Enthusiastic reception for long-awaited wordings database

The international regulations database for Airmic members got the thumbs-up from the audience of more than 50 when it was unveiled at a seminar at the annual conference.

The database, branded Insight Risk Manager and created by Axco, has been described as a “potential game-changer” by Airmic chair Helen Pope. It is intended to help buyers guarantee the compliance of global insurance programmes, and the association is urging members to consult it before having substantive discussions with their insurers.

A straw poll taken immediately after the seminar found overwhleming enthusiasm for what delegates had seen, with many saying it would save time, bring greater consistency and dependability and enable more meaningful discussions with their insurers and brokers.

Steve Boaler from Camelot UK Lotteries Limited summed up the mood: "I think the tool will be a very valuable asset for me, as a risk and insurance manager. I’m very impressed with the user interface and the simplicity of it. I can see that it will quickly become a firm favourite in the risk and insurance community." (Click the video button for further member reaction).

Airmic technical services director Paul Hopkin said Insight Risk Manager would bring huge benefits. “The buyer needs information that isn’t in any way influenced by the licences that a particular carrier may hold. So that is the beauty of the database,” he said.

Incoming Airmic chair Helen Pope explained: “We wanted to be absolutely clear that what we are providing is the information that the buyer needs as opposed to the insurer.”

The issue of global compliance of insurance programmes has repeatedly come near the top of risk manager concerns in surveys conducted by Airmic. The rules vary not only between countries, but also within some territories such as Australia and the United States, and they can change without notice. Failure to comply can result in fines, cancellation of cover, reputational damage and, in exceptional cases, imprisonment.

The main focus of Insight Risk Manager is to address risk managers’ concerns by providing guidance on the rules covering admitted and non-admitted insurances by jurisdiction.

The launch version covers regulations in thirty countries representing 93% of the world’s Property and Casualty insurance premiums. The remaining countries will be added in a phased way. 

The database is the result of a cross-market project chaired by Airmic and involving brokers, insurers and insurance trade associations. 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. The European risk management federation, FERMA and their North American counterparts RIMS have been kept fully informed.

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.

Access to Insight Risk Manager is an Airmic membership benefit.

“huge benefit”
Paul Hopkin
Airmic Technical Director

“information that the buyer needs”
Helen-Clare Pope
Airmic Chair 2014