2018年-德勤全球_The_future_of_the_CRO_is_NOW_9页_547kb

报告摘要

The Future of the CRO is NOW: Summary

Core Content

This document explores the transformation of the insurance industry driven by technological advancements and the evolving role of the Chief Risk Officer (CRO) in this new landscape. It emphasizes the need for risk professionals to adapt their frameworks, skills, and approaches to remain relevant and effective in an increasingly digital and data-centric environment.

Main Disruptive Forces in the Insurance Sector

Technological Innovation: The rise of artificial intelligence (AI), robotics, and telematics is changing how insurers operate, particularly in underwriting, pricing, and claims management.
InsurTech Disruption: InsurTech companies are using technology to offer more agile and customer-focused services, challenging traditional insurers.
Data-Driven Operations: Connected devices and the Internet of Things (IoT) generate vast amounts of data, which can be leveraged for better risk assessment and pricing.
Real-Time Risk Management: The traditional annual or quarterly risk management cycles are no longer sufficient; real-time monitoring and analytics are becoming essential.

Changes in the Nature of Risk

New Risk Types: Cyber risk, privacy risks from IoT, and conduct risks are emerging due to the increased reliance on technology and data.
Algorithmic Risks: Machine learning models can introduce biases and discrimination if not properly monitored and managed.
Complexity and Transparency: Automated systems reduce human error but also make the decision-making process less transparent, requiring new oversight mechanisms.

Evolution of the Risk Function

Skill Augmentation: Risk functions must integrate actuarial, analytical, and technical expertise to manage new technologies and data sources.
Collaboration Across Functions: Risk professionals need to work closely with other departments such as IT, legal, and business strategy to ensure alignment and effectiveness.
Real-Time Monitoring: The Risk Function must adopt continuous monitoring of key risk indicators and controls, supported by advanced analytics and automation.

Real-Time Risk Assurance

Continuous Monitoring: Enables early identification of risks and faster response.
Automation: Reduces the need for manual controls but requires ongoing testing and validation.
Data Integration: Utilizing internal and external data sources to enhance risk visibility and decision-making.

Key Use Cases for Real-Time Risk Analytics

BEAT (Behaviour and Emotion Analytics Tool): Monitors customer interactions to detect risks based on non-verbal cues.
Telematics in Auto Insurance: Uses data from vehicles to provide more accurate and personalized pricing.

Strategic Role of the CRO

CRO as a Strategist: The CRO must lead the transformation of the insurance business by integrating technology and data into strategic planning.
CRO as a Navigator: In a cross-ecosystem environment, the CRO helps shape innovation strategies and assess the value and risk of partnerships.
Holistic Understanding: The CRO needs a broad understanding of the business and its interactions with various departments and external partners.

Conclusion

The CRO is positioned to play a pivotal role in the future of the insurance industry. By embracing new technologies, redefining the risk function, and fostering collaboration across the organization, CROs can lead the way in navigating the complexities of a digital-first world. This transformation is not only about managing risks but also about creating value through innovation and agility.