Strategies that would be deployed to achieve the goals and vision are:
- Quantification. Quantify and benchmark industry exposures and indicators including clients, prospects, locations, SIC code, limits, operations, locations, financials, risk appetite, suppliers, vendors, etc.
- Competitive Intelligence. Who are the competitors, why are they competitors, who are their markets, who is their talent, what do they promise, what do they deliver, what do their proposals look like, what resources do they have?
- Thought Leadership. Innovation and vision through proactive programs designed to provide insight and commentary reflecting the experience and knowledge of the team.
- Continuity and Standardization of Deliverables. Develop a framework of material, service plans, marketing material, coverage specifications, benchmarks, and key indicators, etc.
- Local and Regional Staffing. Staffing should happen at the local or regional level so that subject matter experts live and work side by side with the local service teams. Issues and concerns in one geographic region may not be the same in another.
- Marketplace Management. Ownership means managing the marketplace NOT letting the marketplace manage us. We will know the markets and their senior management both domestically, in Bermuda, and in London; not just the brokers who represent these foreign markets. Managing the marketplace also means that relationships are with carriers, and reinsurers; marketplace disintermediation. Brokers are a good source of market intelligence.
- Solutions and Products. Develop and deploy customized products and solutions to achieve goals and vision.
- Tools. Develop, deploy and improve risk management tools and analytics that that can be used for quantification, benchmarking, and forecasting.
- Team risk management. The team consists of the individuals at our organization and the individuals at the customer’s organization who are going to be engaged today and tomorrow. Team risk management is communication, it is collaboration, and it is innovation. Team risk management is about building service plans and strategies and providing solutions in an open and collaborative forum; it is about managing outcomes and expectations and removing the element of surprise.