe

0.0%

0.8%

0.8%

0.8%

2.4%

95.3%


Q3.1 - Where are your organization’s headquarters ?

National or Country

Division or Regional

Corporate (Head Office)

5.5%

5.8%

88.6%

Q3.3 - Which part of the organization do you work in ?

Basis: 634


Yes47%No

53%

Q4 - Is your organization listed on the stock market ?


Basis: 634


Other

Security Director / Manager

Health and safety Director / Manager

General / Company Secretary

Compliance Director / Manager

Chief Operating Officer

Business Continuity Director / Manager

Head of Treasury / Treasury manager

President, Chairman

Captive Director / Manager

Chief Financial Officer / Finance Manager

Head of Internal Audit / Audit Manager

Legal Counsel / Head of Legal Department

Chief Executive Officer / Managing Director

Operational Risk Director / Manager

Chief Risk Officer

Risk Director / Manager

Insurance Director / Manager

13.4%0.0%0.2%0.3%0.3%0.5%0.6%0.8%0.9%1.4%1.6%1.6%

2.7%2.8%

4.7%12.6%

22.9%32.6%

Q5.1 - Respondent primary position.


Less than 5 years12%

Between 5 and 10 years

25%More than 10

years62%

Q5.1 Quater – Respondent relevant professional experience in risk management and/or insurance.

Basis: 634


Yes54%

No46%

Q5.1 Ter - Do you have a specific qualification in risk and/or insurance management ?


Q5.2 - Where is your specific qualification in Risk Management or Insurance from ? (Multiple Answer)

Business School

A national risk management association which is a member of FERMA

University

Professional Institute – please specify the name of the organisation awarding the qualification and the level of the qualification :

19.5%

27.9%

35.8%

38.7%

Basis: 344Basis: 634


Yes39%

No61%

Q5.6 - Is your qualification subject to Continuous Professional Development (CPD)? Q5.7 - Do you plan to apply for Ferma Certification (Rimap)?


Yes33%

No67%

Basis: 634



Basis: 634

Other, please specifyPARIMA, Asia Pacific

ASPAR CZ, Czech RepublicMARM, Malta

SI.RISK, SloveniaAPOGERIS, Portugal

BRIMA, BulgariaNORIMA, Norway

BFV, GermanyPOLRISK, Poland

RIMS, United StatesIGREA, Spain

FINNRIMA, FinlandAGERS, Spain

RUSRISK, RussiaSIRM, Switzerland

ERMA, TurkeySWERMA, Sweden

DVS, GermanyALRIM, Luxembourg

BELRIM, BelgiumNARIM, Netherlands

DARIM, DenmarkANRA, ItalyAIRMIC, UK

AMRAE, France

7.1%0.3%

0.8%0.8%0.8%0.9%0.9%

1.9%2.4%2.4%2.5%

2.8%3.3%3.5%3.6%3.6%3.8%

4.4%4.7%

5.8%5.8%

6.5%7.1%

9.3%10.9%

16.2%

Q5.3 - Are you or your organization a member of one of the following Risk Management associations? (Multiple Answer)


Risk Management Insurance

52.0% 51.4%

29.4%

16.7%18.7%

31.9%Up to 3Between 4 to 10More than 10

Q6.1 - Full time equivalent people working for Risk Management or Insurance

Risk Management Function - 1st Part

Filter on Q3.3

Basis: 562 Basis: 72


Risk Management Function - 1st Part

Q7 - Does your organization use (own or rent) a captive ?

Yes 34%

No 66%

Traditional Lines of Cover Non-traditional Lines of Cover

29.4%

44.4%

61.2%

37.9%

9.3%

17.8%

More important IdenticalLess important

Q7.1 - Involvement of the captive in over the next 2 years.

Basis: 634

Basis: 214

Q7.2 - Strategy in regards to risks which are difficult to place on the insurance market

Create a captive insur-ance / re-insurance

company

Use alternative risk transfer vehicles (Rent-a-captives, protected cell companies, structured coverages etc.)

