With ratings organizations integrating enterprise risk management (ERM) into their credit assessment determinations, sound ERM practices are becoming fundamental to the financial well-being and strategic competitive position of insurers. But ERM is more than just inculcating risk management consciousness or procedures throughout an organization. In the short term, it means implementing best practices within insurers' lines of business and across their organization. In the long term, it means systematically reengineering every business process that supports an ERM program, from strategic planning to sales and marketing, from operations to customer service.
Fundamental risk management processes have existed for ages, but new technologies in areas such as data management and location intelligence now make it possible to significantly expand its scope. By improving the quality of their data - and then giving it greater weight by utilizing related geographical information - insurers can use ERM tools to identify, quantify and manage risk on a more holistic basis.
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