Database ‘will empower risk managers’

The Insight Risk Manager database of global regulations will empower risk managers, says Tim Yeates of Axco.

When a risk manager is putting together a global insurance programme, the process can seem particularly onerous due to the complexities that accompany multi-jurisdictional compliance. It can be difficult to access relevant information on local insurance legislation and regulation and those that inadvertently agree to a non-compliant programme can potentially face non-payment of claims, fines and exposure to reputational damage. In extreme cases, those responsible can even face imprisonment.

For an insurance policy to be compliant, it is imperative that it adheres to the patchwork of country-specific regulations in all the jurisdictions where it is to apply. These laws and regulations will differ not only by country but also by class of insurance and, in places like Australia, on a state by state basis.

Although pertinent information is available to the risk managerthrough their broker or insurer, Airmic as representatives of buyers of commercial insurance, recognised that a risk manager specific solution was required. By engaging with insurance information specialists Axco, this solution has been provided in the form of the soon to be launched database, Insight Risk Manager. Put simply, Airmic and Axco have joined forces to respond to this demand for international insurance compliance information by creating a database of regulatory requirements which will equip and empower risk managers in their day-to-day roles.

Developed over the last 18 months, Insight Risk Manager is the result of a cross-market project chaired by Airmic and involving the six leading brokers. Axco was chosen to provide the content following an extensive selection process, during which more than a dozen proposals were considered. This collaborative approach goes a considerable way to ensuring that Insight Risk Manager will address this most pressing of problems for insurance buyers - the challenge of ensuring that their insurance programmes are compliant globally.

Airmic Chair-elect Helen Pope who has been heavily involved in the development of the database and is an expert on the subject of global compliance sees Insight Risk Manager as a ‘potential game changer’.

Insight Risk Manager is a significant undertaking as it is the first database of its kind designed specifically for risk managers. It holds crucial intelligence in one place; clarifying complexities and grey areas relevant to local compliance and regulatory insurance requirements, policy conditions and premium payment terms. Information is delivered in a Q&A format through an easy to use and intuitive online portal which allows users to choose both the information most relevant to them and the way in which they view it.

As Airmic’s primary function is to represent buyers of commercial insurance, this tool is considered to be of crucial importance. Insight Risk Manager’s provision of consistent, updated information will assist risk managers in carrying out relevant, informed discussions with their brokers.  As a result of Axco’s commitment to its role as the leading information provider to the international insurance industry, access to the database will be available as a complementary benefit for Airmic members.

With the unrelenting pace of regulatory reform showing no sign of abating, it is clear that multi-jurisdictional compliance will remain a key issue for risk managers.  Going forward, Insight Risk Manager will continue to help insurance buyers remain aware of the differences in licensing requirements and policy conditions across territories, thereby equipping them to do their job properly. No company can afford to invite non-payment of claims, fines, cancellation of cover or reputational damage.

Tim Yeates is business development director at Axco.

If you’re interested in learning more about the scope of Insight Risk Manager and how to access it as part of your Airmic membership, please come along to the Airmic Conference 2014 16-18 June at The ICC Birmingham. An in-depth demonstration of the database will take place on Wednesday 18th June. 

Tim Yeates - Axco