New database will help to cure global compliance headache

Airmic and insurance information specialists, Axco, have unveiled a database of regulatory requirements to address one of the most pressing problems facing risk managers – confirming that their insurance programmes are compliant globally. The database has been described as a game-changer and is available as a benefit of Airmic membership.

Branded Insight Risk Manager, the database provides crucial intelligence on local compliance and regulatory insurance requirements, policy conditions and premium payment terms. It will be demonstrated at a seminar on the final day of the annual conference and is said by those who have tested it to be intuitive and user-friendly.

Insight Risk Manager follows years of behind-the-scenes work by the association in co-operation with several other market bodies and partner organisations.

“Insight Risk Manager is more than just a valuable tool – it’s a potential game-changer,” said Airmic Chair-elect Helen Pope. “Compliance for global insurance programmes will probably never be easy, but the new database will provide risk managers with access to a single, authoritative source they can consult whenever they want.”

The main focus of Insight Risk Manager will be to provide guidance on admitted and non-admitted insurances by jurisdiction. The launch version covers regulations in thirty countries that represent 93% of the world’s Property and Casualty Insurance Premiums with the remaining countries being phased in over time. 

The database is the result of a cross-market project chaired by Helen-Clare Pope and involving brokers, insurers and insurance trade associations. The European risk management federation, FERMA and their North American counterparts RIMS have been kept fully informed. Although individual insurers and brokers have their own databases, it was suggested by Airmic that the size of the task is such that it is best handled on a market-wide basis.

Axco were chosen after an extensive selection process, during which more than a dozen proposals were considered. Six leading brokers have been actively involved in supporting the project.

"Insight Risk Manager is Axco's contribution to improved communication between the insurance industry and the buyers of insurance,” said Business Development Director Tim Yeates. “The need for change was highlighted several years ago by a group of risk managers and broker representatives concerned by a lack of information consistency which in turn had led to uncertainty in the buyer community. Backed by the leading brokers in the world, an information tool such as Insight Risk Manager allows intelligent dialogue around the critical theme of compliance."

Helen-Clare Pope