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ITA Pro Weekly, February 19,2021

Top risk management threats, COVID tracking tools, answering “so what?”

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Hot off the presses!

With economies contracting and unemployment rising, credit risk has moved to the top of the risk management agenda, according to Deloitte's biennial survey on the state of risk management in the financial services industry globally.

"Financial institutions are seeing more risk from more sources than ever before," said J.H. Caldwell, a partner with Deloitte Risk & Financial Advisory, Deloitte & Touche LLP, and the principal author of the survey. "The COVID-19 pandemic has changed the risk management environment and presents an extraordinary set of new challenges for financial institutions -- everything risk-related has been pressure-tested and challenged."


From omnichannel to digital transformation to AI, the InsurTalk podcast from Guidewire brings you expert insights from people who have driven innovation and turned possibilities into realities. Check out the first few episodes, featuring leaders from Aviva Italy, Economical Insurance, WSIB, and Farmers Insurance.


In December, Origami Risk LLC announced the availability of new online tools that enable employers in all sectors to track COVID-19 vaccination status of their employees and monitor any outbreaks at their facilities in all parts of the world. We spoke with Origami Senior Client Executive Ellen Moser on the technology behind the tool and how it works for employers.

“A retail industry client is actively sharing outbreak information with its workers’ comp insurers, which in turn are coordinating the reporting of the outbreaks to appropriate state regulators. At the same time, several insurance brokers have expressed interest in using the outbreak tracking tool to help their clients with their overall COVID-19 risk assessment, management and response activities.”


In the most recent “Eye of the Storm” blog post, HazardHub’s Bob Frady takes on the tough question that every insurtech faces after pitching its product: “So what?”

“The answer to the “So what?” question can only really be determined by one group of people -- the executive team. Salespeople can give you great feedback, but the people in charge of the company must identify not only what the product does, but why the product is valuable. If the executives can't answer these questions, adding more salespeople won’t give you the answer.”


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