Airmic database will ’empower’ risk managers to better manage global programmes and achieve compliance: Axco

At the start of this month, Airmic said that the new facility will help risk managers navigate the 'regulation minefield' they encounter when arranging cover for foreign operations. In a joint statement Airmic and Axco said that attempting to confirm that international insurance programmes are compliant is one of the 'most pressing' issues faced by risk managers today. This is certainly supported by research carried out by Commercial Risk Europe and its sister title Commercial Risk Africa among leading risk and insurance managers worldwide that will be revealed at the Malta International Risk & Insurance Congress in Valetta on 12 and 13 June.hideThis year's Global Risk Frontiers survey and ongoing research carried out by our specialist monthly newsletter International Programme News has found that most risk managers are still worried about the compliance of their programmes despite the heavy investment made in this sector by the leading insurers and some brokers in recent times. The vast majority of risk managers interviewed by CRE do not expect the Airmic database to provide the 'silver bullet' solution that some may have hoped for when discussions about the idea really commenced in early 2012. But they recognise that the Airmic and Axco database tool is a big step forward and are pleased that the leading broking firms have backed it to ensure that it is an industry-wide effort rather than once again used as a competitive advantage. The joint Airmic/Axco statement explained that the Insight Risk Manager database provides 'crucial intelligence on local compliance and regulatory insurance requirements, policy conditions and premium payment terms'. Access to the database is available as a benefit to Airmic members and is intended to provide 'consistent, up-to-date information, as well as to assist insurance buyers in conducting relevant, informed discussions with their brokers', added the statement. It will provide crucial intelligence on local compliance and regulatory insurance requirements, policy conditions and premium payment terms. Helen Pope, Head of Insurable Risk at Tesco and chair-elect of Airmic, was the driving force behind the creation of the database at Airmic. She described the tool as a potential 'game-changer'. "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," she said. Axco's Mr Yeates explained that because of continued concern about compliance, the main focus of Insight Risk Manager is to provide guidance on admitted and non-admitted insurances by jurisdiction. "Compliance varies not only between countries, but also within some territories such as Australia and failure to comply can result in fines, cancellation of cover, reputational damage and, in exceptional cases, imprisonment. 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," he explained. "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," he added. Axco said that Insight Risk Manager 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," added the statement. The information is delivered in a Q&A format through what Axco described as 'an easy to use and intuitive' online portal that allows users to choose both the information most relevant to them and the way in which they view it. "Insight Risk Manager's provision of consistent, updated information will assist risk managers in carrying out relevant, informed discussions with their brokers," added the insurance information firm. The database is the result of a cross-market project chaired by Airmic involving brokers, insurers and insurance trade associations. The European risk management federation Ferma and their US counterparts RIMS have been kept fully informed on its progression. Although individual insurers and brokers have their own databases, Airmic suggested that the size of the task means 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.

Airmic database will ’empower’ risk managers to better manage global programmes and achieve compliance: Axco

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