Insurance Business TV

Insurance Business TV brings you closer to the industry's most influential leaders and thinkers. Click on the videos below to watch the interviews:

Showing 1 - 9 of 103
  • Google+

Risk and reward: Strategies for success

Insurance Business speaks to Gary Anderson about key strategies in risk management.
 
Video transcript below:
 
Interviewer:  Gary, thank you, for joining us.  What are the key risks that businesses face today?
 
Gary Anderson, Protiviti
Gary Anderson:  [Hello], we expect most businesses should look at their own risks, to match their particular environment and situation but probably the three most common risks we see would be, Business Competitiveness, IT risks and typically large project risks as well.
 
Interviewer:  What risk management strategies can organisations put in place?
 
Gary Anderson:  Business Competitiveness, a lot of the risks around there are around cost pressures, so for example Australia now is recognised as a fairly high cost country.  So, there is pressures around labour costs, electricity and things like that coming up.  So, you have got to be thinking about what things could your competitors be doing to lower their cost structures in those areas and how are you keeping on top of those trends? So, initiatives like outsourcing opportunities, looking at alternative supply mechanisms for yourself to take advantage of currency at the moment. Those sorts of things you need to have active strategies working in those.  
 
In the IT area, the common risks are there around security, downtime and the overall cost of IT as well and there is a range of strategies for each of those.   In IT security, you are looking for proper governance approaches to be implemented as well as technical security mechanisms to be put into place, with cost, there is a lot of different cost structures possible in IT.  Many companies, a few years ago started to work with major outsource providers and there was big cost savings possible by sharing cost infrastructure across some major companies.  However with developments of in cloud computing now, even those cost structures may not be competitive against other options around cloud computing.  So, you have got to keep re-evaluating what your strategies may be and how you can stay on top of those.
 
Interviewer:  What are the key regulatory changes that businesses can put in place from a compliance perspective?
 
Gary Anderson:  The major compliance initiatives I think probably fall into two main areas - one for financial services companies and one for the general sort of corporate industrial companies.  In the financial services area there is a lot of international regulations, everything from the new Basel rules, liquidity management rules, in Australia, the future of financial advice rules etc.  So there is a, they have got virtually their own compliance environment to work within.  For the general industrial companies there is a lot of new compliance rules coming from both  the UK and US that also impact on Australia, such as the Bribery Act, The Foreign Corrupt Practices Act from the US as well are both starting to have a big impact in Australia. 
 
Interviewer:  Are there any emerging trends affecting the risk management arm of businesses?
Gary Anderson:  I think one of the trends is that the risk professionals within most businesses are starting to get a more significant seat at the table.  They have been integrated more with senior management.  Senior management are actually taking on those roles as well directly in explanations to board members.  The board members are asking tougher questions of management and they are expecting more substance in answers than perhaps what’s been done in the past.  The fact that there is more focus being applied to it as well, is putting pressure on those risk people to come up with more cost effective ways of dealing with risk and staying on top of it as well.  So, hence the move in the risk area to be more efficient in the way things are done and that applies with common systems across various risk and compliance and audit areas within business, common approaches, use of common sets of people.  So, for example in the past the occupational health and safety group may have been doing one thing and internal audit group may have been doing another.  In industrial compliance area an engineering group may have been doing another one.  Now, companies are starting to think, you know, there is a lot of commonality between these groups, can we get the risk and compliance and control people under common platforms, common approaches and better reporting up through management and to the board.
 
Interviewer:  Gary, thanks for joining us.
  • Major insolvencies present broker opportunity Major insolvencies present broker opportunity (views 810)

    As recent insolvencies involving major brands such as Dick Smith continue to grab headlines, trade credit insurance is more important than ever for a wide range of clients. We spoke with Mark Hoppe, managing director of Atradius ANZ, about what brokers need to know when it comes to selling trade credit cover.

  • Lloyd’s opens new Sydney hub Lloyd’s opens new Sydney hub (views 2010)

    Two weeks ago, Lloyd’s officially open the doors of its new co-located hub in Sydney. Sharing the premises with Argenta, Talbot and Ironshore, Lloyd’s hopes the move will heighten the specialist insurance market’s profile and footprint in Australia. Insurance Business spoke to Lloyd’s Chris Mackinnon, who told us how he believes the new hub can benefit the entire Lloyd’s community in Australia.

  • SME index highlights broker opportunities SME index highlights broker opportunities (views 2331)

    The 2016 Vero SME Index highlighted a number of topics brokers should focus on as they address their dealings with the important small to medium sized business client base. The annual survey, now in its fifth year, shows attitudes, trends and insights into SMEs and their insurance decisions.We spoke with Anthony Pagano, national manager – commercial intermediaries at Suncorp Group about this year’s index and what opportunities it presents for brokers.

  • The changing face of global risk The changing face of global risk (views 2961)

    The fifth annual Allianz Risk Barometer, released earlier this year, highlights the key areas of both global and local risk in a bid to help insurers, brokers and clients obtain a better understanding of current and future risks. We spoke with Holger Schafer, CEO of Allianz Global Corporate and Specialty in the Pacific region, about the 2016 risk barometer and the key trends emerging in global risk this year.

  • The impact of automation The impact of automation (views 3515)

    Automation is one strand of technology that offers the insurance industry pause for thought, as it becomes more widely used and accepted. Suncorp recently released an insurance insights white paper on the topic of automation in the insurance industry, with a specific look at underwriting. We spoke with Darren O’Connell, author of the report and executive general manager, commercial portfolio at Suncorp, about the opportunities automation could bring to underwriting.

  • Head to Head: David Cook Head to Head: David Cook (views 3227)

    David Cook, claims manager at Berkshire Hathaway Specialty Insurance, joins News Editor Jordan Lynn to talk about technology in the insurance industry and the value of insurance brokers.

  • Head to Head: Sampath Soysa Head to Head: Sampath Soysa (views 3231)

    Sampath Soysa, Australasian president of Young Insurance Professionals (YIPs), joins News Editor Jordan Lynn to talk about attracting new talent to the industry and the importance of young professionals.

  • Renaming broker role renews energy Renaming broker role renews energy (views 4723)

    Authorised representatives make up an important part of the insurance industry but their roles are often misunderstood. One leading network, Westcourt General, recently took a step to help clear up confusion.

  • Head to Head: Stephen Trickey Head to Head: Stephen Trickey (views 4936)

    Stephen Trickey, Chief Commercial Officer of Financial Specialities, Aon Risk Solutions Australia joins News Editor Jordan Lynn to talk about the impact of the growing cyber industry on the market.