Risk retention

Lobby the insurance market to develop more innovative

solutions

6.0%

17.4%

42.4%

34.3%

Basis: 420


A representative sample of European companiesRisk Management Function - 1st Part

Basis: 634

0

100,000 or less

100,001 to 200,000

200,001 to 300,000

300,001 to 400,000

400,001 to 500,000

500,001 to 600,000

600,001 to 700,000

700,001 to 800,000

800,001 to 900,000

900,001 to 1,000,000 (1

milli

on)

1,000,001 to 1,500,000 (1

milli

on to 1.5 m

illion)

1,500,001 to 2,000,000 (1

.5 milli

on to 2 m

illion)

2,000,001 to 2,500,000 (2

milli

on to 2.5 m

illion)

2,500,001 to 5,000,000 (2

.5 milli

on to 5 m

illion)

5,000,001 to 10,000,000 (5

milli

on to 10 m

illion)

10,000,001 to 20,000,000 (1

0 milli

on to 20 m

illion)

20,000,001 to 50,000,000 (2

0 milli

on to 50 m

illion)

50,000,001 to 100,000,000 (5

0 milli

on to 100 m

illion)

100,000,001 to 200,000,000 (1

00 milli

on to 200 m

illion)

Over 2

00,000,000 (Ove

r 200 m

illion)

Don't know

Skip questi

on0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

Total Insurance premium Outside services TOTAL INSURANCE TOTAL RISK TOTAL COST OF RISK 2015

Q8x2W2016 - Total Cost of Risk in 2015 (in Euros).


Risk Committee

President / Chairman

Head of Treasury

Head of Internal Audit

General Counsel / Head of Legal Department


Chief Risk Officer


Chief Financial Officer


Board of Directors / Supervisory Board

Audit Committee

6.9%

10.3%

4.9%

3.5%

5.8%

3.5%

5.0%

2.2%

26.3%

15.9%

10.7%

4.9%

2.1%

8.8%

10.7%

0.5%

9.3%

4.3%

6.0%

2.1%

35.5%

12.0%

7.6%

1.3%

InsuranceRisk Management

Risk Management/Insurance report - 1st Part

Q9ALL - To whom does your organization’s Head of Risk Management / Insurance report? Basis: 634





Audit Committee

Head of Treasury

Chief Risk Officer


Risk Committee





2.2%

3.5%

3.5%

4.9%

4.9%

5.0%

5.8%

6.9%

10.3%

10.7%

15.9%

26.3%

Risk Management report - 1st Part

Basis: 634Q9.1 - To whom does your organization’s Head of Risk Management report?


Insurance report - 1st Part

Q9.2 - To whom does your organization’s Head of Insurance report?


Audit Committee


Risk Committee


Chief Risk Officer




Head of Treasury



0.5%

1.3%

2.1%

2.1%

4.3%

6.0%

7.6%

8.8%

9.3%

10.7%

12.0%

35.5%

Basis: 634


Risk management/insurance leader responsibility - 1st Part

Q10A - In your organization, which of the following activities are the responsibility of the risk management or insurance leader – and are they already embedded or planned? RM’s or IM’s Responsibility - Yes

Analysis of capital projects and delivering business plans

Definition of compliance (Management, Framework, embedding and assurance)

Design and implementation of risk financing strategy and association solutions

Development and embedding of Business Continuity Management / Emergency Management / Crisis Management / Incident response programes and solutions

Alignment and integration of risk management as part of business strategy

Define a risk appetite strategy / statement

Assistance to other functional areas in contract negotiation, project management, acquisitions and investments

Development and implementation of Risk Culture across the organization

Design and implementation of risk controls/prevention

Insurance management and claims handling / insurable loss prevention

Development of map of risks: risk identification, analysis, evaluation, prioritization and reporting

31.7%

40.9%

47.5%

53.9%

61.8%

62.9%

65.5%

67.7%

68.0%

73.5%

74.8%

Basis: 634

104 Respondents skipped the question (16,4%)– not mandatory-


Risk management/insurance leader responsibility - 1st Part

Q10B - In your organization, which of the following activities are the responsibility of the risk management or insurance leader – and are they already embedded or planned?

Define a risk appetite strategy / statement

Development of map of risks: risk identification, analysis, evaluation, prioritization and reporting

Alignment and integration of risk management as part of business strategy

Assistance to other functional areas in contract negotiation, project management, acquisitions and investments

Insurance management and claims handling / insurable loss prevention

Design and implementation of risk controls/prevention

Analysis of capital projects and delivering business plans

Design and implementation of risk financing strategy and association solutions

Development and implementation of Risk Culture across the organization

Development and embedding of Business Continuity Management / Emergency Management / Crisis Management / Incident response programes and solutions

Definition of compliance (Management, Framework, embedding and assurance)

