OPEN RISK DATA Association e. V. (ORDA e. V.)’s Post

Exciting news for the #CorporateInsurance market! 🎉 On 12 December 2024, the OPEN RISK DATA Association e. V. (ORDA e. V.)—formerly known as RD-X—was officially established. This milestone marks the launch of a neutral, non-profit solution designed to harmonise and digitise the exchange of #RiskData across the industry. Together with GVNW - Gesamtverband der versicherungsnehmenden Wirtschaft e.V., Marc Kirchhofer and Johannes Dietrich from Synpulse have played a key role in shaping and driving this transformative initiative. Reflecting on the journey, Marc Kirchhofer, Global Head of #CommercialInsurance at Synpulse and Managing Director of ORDA e. V., shared: "Over the past two years, we have built a strong foundation of trust and a shared vision among insurers, brokers, and corporates to harmonise and digitise the exchange of risk data. Now, it is time to bring this vision to life by delivering a technical solution that enhances end-to-end processes for all market participants, generating efficiency gains and a better data foundation for increased accuracy and timely decision-making." Drawing on its extensive experience supporting similar initiatives, such as OpenWealth Association, Synpulse is committed to continuing its support for the success of ORDA e. V. 👉 Let’s connect if you’d like to learn more about this initiative or join the conversation!   #Digitalisation #Underwriting #DataExchange #Insurance #RiskManagement

🥳 This is indeed exciting news! Let's together tackle the inefficiencies in the corporate insurance market that we have all been struggling with for so long. Let's revolutionalize the way we exchange risk data and create a more professional and efficient market. Looking forward to seeing the positive impact this pioneering project will bring! 🚀 #corporateinsusrance #riskdata #Digitalization #Underwriting #DataExchange #RiskManagement

Over the past two years, we have built a strong foundation of trust and a shared vision among insurers, brokers, and corporates to enhance the exchange of risk data. Now, it is time to bring this vision to reality by delivering a technical solution that enhances end-to-end processes for all market participants, generating efficiency gains and a better data foundation for increased accuracy, and timely decision-making. I am excited to co-lead the OPEN RISK DATA Association e. V. (ORDA e. V.) alongside Stefan Rosenowski as Managing Director and contribute to transforming the future of data exchange in the corporate insurance industry. #riskdata #riskmanagement #underwriting #digitalisation #corporateinsurance

🌟 Spotlight on Corey Rule: Crafting Unmatched Coverage in Insurance 🌟 At AB Phillips, we understand that no two clients are alike. Recently, Corey Rule tackled a unique challenge for a client—a pioneering accountancy practice with 150+ clients and a combined turnover exceeding $1 billion. This firm caters exclusively to an underserved industry sector, and they approached Corey because they recognised an alarming gap in coverage. After a deep dive into the Australian and UK insurance markets, Corey identified a shared risk among their clients that was previously uninsurable. Working closely with the Managing Director, and under his guidance, they developed a comprehensive strategy to asses and address these risks. Corey then collaborated with key underwriters to create a custom policy, filling a critical void that had left these clients vulnerable for too long. The result? Corey’s expertise enabled the creation of a tailored insurance solution, offering the firm and its clients peace of mind as they continue to innovate and expand. Now, these businesses can focus on growth without the looming concern of costly, uninsured risks—some of which could previously have exceeded $100,000! With Corey’s tailored approach, clients in emerging sectors can now operate with confidence, ensuring they thrive in today’s challenging business landscape. 🙌 #InsuranceExpert #ClientSuccess #RiskManagement #CustomInsurance #Innovation #ABPhillips

According to industry insiders, the hard market in certain lines of insurance might begin to ease in 2025. Is the insurance industry prepared for a smooth transition? Join underwriter Jennifer Hoolehan Kyung for an exclusive webinar around ‘Navigating The Hard Insurance Market.’ Moderated by Tony Tarquini, the webinar will also feature Tandis Hassid Nili, Esq., A.R.M., Managing Principal, Global Risk Management at EPIC Insurance Brokers & Consultants, and Martina Conlon, Executive Principal at Datos Insights who will share their insights about today’s hard market, recommend best practices to enhance operational capabilities and help you navigate the changing market conditions. Can’t make it live? That’s ok, sign up anyway and we’ll send you the recording! https://lnkd.in/e4AY-fCv #Hardmarket #Insurance #Underwriting #HardMarket #Trends

The Volatility and Risk Institute will host its annual conference in-person with a Zoom simulcast today, Friday, April 26, 2024. The topic is "Insurance and Rising Climate-Related Risks" *The conference is free and open to the public.* Lars Powell, Director of the Center for Risk and Insurance Research with The University of Alabama, Culverhouse College of Business will be presenting “Is the U.S. Insurance Industry Resilient to Climate Change? Insurer Capitalization and the Performance of State Guaranty Association” Insurers have for centuries written policies that cover losses from storms, floods and fires. Indeed the modern concept of property insurance, to mutualize the risk of loss -- or spread it across the insured population -- followed the Great Fire of London, which in 1666 consumed more than 13,000 houses. But in the face of intensifying losses, insurers are raising premiums, denying coverage or pulling out of markets. Is climate change responsible? Is this a case of market failure with misaligned incentives, or is the market appropriately sending a signal that activity must withdraw from high-risk venues? Consumers, insurers and their regulators need to understand whether and how climate change is affecting the insurance market, in terms of availability, pricing, take-up, and financial resilience of the insurance sector. This conference will explore the growing gaps between the risks of climate change and the capacity of insurance and reinsurance to price and manage them. It brings together insurance providers, clients, regulators/policymakers and analysts to understand the gaps and discuss remedies to reduce them, including incentives to build resilience through adaptation and the appropriate role of government to backstop losses.

🔍 What Is the Alternative Risk Transfer (ART) Market? The ART market offers businesses a route to risk management beyond traditional insurance. It includes captives, risk retention groups, and insurance pools, allowing companies to tailor their risk coverage. Self-insurance is a key aspect, offering cost-efficiency and streamlined claims processing. Explore how ART works and its diverse range of products and carriers. https://lnkd.in/eAJewGu6 #AlternativeRiskTransfer #RiskManagement #InsuranceInnovation #BusinessStrategy

The RiskScan 2024 report, developed by Munich Re US in collaboration with the Insurance Information Institute (Triple-I), offers valuable insights into the top risk concerns from insurance buyers and sellers. https://hubs.la/Q030pkgm0

The insurance industry is seeing increased investment in expert services like forensic consulting and specialty engineering, driven by the complexity of claims and evolving M&A strategies. Harris Williams reports that insurers are turning to outsourced providers to manage the rising volume of claims, offering technical expertise and cost-efficiency. https://hubs.la/Q02PKX_x0

Final Call! Let's navigate the hard insurance market together. Tomorrow, Send's latest INFUSE webinar series titled, 'Navigating The Hard Insurance Market' returns. Moderated by Tony Tarquini, the webinar features: -Tandis Hassid Nili, Esq., A.R.M. Nili, Managing Principal, Global Risk Management at EPIC Insurance Brokers & Consultants -Martina Conlon, Executive Principal at Datos Insights -Jennifer Hoolehan Kyung, Chief Underwriter At the webinar, we'll explore: -The current market conditions and how they impact various lines of business. -Best practices to develop a robust "soft market playbook" and enhance operational capabilities. -Insights to navigate the changing market conditions. Can’t make it live? That’s ok, sign up anyway and we’ll send you the recording! https://lnkd.in/e4AY-fCv #Webinar #Market #Insurance #Trends