So here we are; Spring 2019 and it seems that the only thing that is certain is uncertainty. The world feels unstable, although in truth it’s probably no more unstable than it has ever been, yet through the prisms of social media, 24 hour news and the never ending background noise that accompanies modern life, it can often feel that the end is nigh! I don’t think it is.
What is certain is that to be successful, a business needs to understand and manage its risks. Insurance is a great ‘enabler’ as it gives business the confidence to make decisions with an element of certainty. Typically, business risks have revolved around supply chains, customer credit, capital investment and the delivery of specialist services amongst other things, however, business risk is changing.
The internet of things (IOT), artificial intelligence, digitalisation, including digital manufacturing, and our increasing reliance on digital transactions, robotics, autonomous vehicles and the changing demands of our people and culture means that our insurance and risk management programmes must reflect our present and also be able to cope with our imminent future.
A further development in this area will be the way in which insurance is arranged. The role of the Insurance Broker is changing from a transaction based service to a business consultancy. At ProAktive we have already embarked on this journey and we are seeking to help identify the new risks and provide innovative solutions whilst minimising cost. Hopefully, we can help provide some certainty and stability in our uncertain world.
By Andy Morley – Group Managing Director