From the Australian forest fires to the Taal volcano eruption in the Philippines to the COVID-19 pandemic that engulfed the world, 2020 has been a year filled with unprecedented challenges for businesses across all sectors. Without a doubt, last year has emphasized the need for efficient risk management strategies and significantly increased the demand for innovative risk management solutions and services that cater to the changing needs of businesses in a post-pandemic world.
While insurance and risk management do not guarantee a safe future, organizations can prepare for volatilities in the future, including climate change, technological disruption, geopolitical risk, threats to the global supply chain, and issues related to cyber-crime, data protection, and privacy. In addition, regulatory authorities around the globe are developing and expanding their scope, addressing matters such as data protection and privacy along with money laundering, financial crime, violations of sanctions, bribery, and corruption. This has forced most companies to connect risk management more closely to the business and front office management.
Emerging technologies such as machine learning and artificial intelligence have shown great promise in helping risk managers pinpoint specific risks and develop faster responses. While the adoption rates for technologies in risk management have increased in recent years, several companies fail to leverage the true potential of mature technologies like data analytics and modeling. These technologies can reduce the efforts in lower-risk areas and help managers focus their energies on actual threats to critical parts of the organization. The rising demand for risk management solutions and services has led to a significant rise in risk management services and solution providers. However, business leaders need to carefully weigh their options before identifying the right risk management partner.
In order to help CIOs steer through the ever-evolving legal regulations space and find the solution that best suits their needs, Insurance CIO Outlook has examined and selected the leading-edge risk management solution and services providers and shortlisted the organizations that are leading the charge in resolving the prime challenges in the risk management arena.
We present to you Insurance CIO Outlook’s “Top 10 Risk Management Solution Providers - 2021”
