Insurance Risk Management
Insurance and risk management have often been seen as separate functions. ARM enables information from these related disciplines to be brought together to provide a complete picture of risks and the best ways they can be handled.
Risks which have the biggest potential impact will be highlighted for management to decide whether to insure against their occurrence through external providers or to self-insure.
ARM also helps reduce premiums by highlighting overlapping or redundant policies and by providing the in-depth evidence to insurers that an organization is taking steps to mitigate their risks. Typical savings have been in the range of 5-12%.
The breadth of ARM’s coverage means that it can also support decision making in areas such supply chain fragility where new kinds of insurance products are coming to market.