As the UK economy battles to recover from the global economic crisis, Britain’s largest businesses are continuing to re-evaluate their operating models to identify cost savings, improve efficiency and deliver greater stakeholder value.
To assist these firms in measuring the operational returns derived from their insurance provision and improve insurance management, Marsh today launches its Insurance Maturity Model.
The first methodology of its kind, the Insurance Maturity Model helps clients assess their current insurance activities against a best practice model in key areas such as governance; insurable and non-insurable risk identification, analysis and evaluation; cost of risk approach; risk reporting and monitoring; risk transfer resourcing; and the management of third party providers. Organisations can then use the reporting data to determine the effectiveness of their insurance departments, develop a roadmap to achieve added value, deliver operational efficiency and ultimately ensure that the optimum return on investment is achieved from the insurance function.
Douglas Ure, Leader of the UK Enterprise Risk Practice in Marsh Risk Consulting, commented: “Many of the UK’s largest firms now invest a great deal of time and resource in leveraging insurance to manage the myriad risks they face at home and abroad. However, those organisations that fail to measure the total value derived from their insurance provision cannot be confident that these risks are being managed in a wholly cost-effective way.
“Marsh’s Insurance Maturity Model provides a vital link between an organisation’s overall risk management and corporate governance processes, creating greater agility and organisational effectiveness. Not only does this deliver improved stakeholder value, it can also enhance both risk based and financial performance and competitiveness in the battle against continuing economic headwinds.”
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