Read on-the-ground insight into RIMS 2022 from Miller’s Head of Commercial Strategy and Distribution, John Eltham, as published in Insurance Day.
The Risk Management Society’s annual conference is the largest and most comprehensive global risk management event in the world. RIMS 2022 in April was no exception, as thousands of risk management professionals from across the globe descended on San Francisco for networking, learning opportunities and to discover new innovations entering the marketplace.
Among the attendees was Miller’s Head of Commercial Strategy and Distribution, John Eltham, who provided thoughts and observations from the event in briefings with Insurance Day:
Focus: The RIMS annual migration resumes
“Risk managers from around the world come to the US Rims event. Many of them have US operations and they can stay current with local trends plus meet their servicing teams and their own colleagues.
Rims indeed has several international chapters. These assist with global communication, education and representation. These international chapters were formed under the leadership of Rims chief executive, Mary Roth. This will be Mary’s final year at the helm and she retires after this years event. She has successfully guided Rims’ development and activity for years and new leadership will formulate future plans.
With so many risk managers in one place it is also very efficient for brokers to arrange meetings with carriers to discuss renewals, industry issues and to receive full briefings on the business performance of the policyholders. In turn with so many retail brokers in one place so wholesale brokers take opportunity to meet with their clients – the retail brokers and also the shared end buyer, the risk manager.”
Read the full piece in Insurance Day: Focus: The Rims annual migration resumes :: Insurance Day (informa.com)
View from RIMS: Ukraine crisis, broker consolidation and social inflation lead the discussions
“The pandemic, and sadly the war in Ukraine with its unfolding global implications for politics and economies, are major talking points. Both highlight the fragility of global interdependencies and supply chains. The pursuit of lowest cost sourcing has repercussions. One retail broker seemed to capture the global economy situation well, saying “there are no perfect solutions, just a series of compromises and trade-offs”. Once again, the largest catastrophe losses to hit the market could be man-made.
It is still much too early to be able to accurately assess the outcome or indeed quantums of the Ukraine invasion. This allows for much speculation. It also means that at the moment in general terms, underwriters are still achieving technical pricing levels that allow them to expect to make a profit. This is not a “head in the sand” moment but the reality of just not knowing.”
Read the full piece in Insurance Day: View from Rims: Ukraine crisis, broker consolidation and social inflation lead the discussions :: Insurance Day (informa.com)
View from RIMS – the next generations
“There is evidence of changing demographics and the desire to increase the skills in the industry, with succession planning apparent. There is clear intention to provide the next generations with experiential and inspirational knowledge.
One of the long term initiatives to do this is the Lloyd’s North American Broker Academy, a week-long immersive London-based education programme organised and conducted by Lloyd’s alongside underwriting and broking market practitioners. Now an October annual event, there are usually between 35 and 40 up-and-coming stars from US and Canadian broking firms that are sponsored by their companies to participate. Over the years, hundreds of North American brokers have received their certificates attesting to their participation and to become alumni.
Many of the alumni attest to the programme as “a week that positively changed their careers”. Some are now chief executives, heads of offices and leaders within their respective firms. The Broker Academy has been supplemented by an excellent Lloyd’s North America initiative called the 'Lloyd’s Boot Camp'.”
Read the full article in Insurance Day: View from Rims – the next generations :: Insurance Day (informa.com)
View from RIMS: Risk managers are finding their voice
“Numerous observations were shared throughout Rims. It was highlighted that during the Covid period, commerce continued and the business of risk along with it.
Several risk managers observed that as a result, they have once again found their voice within their respective organisations and their views are being sort out by leadership teams.
A great example of how this is affecting a multibillion-dollar firm is through the onshoring of as much production as possible. The same firm is also pursuing domestic vertical integration of its business to give it a closer relationship with its workforce rather than outsourcing to third parties. The strategy is working and sales are booming.
Another risk manager said, certainly for public entities, their use of foreign carriers is coming under closer scrutiny. This breeds concerns about both reputational risk and long-term security, with this issue pre-dating Russia's invasion of Ukraine.”
“Two years of Covid restrictions had led to a feeling of repetition or Groundhog Day with nothing to punctuate the routine. Rims has once again created a profound punctuation mark and reference point.
Getting together increased the energy and determination to shake off the bad parts of the pandemic and to embrace the positives. Generational change was apparent and new leaders are emerging. Change is a constant and there are always challenges but good people will overcome and lead the way to future success.”
Read the full article in Insurance Day: View from Rims: Risk managers are finding their voice :: Insurance Day (informa.com)