Stamford, Conn. – In the shadow of the economic downturn, insurance industry executives see technology as an enabler when it comes to managing risk. According to a recent survey conducted by Towers Perrin, a Stamford, Conn., global professional services firm, these same executives reported being among the most confident in their ability to manage risks and opportunities as compared with their counterparts in other industries. Yet leaders of companies that received “excellent” enterprise risk management (ERM) ratings from Standard & Poor’s tend to be significantly less confident in their overall ability to manage risks and opportunities compared with industry peers.
Conducted in conjunction with the Economist Intelligence Unit in the third quarter of 2007, the “Risk-Opportunity Survey” measured responses of nearly 200 insurance industry executives, including 69 whose firms have ERM ratings from S&P. Survey participants were optimistic and confident, seeing more opportunity than risk when they were asked to assess more than two dozen internal and external forces affecting business performance. In total, nearly 1,500 executives of mid- and large-size companies representing a cross section of industries from around the globe, took part in the Web-based survey, which focused on four categories of internal and external business forces: financial, people/workforce, operational and strategic.
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