51.1%

66.2%

49.1%

58.5%

71.8%

58.0%

34.5%

43.5%

50.8%

45.6%

42.0%

14.7%

10.3%

16.6%

8.4%

4.7%

14.0%

9.3%

10.4%

18.0%

21.5%

13.1%

17.5%

7.1%

18.0%

16.7%

7.1%

11.5%

39.7%

29.7%

14.8%

16.6%

28.5%

16.4%

16.4%

16.4%

16.4%

16.4%

16.4%

16.4%

16.4%

16.4%

16.4%

16.4%

Embedded Planned for 2015/16 Not planned Skip question

Basis: 634

104 Respondents skipped the question (16,4%)– not mandatory-



No relationship 37.5%

Regular, close collaboration

37.9%

Risk mgr's own responsibility

11.8%

Not applicable 12.8%

Strategic planning business



58.0%


15.5%

Not applicable 8.0%

Ethics / Compliance / Legal

Risk management/insurance leader interactions - 1st Part

Q12.1 - Please tell us the relation of your organization’s risk management / insurance function with other areas / issues. (1/6) Basis: 634



Q12.1 - Please tell us the relation of your organization’s risk management / insurance function with other areas / issues. (2/6)


Regular, close col-laboration 33.9%


10.6%


Corporate Social Responsibility Sus-tainability / Sustainable Development




30.8%


Business Continuity / Crisis Management

Basis: 634






58.8%


13.7%

Not applicable 9.3%

Internal Control / Internal Audit




9.6%


IT- for major projects

Basis: 634







10.6%


Investments and investors relations




9.8%


Mergers & Acquisitions – for ac-quisitions / transfers decisions

Basis: 634







7.6%


Sourcing / Procurementted




7.6%


Manufacturing / Logistics / Distribution / Quality

Basis: 634






35.0%Risk mgr's own responsibility

49.5%

Not applicable 8.2%

Insurance Managementted




7.6%


HR - Employee Benefitsted

Basis: 634


Risk management/insuranceOrganization - 1st Part

Q13 - Which of the following organization forms most closely describes that of your company ?

11.0%

23.8%

33.9%

7.7% 7.7%

15.8%

Basis: 634



Q14 - To what extent does your organization prioritize risks by mapping them ?

25.9%

49.1%

3.5%10.9% 10.7%

Basis: 634



Q16 - Do you use IT / GRC (Governance, Risk and Compliance) tools to manage the following Risk Management / insurance activities? (YES) Basis: 634

Risk mapping

Risk registers

Scenario Analysis

Risk quantification

Risk appetite and tolerance

Claims analysis

Risk reporting / Risk dashboards

Monitoring of risk mitigation actions / controls

55.4%

52.1%

34.1%

45.6%

35.2%

44.6%

56.6%

49.2%


Part 2 : EUROPEAN INSIGHTS ON RISK MANAGEMENT

PART 1 - RISK MANAGEMENT PROFESSION AND PRACTICES IN

EUROPE



634 634

406

The number of Long Completes + Short Completes


Top 10 risks and level of mitigation - 2nd Part

Q17.1&2 - In terms of impact – What are the top ten risks that threaten the successful achievement of your organization’s strategic objectives? (Multiple Answer, list of 33 items)

Interest rate & Foreign exchange

IT systems and data centers

Market strategy, clients

Cyber-attack / data privacy

Reputation and brand

Competition

Noncompliance with regulation and legislation

Political, country instability (crisis, war, regulatory changes)

Business continuity disruption

Economic growth/slowdown

38.2%

40.2%

45.4%

46.5%

48.3%

48.6%

55.5%

59.5%

60.4%

63.4%

Basis: 634



Q17.3&4 - In terms of likelihood – What are the top ten risks that threaten the successful achievement of your organization’s strategic objectives? (Multiple Answer, list of 33 items)

Strategic project failures






Competition




39.9%

41.6%

42.6%

46.1%

47.5%

49.4%

55.8%

56.5%

57.7%

63.2%

Basis: 634



Q19.1 - Please assess the current level of mitigation for the areas risks you have previously identified: Mitigation level






Competition





36.0%

32.5%

28.5%

30.8%

35.6%

23.4%

38.6%

12.2%

36.3%

13.9%

45.0%

52.9%

51.4%

47.1%

42.5%

54.9%

40.3%

36.1%

47.5%

45.0%

19.0%

14.5%

20.1%

22.0%

21.9%

21.8%

21.0%

51.7%

16.2%

41.0%

High Mid Low

Basis: 402

Basis: 383

Basis: 377

Basis: 352

Basis: 308

Basis: 306

Basis: 295

Basis: 288

Basis: 255

Basis: 242



Q19.2 - Please assess the current level of mitigation for the areas risks you have previously identified: Mitigation strategy






