Tag Archives: Exceedance

Resilience 2018: Driven by Purpose

There is nothing quite like a “banging EP” to make me feel young again. But that wasn’t the only aspect of my most recent trip to Miami that brought out the millennial in me.

If you missed Exceedance 2018 a few weeks back, you probably also missed Resilience 2018. Embedded every year within Exceedance, RMS holds a space for policymakers and business leaders to collaborate to a very important end: ensuring local communities and regional economies are resilient to the shocks and stresses they face.

Much has been written about how millennials seek work that is meaningful (Schullery, 2013); work which solidifies their self-efficacy (Chalofsky + Cavallaro, 2013). I also blog about the relationship between aims and actions; between purpose and profit.

And there’s some truth in the generational stereotypes. After all, research suggests that impact investing continues to “skyrocket.”

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Exceedance: Thank You for Joining Us

Our delegates are heading for home at the end of an amazing conference, after three days packed full of insight and innovation, coupled with practical strategies that everyone can take back to their respective companies and help move forward with transformation.

It is so exciting when the global risk management community comes together for Exceedance, and we appreciate the contribution that every delegate makes to it, whether it has been in our panel sessions, our Fundamentals training or questions to our experts. And our Exceedance delegates are so enthusiastic — even after our big Exceedance Party (EP) the night before. With such a comprehensive track program over the past two days, with seven tracks and over sixty sessions, today we had repeats of some of the main track sessions, including wildfire and U.S. inland flood, with good attendances.

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Exceedance: Time to Make Risk More Transparent

As the sun shone over the Biscayne Bay at the start of the second full day at Exceedance, our keynote guest speaker, Jeff Goodell, energy and environmental expert, investigative journalist and author of numerous books including The Water Will Come asked a provocative question in his opening slide. It simply said, “Goodbye Miami?”

Jeff said that he was at home being in the company of fellow “catastrophists” and the risk management community at Exceedance, but this is not always the case. When talking about climate change and sea-level rise, he sometimes felt as if he was Richard Dreyfuss in the movie Jaws. Dreyfuss played oceanographer Matt Hooper, a character who continually warned the Mayor of Amity Island to close the beach because of the risk of shark attacks. The Mayor ignored the advice, due to the economic impact of closing the beach … but [spoiler alert] the shark kept coming. Jeff remarked that sea-level rise is the shark, and it’s bigger and more dangerous than we first anticipated.

Jeff Goodell presenting at Exceedance

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Exceedance: Client-focused Transformation

The first full day of Exceedance clearly set the direction that RMS is taking towards transformation — as a strategic partner helping clients to succeed in a time of rapid change. Karen White, chief executive officer for RMS, made her keynote debut on the Exceedance stage, sharing her background working with technology companies during similar game-changing times, and expressing her excitement of the here and know and what lies ahead.

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A Few Words About Exceedance Before You Go

With Exceedance beginning in just a few days, I wanted to send a quick reminder regarding all there is to see and do, starting Monday, May 14 with our pre-conference activities.

Get Ready for This Year’s Tracks and Sessions, The Lab, Keynote Speakers, and Hands-On Training Opportunities

This year’s Exceedance agenda reflects our commitment to deliver value to clients in a rapidly changing market, including the latest advances and innovations in our science and products.

You will come away with valuable and actionable insights through this year’s keynote speakers, a variety of informative tracks and sessions, and The Lab, offering opportunities for in-depth engagement with RMS experts.

For information on the above, visit the conference website.

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Join Us for Must-See Keynotes and Up Close Sessions at Exceedance 2018

With Exceedance 2018 coming May 14 – 17, we have lined up an interesting group of keynote speakers who will be onstage to provide their insights, ideas and inspiration. This year’s topics include:

Day 1: Earth, Wind and Fire

Our day one general session will focus on how we have leveraged lessons learned to bring new advances in model science and technology that enable (re)insurers to better manage and capitalize on catastrophe risk:

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Get Ready – Exceedance 2018 Is Coming to Miami

Welcome to the first in a series of informative blogs leading up to Exceedance 2018, May 14 – 17.

Preparations are well under way for this year’s event, which will be held at the InterContinental Miami — set on the Biscayne Bay waterfront in the heart of downtown’s thriving financial and business district.

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Exceedance 2018: Risk Management. Transformed.

Our sixth Exceedance conference makes a welcome return to Miami, this time at the waterfront InterContinental Hotel on May 14-17, 2018. The views over the Biscayne Bay, inspiring keynotes, over 75 informative sessions, demonstrations, engagement with experts in The Lab, and networking with 700+ industry professionals are all guaranteed. What else can we guarantee at Exceedance 2018? You will leave Miami with a new perspective on risk management, as we invite you to join us for our most transformative and immersive Exceedance yet.

