The insurance industry is entering an age of disruption and digital transformation. Bespoke products and personalized outreach will soon be the new norm, and insurance carriers will see pivotal changes powered by AI solutions.

With new technologies enabling both operational efficiency and a superior customer experience, from artificial intelligence to drones and mobile customer communication methods, we are proud to announce that nominations have opened in 2018 Insurance Nexus Canadian Awards. T

Operational risk and its supporting software play a critical role in an organization; but how can its activities add value along the way?

Have a look at the White Paper: Operational Risk and Supporting Software and learn from recent trends in operational risk, risk management and GRC software to support risk identification, assessment, consolidation, and more.

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What are your thoughts on this topic? Please share in the comments

Last week I wrote that to be as persuasive as you can be, you should stop pushing and start pulling. I took Robert Cialdini’s six principles of persuasion, reworded and rearranged them a tad and then put them in a hierarchical order of persuasiveness.           

                                                                                                             Cialdini's Six Principles of Persuasion - Reworked

In my book, Winning Conversations: How to turn red tape into blue ribbon, I te

Michigan State University has employed a new Chief Compliance Officer in response to the Larry Nassar scandal. By creating an Office of Enterprise Risk Management within the university, MSU is getting on the right track.

Earlier this year, former MSU doctor and USA gymnastics coach Larry Nassar was charged with sexually assaulting 332 students. Shortly after this story broke, Michigan State was embroiled in two other sexual harassments scandals and has since struggled to escape the spotlight.

MSU’

Research Briefing: Key Decisions to Create an Attractive Ecosystem

By:

Weill, Sebastian, Woerner; Apr 19, 2018

Source: MIT CISR

The next five years will be critical for large companies to create successful Ecosystem Driver business models, at least for their best customers. MIT CISR research shows that the Ecosystem Driver model is the highest performer of the digital era to date, but it is also challenging to pursue.

In this briefing, we describe seven key decisions around design dimensions that wil

I once ran a chemical plant for what was then ICI. I was a shift supervisor at Rhodes in Sydney, a zone now redeveloped as a major shopping and residential apartment area. The world changes, and so have I.

When you run a continuous process chemical plant, the money is in keeping it online 24/7 and running as close to maximum production as you can. In those days, when the pressure was on my style was much more ‘push’ than ‘pull’. ‘Move on this quickly, please!’ in a loud voice. Of course, contract

Back in March, President Trump’s administration threatened to impose steep tariffs on imported goods from some of America’s biggest trading partners. In the following months, the administration set a 25% import tax on steel and 10% on aluminum. Just as I predicted, these decisions are impacting the supply chains of American businesses, forcing them to consider the effects this kind of tumult could have on their business.

In my first blog post on the subject, I detailed a few direct and indirect c

A Message From Our Partner

Looking to catch up on the latest Third-Party Risk Management trends this summer? Here are our most popular downloads from the first half of 2018:

1. Four Keys To Vendor Risk Management (http://bit.ly/2L5RKuL)

Tips for building a VRM program that works

2. The 8 Reports You Need For VRM (http://bit.ly/2zocJHH)

Best practices in Vendor Risk Management reporting

3. Best Practices In Vendor Risk Scoring (http://bit.ly/2L154DV)

The best methods to risk-rank you

To influence you must build trust. Here are some ideas on how you can assess the level of trust perceived by those you wish to influence.

My thanks to Didier Verstichel from Belgium for his reply to a recent blog of mine, where he gave me the trust formula he uses (he doesn’t remember the original author):

The trust formula I am more familiar with is from the book The Trusted Advisor by Maister, Green and Galford:

Above the line both formulas are saying similar things. You are perceived to be trust

Read this article to know more on How Behavioral Biometrics is Paving the Way to Less Fraud, Less Friction and More Functionality.