Competition





41.3%

60.8%

53.8%

59.7%

56.5%

49.0%

64.2%

23.6%

49.9%

26.9%

33.5%

17.6%

7.3%

19.3%

5.6%

2.9%

5.4%

10.6%

33.7%

3.7%

25.2%

21.6%

38.9%

21.0%

37.9%

48.1%

30.4%

65.8%

16.4%

69.4%

Reduction Transfer Accepted

Basis: 402

Basis: 383

Basis: 377

Basis: 352

Basis: 308

Basis: 306

Basis: 295

Basis: 288

Basis: 255

Basis: 242







Competition





34.7%

23.9%

18.4%

20.3%

31.4%

20.1%

30.1%

16.7%

32.1%

13.9%

50.0%

59.6%

63.2%

56.6%

53.9%

56.8%

56.8%

53.8%

53.3%

56.7%

15.3%

16.5%

18.4%

23.1%

14.7%

23.1%

13.1%

16.7%

14.6%

29.4%

High Mid Low

Basis: 402

Basis: 383

Basis: 377

Basis: 352

Basis: 308

Basis: 306

Basis: 295

Basis: 288

Basis: 255

Basis: 242


Q19.3 - Please assess the current level of mitigation for the areas risks you have previously identified: Satisfaction level


FERMA priorities at EU level - 2nd Part Q20NEW - Among the following current regulatory matters, what should be the first 3 priorities for FERMA at EU level?

Basis: 581

Enforcement of Solvency 2 and impacts for captives

A future EU regulation on the European cyber insurance market

Risks connected to the increased reporting and transparency requirements (reputation, global competitiveness, confidentiality regarding strategy, business model and cross-border synergies)

Give a legal basis to the Risk Manager profession

28.9%

32.9%

32.9%

41.5%

52.2%

54.7%

57.0%

Optional for non-EU organisations


PART 3: EUROPEAN INSIGHTS ON RISK MANAGEMENT

PART 1 - RISK MANAGEMENT PROFESSION AND PRACTICES IN

EUROPE



634 634

406

The number of Long Completes - Part 3


Changes of Insurance Program - 3rd Part Q30 - Which of the following changes to your insurance program will you consider as a result of the current financial and economic climate ? (Multiple Answer)

Purchase of credit insurance

Implementation or further use of captive facilities

Selection of more financially robust insurers

Acceleration of claims settlement process

Insurance buying pattern

Negotiate long-term agreement or roll-over

Strengthen loss prevention activity

9.6%

24.1%

27.3%

30.5%

32.8%

42.9%

53.7%

Basis: 406


Changes of Insurance Program - 3rd Part

Q30.1 - Could you please define for each item below if it increases/decreases or stay identical?

Insurance buying pattern:

33%

Retention level Purchased limit Lines of cover

48.9% 45.9%55.6%

11.3% 10.5%3.8%

39.8% 43.6% 40.6%

IdenticalDecreaseIncrease

Basis: 133


Types of insurance - 3rd Part Q31 - What overall limit does your organization benefit from per annual aggregate, independent of sublimits, for the following types of insurance?

Basis: 406

Public Liability

Product Liability

Directors' & Officers' Liability

Gradual Environmental impairment Liability

Errors & Omissions / Professional Liability

Cyber risk coverage

Property (including business interruption)

26.8%

25.9%

38.9%

37.4%

43.1%

25.1%

17.5%

27.3%

22.2%

27.1%

14.0%

16.3%

6.7%

9.9%

21.4%

20.4%

20.0%

5.7%

11.1%3.0%

22.7%

18.0%

16.3%

6.7%

4.2%

6.4%

1.7%45.3%

6.4%

15.3%

7.4%

38.7%

23.2%

63.5%

4.7%

<50M EUR 50 – 100M EUR 101 –300M EUR >300M EUR No coverage


Types of insurance - 3rd Part

Q32 - How do you select your purchased limit per types of insurance ? (Multiple Answer)

74.1%

54.9%47.3%

23.2% 21.4% 20.0%

4.4%

Basis: 406


Types of insurance - 3rd Part Q33 - In your opinion, what is commonly the most efficient international insurance program for the following risks?

17% 10%26%

4% 13% 14% 5% 10% 11% 8%

32%

14%

44%

11%

30% 34%

8%

36% 33% 39%

20%

12%

16%

17%

22% 19%

19%

35% 39% 40%8%

12%

3%

35%

11% 7%53%

3% 7% 3%23%

51%

11%33% 25% 25% 16% 16% 10% 11%

No opinion / don't know

Local standalone policies only

Master policy & local policies limited to selected countries

Master policy and local policies in each country where the insured is presentMaster policy only, granting coverage on a non-admitted basis for international oper-ations

Basis: 406



Q34 - What is your main reason for implementing local standalone policies in certain countries ?

