Insurance Executive Brief
The FTI Consulting Global Insurance Services practice is a leading independent consultancy and trusted advisor to insurers, reinsurers, self-insureds, brokers, law firms, investors, government agencies and regulators − with more than 100 professionals dedicated to providing a broad range of critical and essential services to the insurance industry.
Own Risk and Solvency Assessment (ORSA):
Own Risk and Solvency Assessment was established as a way to help ensure an enterprise’s solvency, enabling the ability to articulate risk appetite and tolerances, and measure and provide the risk-based capital to meet those risks. Although ORSA specifically addresses insurers, its underlying principles are applicable to any company that might be exposed to financial risk due to various adverse events.
Cybersecurity: A Call to Action
Information security is about the policies, controls and practices organizations use to manage the confidentiality, integrity and availability of information, with a focus on:
- Keeping personally identifiable information (PII), personal health information (PHI) and many other forms of proprietary and sensitive information private and secure, with access limited to those with rights to the information or a need to know it
- Ensuring that enterprise information remains trustworthy, accurate, and relevant
- Guaranteeing reliable access to information to the people authorized to use it, when they need it
FASB May 2015 Insurance Topic 944, “Disclosures about Short-Duration Contracts.”
The FASB’s new disclosure requirements for insurance companies require more information about liabilities related to short-duration insurance contracts such as auto, homeowners, other property and casualty lines and health insurance.
Data Driven Growth through Effective Customer Value Management
Central to the success of any growth strategy is the ability of an organization to understand their customers with key insights gained from customer profiles, behavior and the value they bring to the enterprise. This knowledge must be applied to developing customer management contact strategies and treatments, including tailored propositions, channel preferences and content that resonates. These strategies must be executed in a multi-channel environment, measuring, learning from, and improving upon the outcomes.