In This Research, You'll Learn

• How to balance the need for security and enable a good user experience in the digital channel
• What are the latest techniques that fraudsters are deploying to attack the insurance sector online
• What leading financial services institutions are doing about to manage the next generation cyberthreats

Digital Transformation In Insurance I

A Message From Our Partner 

The rapidly changing regulatory, governance and economic environment of today’s business world calls for accurate, secure and solid data. While this leaves little room for error, businesses often find themselves drowning in missing, inaccurate or sloppy data that could jeopardize their competitive advantage and compliance efforts. 

When companies employ robust technology that connects data, data management and data analysis, they are able to build a coherent data fra

Recently I ran my Risk Leadership training for a client and I had a room of participants that arrived with an extremely poor perception of risk. My role was to convince them of the value of risk and to have them leave the room with definitive actions agreed as to how they will derive that value.

The atmosphere in the room was extreme distrust. They were certain I was going to waste their time. After all, as they soon told me, they manage risk every day. That is their job. Why the extra processes

AI and machine learning are proving to be the only methods in which organizations will meet customer demands at scale and as the race to win customers’ heart becomes tighter than ever, carriers are having to compete with tech giants for AI’s vital ingredients: talent and data.

Which is why the Insurance Analytics Canada Summit (Sep 25-26, Toronto) is bringing together the industry’s heavyweights to discuss how AI and advanced analytics can be utilized to deliver unparalleled performance, business

Over 40% of insurance carriers in Canada have not yet seen a clear return from their investments into advanced analytics (Canada’s First Insurance Analytics & AI Survey, Insurance Nexus, 2018).

Which is why Insurance Nexus is bringing Fernando Moreira (Senior Vice President of Global Insurance, Scotiabank) and Jean-François Larochelle (Director Data Lab, Intact) to discuss how to successfully deploy analytics into underwriting, distribution and claims processing, including their results and the c

Everyone is an adviser. Even if you are the CEO or the Chair of the Board, you are an adviser. As an adviser you seek to influence key decisions. The people we take advice from most readily are those we most trust. To be clear, trust is contextual. I trust my mum, but I don’t rely on her advice when it comes to the internet. In the boardroom, a CEO and Chair who trust each other are more likely to get more done more quickly. And as an internal adviser, trust is your most valuable asset.

An intern

According to a brand-new survey from Insurance Nexus 94% of respondents agreed that AI is going to deeply transform the insurance industry.

The message is clear. AI is going to hit insurance big time – so you need to ensure you’re prepared for the future. 

One way to do this is to check out our newly released “Insurance AI & Analytics Innovation Survey”, where we quizzed 250 of the brightest minds in the European insurance community. By reading it, you’ll get the low-down on the latest trends in a

Today’s most damaging security threats are not originating from malicious outsiders or malware but from trusted insiders - both malicious insiders and negligent insiders. This survey is designed to uncover the latest trends and challenges regarding insider threats as well as solutions to prevent or mitigate insider attacks.

Download the report now

With FCPA enforcement rising and 75 percent of foreign bribery schemes executed by third parties, outsourcing can create regulatory and reputational risks that should not be ignored.
Make a business case to your senior leadership to get the budget you need and prove the ROI of an efficient, automated third-party risk management system.

This white paper will help you demonstrate how your third-party risk management system should:
• Align to legal & regulatory guidance
• Break down departmental bounda

A Message from Enrique R. Suarez to the Students of Entrepreneurship

How to Start a Business Anywhere in the World

The Technician, the Entrepreneur, and the Manager

deltamodel55@yahoo.com

https://enriquesuarez.academia.edu/

In order to start and grow a business, a venture’s founder is required to wear three separate hats including that of the technician, entrepreneur, and manager. In any business, the technician does the work and produces the results, the entrepreneur sets the vision and grows

SIX REASONS FIRMS CAN’T INNOVATE

Enrique Suarez Note: I often receive executive education courses from MIT and I want to share this excellent article with all of you.

Source: MIT Management Executive Education

Written by Visiting Professor Bill Fisher

Recent studies show that when it comes to innovation, corporate strategists don’t walk the walk. They know that real change is required to succeed, but the vast majority of growth efforts are allocated to continuous innovation instead of disruptive ris