3.9%12.8% 15.5%

4.9% 2.0%

54.4%

6.4%

Basis: 406



Q36 - On average, at last renewal when were your policy documents issued in relation to the policy inception date for …? Basis: 406

Before inception

date18%

Within 1 month of inception

date33%

Within 3 months of inception

date34%

Over 3 months of inception

date15%

Master policy

Before inception

date15%

Within 1 month of inception

date25%

Within 3 months of inception

date44%

Over 3 months of inception

date16%

Local policy issuing


Loss control services and claims handling - 3rd Part

Q37A - What are the 3 main areas of improvement related to loss control services and claims handling? (Multiple Answer)

Policy wording tests

Set-up of claims handling procedure

Building relationships between insured, insurers and brokers

Pre-selection of lawyers and adjusters

Crisis management simulations

Return phone calls within 24 hours

Coordination between teams involved (in house, broker, insurer) in the claim

Adequate and realistic reserve and evolution of reserve

Confirmation of position on coverage as quickly as reasonably possible

30 days advanced payment once coverage is confirmed

Learnt lessons analysis

Automatic access to worldwide claims reporting

36.9%

25.9%

26.1%

11.1%

11.6%

9.4%

35.5%

18.2%

38.7%

13.5%

29.3%

20.7%

For your service providers (brokers, insurers, third parties) Basis: 406


Loss control services and claims handling - 3rd Part

Q37B - What are the 3 main areas of improvement related to loss control services and claims handling? (Multiple Answer)

Within your own organization

Policy wording tests

Set-up of claims handling procedure

Building relationships between insured, insurers and brokers

Pre-selection of lawyers and adjusters

Crisis management simulations

Return phone calls within 24 hours

Coordination between teams involved (in house, broker, insurer) in the claim

Adequate and realistic reserve and evolution of reserve

Confirmation of position on coverage as quickly as reasonably possible

30 days advanced payment once coverage is confirmed

Learnt lessons analysis

Automatic access to worldwide claims reporting

20.2%

36.2%

22.7%

12.1%

45.6%

4.7%

29.8%

7.4%

11.1%

4.7%

53.9%

12.8%

Basis: 406


Loss control services alongside insurance policies - 3rd Part

Q37A.bis. What are the main areas of improvement related to loss control services alongside insurance policies?

For your service providers (brokers, insurers, third parties) - YES

Property

Liability (public, products)

Cyber

D&O

Motor

60.3%

61.1%

65.5%

48.0%

35.0%

Basis: 406


Loss control services alongside insurance policies - 3rd Part

Q37B.bis. What are the main areas of improvement related to loss control services alongside insurance policies?

Within your own organization - YesBasis: 406

Property

Liability (public, products)

Cyber

D&O

Motor

57.6%

66.0%

68.2%

46.1%

40.6%


Use(s) of claims - 3rd Part Q38 - Please select among following items the 3 most significant use(s) of claims related data. (Multiple Answer)

I do not conduct risk and insurance data analysis

Improve benchmarking abilities

Provide rationale for the risk management budget

Allow you to conduct captive optimization

Understand the company's risk appetite and tolerance

Assess the cost of uninsured risks

Allow you to conduct insurance program limit optimization

Allow you to conduct insurance program retention optimization

7.1%

17.0%

23.2%

27.8%

42.6%

44.6%

45.1%

66.3%

Basis: 406


Areas of improvement - 3rd Part

Q39A - What are the top 2 areas of improvement you expect from a risk and insurance management IT platform / portal? (Multiple Answer)

Filter on Q16

Basis: 306

24/7 access

Daily update of activity & documents

Claims management tools

Interactivity

Tailor-made and user-friendly reporting possibilities

Technical information/ advice/ best practices

Management schedules / planning

25.5%

19.6%

39.5%

23.2%

40.2%

21.2%

16.0%

In-house IT tool


Areas of improvement - 3rd Part

Q39A - What are the top 2 areas of improvement you expect from a risk and insurance management IT platform / portal? (Multiple Answer)

External IT solution (broker or insurer-provided) Basis: 306

Filter on Q16

24/7 access

Daily update of activity & documents

Claims management tools

Interactivity

Tailor-made and user-friendly reporting possibilities

Technical information/ advice/ best practices

Management schedules / planning

27.1%

21.9%

34.0%

28.8%

37.6%

27.5%

7.8%


Thank you

www.toluna-group.com/fr

http://www.toluna-group.com/fr

FERMA Risk and Insurance Report 2016 - full report with questions

Data & Analytics