A.m. Best Radio Podcast

Brian Grabek, executive vice president, Sompo International, said risk managers for multinational organizations must balance local compliance with organizational risk needs. Grabek spoke with AM Best TV at Riskworld, the RIMS 2023 annual conference.

Todd Jones, CEO, QBE North America, said insurers must scrutinize implementations of artificial intelligence for safety and issues of safety and fairness. Jones spoke with AM Best TV at RIMS' Riskworld, held in Atlanta.

Matt Scott, head of innovation, Hartford Financial, said new usage-based systems will become more prevalent in commercial lines, including workers’ comp. Scott spoke with AM Best TV at RIMS' annual Riskworld conference, held in Atlanta.

Saadia Savory, vice president, excess casualty, Aspen Insurance, said recent punitive court awards show that social inflation remains a priority issue for insurers. Savory spoke with AM Best TV at RIMS' annual Riskworld conference, held in Atlanta.

Joan Woodward, president, Travelers Institute, said the organization is working on programs that promote awareness of cyberrisk, worker health and more. Woodward spoke with AM Best TV at RIMS' Riskworld conference, held in Atlanta.

Sivan Iram, CEO of digital commercial risk marketplace Capitola, said communication between brokers and underwriters is made difficult by disparate systems and a deluge of information.

Tom Iorio, executive vice president, Nationwide, said outsized verdicts can drive other insureds to seek earlier settlements, which in turn can encourage additional litigation. Iorio spoke with AM Best TV at RIMS' Riskworld, held in Atlanta.

Scott Stransky, managing director and head of the Cyber Risk Analytics Center at Marsh McLennan, said organizations without active directory hardening are more than five times more likely to have a cyber issue. 

Bob Parisi, head of Munich Re F&C Cyber Solutions, North America, said artificial intelligence is an immediate threat to cybersecurity, and ransomware appears to be resurging.

Allister Yu, vice president of operations, Rhoads Online Institute, said organizations that focus on learning from their own information can become more efficient and make informed decisions.

Insurers at RIMS' annual Riskworld conference, held in Atlanta, said next-generation customer experience will combine data, technology and expertise to create tailored solutions.

A panel of artificial intelligence and insurance experts said carriers should begin with a good understanding of their own data in order to leverage AI tools and in turn enhance customer experience and improve processes.

Insurance distribution experts at RIMS' annual Riskworld conference in Atlanta, said organizations have learned that acquiring appropriate risk protection is boardroom responsibility.

Ken Griffin, Managing Director, Head of Insurance Solutions for Barings, said that while asset market values have declined, so has the market value of their liabilities.

Leah Savageau, senior fixed income research analyst who covers the banking sector for AAM said one of the bigger issues she’s noticed was more intense migration of deposits out of smaller banks versus larger banks.

A panel of risk and insurance experts at the RIMS Riskworld conference in Atlanta said business interruption and secondary perils are also rapidly evolving risks.

Fergus Critchley, head of crisis management North America at Willis Towers Watson, and Morgan Shrubb, head of North America War, Terrorism and Political Violence, Axa XL, said insurers are adding coverage elements.

Chris Sparro, CEO of North America Insurance, Sompo International Commercial P&C, and Kristof Terryn, CEO, Zurich North America, said inability to attract sufficient talent to replace its aging workforce puts the sector at risk.

Industry experts at Riskworld, the RIMS 2023 annual conference, react to a projection that the market for embedded insurance could reach $2.3 trillion in 2032.

Jennifer Santiago, president, RIMS, said this year's event, held in Atlanta, should draw 9,000 participants. Santiago spoke with AM Best TV at RIMS' annual Riskworld conference, held in Atlanta.