As a result of COVID-19, the insurance industry is being affected through the combination of lockdown measures, changing product demand, increased mortality, health & event cancellation claims, & volatile financial markets, among others.
With hindsight, the UK regulators’ focus on operational resilience, as opposed to simple disaster recovery planning, has thus proven to be prescient. It seems likely that regulators will expect firms to report – in some form or other – on their takeaways from the pandemic experience.
In this webinar, we speak with Cresendo Advisors to obtain input on the findings from their Lessons Learnt Operational Resilience benchmarking study.
Crescendo Advisors conducted structured interviews with a selection of risk professionals from insurance firms to understand the impact that Covid-19 has had on their firms & to assess how they responded, what they did well, what lessons they learned, & changes they anticipate as a result of the pandemic experience.
We explore among other:
- The impacts on insurance businesses’ operations
- After the pandemic experience, what regulators are likely to expect from firms
- The challenges that new world of working from home will pose for the design, implementation and documentation of an appropriate functional control environment; and
- The likely change the cost-benefit dynamic of outsourcing / off-shoring so that many firms could find it beneficial & desirable to bring activities back in-house.
Webinar Speakers: Isaac Alfon Founder & Managing Director at Crescendo Advisors, Shirley Beglinger Advisory Board Member at Crescendo Advisors, & Helio Correa Head of Risk & Compliance at NHBC (participated in the research that will be discussed).
The event was facilitated by Valerie du Preez.
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