North American insurance executives are increasingly seeing the value in strong enterprise-risk-management (ERM) programs, with a growing number of insurers crediting such programs with positively impacting key areas of their business.
In its latest global ERM insurance survey, Towers Watson said North American insurers showed the “most prominent business changes” resulting from their ERM programs compared to the previous survey the firm conducted in 2010.
Asked to rank the areas of business most impacted by their evolving ERM programs, 51 percent of North American insurers answered product pricing, compared to 39 percent in 2010; 48 percent said risk strategy, compared to 38 percent in the earlier survey, and 44 percent said reinsurance strategy, versus 34 percent previously.
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