April 26, 2016

Risk Managers Look to Bridge the Gap

Claims Management
, Cost Containment

According to Brian Elowe, Managing Director and U.S. Client Executive Practice Leader at Marsh, a gap exists between how risk management is viewed within the industry – and predictive analytics and communication might be the key to shifting the masses’ focus.

Elowe shared his insight, as well as the results from a survey he coauthored, at the annual RIMS conference in San Diego. From the survey, which included 700 risk executive respondents, the next risks on the horizon for organizations are believed to include cyber attacks, regulations and talent availability.

Anne Freedman from Risk and Insurance wrote an overview of the RIMS session. Elowe said that organizations struggle with how to deal with their program’s current situation, as well as identifying whether they have bandwidth to look in the future, according to Freedman’s article.

Predictive analytics were identified as a topic of interest within the survey. Elowe stated that organizations are looking to take on a more predictive – rather than retrospective – approach.

“They need a giant database of information to help them understand what is happening in their own sectors,” Elowe said.

He also stressed the importance of collaboration and communication across an organization. Crucial conversations must take place regarding present risks, those in the near future, and those that are five years out.

By having these conversations and “rising to the occasion,” Elowe believes the gap between perspectives is closing.

CorVel enjoyed participating in this year’s conference and looks forward to more insightful sessions at next year’s RIMS in Philadelphia.