Page 6 - Risk Management Bulletin April-June 2022

RMAI BULLETIN APRIL - JUNE 2022

“In the past 12-18 months, more organizations are that organizations use them. Often, carriers and
starting to use this technology because they value brokers will procure the solutions on behalf of their
transparency of their risk information, and they need customers, either for general use or for specific risk
to integrate it into multiple functions in their business,” analysis like measuring a company’s cybersecurity
Wetekamp explained. “They need to understand their footprint or their ESG score.
insurable risk landscape, along with their operational
risk, their financial risk, and their compliance risk “We’re deployed between the insurer, the broker and
because they all have these overlapping factors. the insured. The benefit to the client is to give them a
repository to load and view and see this information
“If that process is going to be done recurringly – either and also combine it with the institutional information,
quarterly, monthly, or even weekly – companies are like their insurance policies, and what the different
looking at the risk environment right now and saying: layers of their insurance tower are and how that
‘I need to refresh this data that often in an compares to where their risks are,” Wetekamp told
environment where my employee turnover is 15-20%, Insurance Business.
my consumer demand is fluctuating, and my third-
parties are at risk of natural disaster or inability to get “The benefit to the broker or the carrier comes in
to the supply chain.’ If they want to see this data in as being able to aggregate and see trends across
near to real-time as possible, they need to bring it into customers and to be able to get real-time feedback.
a common system to manage risk.” Additionally, they can also proactively offer products
and services that they think benefits particular
ERM software and systems have developed and segments of their clientele more efficiently. And those
matured to the point where insurance carriers and are all benefits to both the sell side and the buy side
brokers are now either demanding or strongly advising of that particular product in terms of the efficiency.”

4