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EXPOSURE Magazine Snapshots: Water Security – Managing the Next Financial Shock

This is a taster of an article published by RMS in the second edition of EXPOSURE magazine.  Click here and download your full copy now.

18 Apr 2017 Exposure Drought image

 

EXPOSURE magazine reported on how a pilot project to stress test banks’ exposure to drought could hold the key to future economic resilience, as recognition grows that environmental stress testing is a crucial instrument to ensure a sustainable financial system.

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EXPOSURE Magazine Snapshots: Evolution of the Insurer DNA

This is a taster of an article published in the second edition of EXPOSURE magazine.  Click here and download your full copy now.

6 Apr 2017 - Evolution of Insurer DNA blog image banner 720 x 168Many in (re)insurance recognize that the industry is at a tipping point. Rapid technological change, disruption through new, more efficient forms of capital, and an evolving risk landscape are challenging industry incumbents like never before. EXPOSURE magazine reported that inevitably the winners will be those who find ways to harmonize analytics, technology, industry innovation, and modeling.

“Disruptive innovation” is increasingly obvious in areas such as personal lines insurance, with disintermediation, the rise of aggregator websites and the Internet of Things (IoT).  In the commercial insurance and reinsurance space, disruptive technological change has been less obvious, but behind the scenes the industry is undergoing some fundamental changes.

The tipping point, the “Uber” moment has yet to arrive in reinsurance, according to Michael Steel, global head of solutions at RMS. “­The change we’re seeing in the industry is constant. We’re seeing disruption throughout the entire insurance journey. It’s not the case that the industry is suffering from a short-term correction and then the market will go back to the way it has done business previously. ­ The industry is under huge competitive pressures and the change we’re seeing is permanent and it will be continuous over time.”

While it is impossible to predict exactly how the industry will evolve going forward, it is evident that tomorrow’s leading (re)insurance companies will share certain attributes. ­ This includes a strong appetite to harness data and invest in new technology and analytics capabilities, the drive to differentiate and design new products and services, and the ability to collaborate. According to Eric Yau, general manager of software at RMS, the goal of an analytic-driven organization is to leverage the right technologies to bring data, workflow and business analytics together to continuously drive more informed, timely and collaborative decision making across the enterprise.

“New technologies play a key role and while there are many choices with the rise of insurtech firms, history shows us that success is achieved only when the proper due diligence is done to really understand and assess how these technologies enable the longer-term business strategy, goals and objectives.” says Yau. Yau also believes that one of the most important ingredients to success is the ability to effectively blend the right team of technologists, data scientists and domain experts who can work together to understand and deliver upon these key objectives.

Looking for Success in this New World

Which factors will help companies stand out and compete in the future?  EXPOSURE asked industry experts for their views on the attributes that winning companies will share:

The Race for Millennial Talent:  The most successful companies will look to attract and retain the best talent, says Rupert Swallow, co-founder and CEO of Capsicum Re, with succession planning that puts a strong emphasis on bringing Millennials up through the ranks. “­There is a huge difference between the way Millennials look at the workplace and live their lives, versus industry professionals born in the 1960s or 1970s — the two generations are completely different,” says Swallow. “­ Those guys [Millennials] would no sooner write a check to pay for something than fly to the moon.”

Collaboration is the Key: There are numerous examples of tie-ups between (re)insurance industry incumbents and tech firms, to leverage technology – or insurtech – expertise, to get closer to the original risk. ­ One example of a strategic collaboration is MGA Attune, set up last year by AIG, Hamilton Insurance Group, and affiliates of Two Sigma Investments. ­ Through the partnership, AIG gained access to Two Sigma’s vast technology and data-science capabilities to grow its market share in the U.S. small to mid-sized commercial insurance space.

Blockchain:  Blockchain offers huge potential to reduce some of the significant administrative burdens in the industry, thinks Kurt Karl, chief economist at Swiss Re. “Blockchain for the reinsurance space is an efficiency tool. And if we all get more efficient, you are able to increase insurability because your prices come down, and you can have more affordable reinsurance and therefore more affordable insurance. So I think we all win if it’s a cost saving for the industry.”

“­The challenge for the industry is to remain relevant to our customers,” says RMS’ Michael Steel. “­Those that fail to adapt will get left behind. To succeed you’re going to need greater information about the underlying risk, the ability to package the risk in a different way, to select the appropriate risks, differentiate more, and construct better portfolios.”

For the full article and more insight for the insurance industry, click here and download your full copy of EXPOSURE magazine now.

Watch Video: Eric Yau – Managing Risk is an Interconnected Process

Eric Yau, general manager, software business unit at RMS, said those managing risk should keep in mind that risk selection is part of an overall process that affects capacity and portfolio strategy. Yau spoke with A.M. BestTV at the Exceedance 2017 conference.

For more information on RMS(one)®, a big data and analytics platform built from the ground-up for the insurance industry, and solutions such as Risk Modeler and Exposure Manager, please click here.