Page 54 - The Insurance Times February 2025

3. Time-Intensive: The implementation process spanned Recommendations / Key Learnings and
over a year, requiring sustained effort and resources.
Takeaways
4. Ongoing Challenges: Maintaining and updating the risk
register required continuous monitoring and effort. 1. Leadership Commitment: Strong leadership is critical for
driving change and overcoming resistance.

Conclusion 2. Custom Framework Design: Tailor the risk management
The adoption of ISO 31000 transformed the company's ap- framework to fit the organization's unique needs.
proach to risk management, moving from reactive to pro- 3. Engaging Employees: Involving employees at all levels
active practices. The implementation enhanced compliance, ensures smoother implementation and acceptance.
improved operational efficiency, and strengthened stake- 4. Technology Integration: Advanced tools can streamline
holder confidence. Although challenges were encountered
during the process, the overall impact demonstrated the processes and improve risk visibility.
value of a unified and systematic risk management frame- 5. Continuous Monitoring: Regularly review and update
work. The company's experience serves as a model for or- the framework to adapt to changing risks and business
ganizations seeking to achieve resilience and sustainability environments.
through effective risk management.
References
Discussion: Major Problems Summarized 1. ISO 31000:2018. Risk Management - Guidelines. Inter-
1. Inconsistent risk practices across departments created national Organization for Standardization.
inefficiencies and compliance risks.
2. Jones, D. (2023). Effective Risk Management Frame-
2. Lack of centralized risk visibility hindered decision-making. works. Harvard Business Review.
3. Fragmented processes led to duplication of efforts and 3. Anderson, T. (2024). The Role of Risk Management in
higher costs. Operational Excellence. Journal of Risk Management.

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3. Customizable Solutions: prove customer engagement and loyalty, creating a
The platform offers a high degree of flexibility, enabling more seamless and valuable customer experience.
telcos to create insurance products across multiple lines
of business, including life, health, and general insurance. Conclusion
This ensures that telcos can tailor their offerings to meet The strategic partnership between telcos and Insurtech
the needs of different customer segments, from indi- companies offers a unique opportunity to innovate and di-
vidual consumers to SMEs. versify revenue streams. As the lines between telecommu-

nications, fintech, and Insurtech continue to blur, telcos
4. Access to Underserved Markets: have the potential to capitalize on this convergence, offer-
B4E Insurtech focuses on making insurance accessible ing their customers a broader suite of services that include
to underserved populations, including those in emerg- insurance products.
ing markets and rural areas. Telcos can leverage this
platform to expand their reach into new demograph- By joining forces with Insurtech companies, telcos can en-
ics, ultimately increasing customer acquisition and im- hance customer experience, drive new revenue streams,
proving market penetration. and stay competitive in a fast-evolving digital ecosystem.

5. Seamless Integration: As the telecommunications and insurance sectors continue
The platform integrates smoothly with existing telecom to converge, forward-thinking telcos will embrace partner-
services, allowing telcos to bundle insurance products ships that unlock the full potential of both industries, posi-
with their current offerings. This integration helps im- tioning themselves for long-term success.

The Insurance Times February 2025 49