Tag Archives: RMS Consulting

Risk Maturity Benchmarking Example: IRB Brasil Re

In our previous blog post, we reviewed how RMS has developed Risk Maturity Benchmarking, a tool to help clients understand their current processes and maturity and create a blueprint for improvement tied to their business strategy.

In 2017, RMS conducted a Risk Maturity Benchmarking (RMB) study for IRB Brasil Re (click here to read the full case study) to assist IRB on the implementation of their three-year transformation plan. 

The IRB Transformation Plan objectives were closely aligned to the company’s primary strategic drivers. These included:

  • To grow IRB’s international presence as a “best in class” global reinsurer
  • To achieve greater capital efficiency across all business lines
  • To develop a market-advancing Enterprise Risk Management capability
  • To maintain a focus on innovation as a key differentiator
  • To achieve a competitive advantage by advancing modeling and analytical capabilities
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Risk Maturity Benchmarking: Riding the Wave of Change

Helping clients through the evolution of catastrophe modeling is a core mission for RMS Consulting. To assist in the process we have developed a tool called Risk Maturity Benchmarking, which we’ll introduce below, that helps our customers do this. Secondly, we will review an example where we have applied this framework with a client to create their own target operating model for catastrophe risk.

I don’t believe we would have achieved what we have if we had not first undertaken the RMB study

Luis Brito, head of catastrophe modeling, IRB Brasil Re

The industry is presented with both challenges and opportunities as the pace of change in the (re)insurance industry accelerates. Challenges include increased M&A activity, the entry of alternative capital and continued rate pressure, coupled with catastrophe losses from 2017 and 2018. These headwinds are contrasted by opportunities: an expanding protection gap which is not being filled quickly enough by the market, and technology – from data analytics to automation, frequently touted as the Holy Grail. All these factors have forced the industry to look at itself and reexamine how and where to compete in this brave new world.

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