Being prepared to insure a new risk every day

By on 23 April 2018

The profession of insurance professionals has long since ceased to correspond to simple risk coverage and coverage in the event of a claim. Over time, the development of our ecosystems, the strengthening of regulations and the digitalization of society, among other things, have made us almost real outsourced risk managers, and this is certainly part of our future role as a broker. We identify and prioritize our clients’ risks in order to offer perfectly adapted risk prevention and management solutions, including crisis management. We are on the verge of a new transformation of this risk advisory role. Digital, environmental, political, or even psycho-social: there is no shortage of new risks. They are protean and still little or not always controlled.

New risks, new regulations… This has long been the daily life of the insurance professional. What is changing today, in the digital age, is the speed at which these risks evolve. Thus, a digital risk covered today may be obsolete tomorrow, while a new form of data piracy that could not have been anticipated – also prevented or covered – appears one morning. Then, how can we continue to do our business, and in particular what is at the heart of it, namely risk coverage? How can we accept that our risk identification phase is necessarily biased by the scope of these new risks and the lack of knowledge that we may sometimes have of them?

I see two avenues for reflection.

One the one hand, there is our individual agility. It is reflected in the APRIL group, which relies on a group of expert SMEs. When a new risk emerges, the key is our ability to react quickly, adapt our approach, and offer a new or evolving solution to our current and future customers. Society is evolving; it is up to us to evolve with it and at its own pace, sometimes by anticipating regulations, which are slow (as is the case with environmental risks in particular).

One the other hand, there is our collective dynamic within the profession itself, with our insurance and broker partners, throughout the insurance value chain. This can be seen through the public statements of leaders, the many conferences organized by the sector’s influencing bodies. The question of anticipating and managing new risks is a matter of concern to all of us. Together, we can reflect on these new risks and their level of probability. We can also identify areas of uncertainty, which can be important in order to support the legislator in the development of the regulatory framework. This collective intelligence approach will complement the initiatives of the competitors – and nevertheless partners – that we all are.

The great unknown remains the perception of these risks by our clients: to date, very few of them seek the advice of an insurance professional on new risks before being confronted with them… or forced by regulation. QED.


Emmanuel Morandini