Categories ArchivesNews and Analysis

Data reusability: The next step in the evolution of analytics link

Data reusability will lessen the response time to emerging opportunities and risks, allowing organisations to remain competitive in the digital economies of the future. If data’s meaning can be defined across an enterprise, the insights that can be derived from it expand exponentially When financial institutions work together to identify useful data analytics solutions they can produce great results and add a lot of value to their customers The analytic systems of tomorrow should be able to take the same data set and process them without modifying them If data is the new oil, then many of the analytical tools being used to value data require their own specific grade of gasoline, akin to needing to drive to a particular ...

Continue Reading

Brunswick: Underwriting the unmeasurable link

Risk Cooperative CEO Dante Disparte sits down with Brunswick’s Siobhan Gorman to discuss how cyber attacks are redefining what “risk” means for M&A The infamous political adviser Niccolò Machiavelli wrote, “Never was anything great achieved without danger.” Sage words for an aspiring politician, but not comforting for CEOs leading what they hope are transformative mergers or acquisitions. Executives overseeing deals have undoubtedly heard that their businesses are vulnerable to cyber attacks. But how much more vulnerable are they when hosts of advisers and third parties are involved, millions – or billions – of dollars are at stake, and employees, customers, regulators, investors, and even the media are watching closely? The fallout from a 2016 cyber attack on Yahoo!, as it ...

Continue Reading

Advisen: Blockchain Enters the Insurance World: What it is and how it could change the marketplace link

Some lawyers and insurance professionals are still getting up to speed on “blockchain” – the technology that allowed bitcoin and other cryptocurrencies to develop, and that many experts say has much greater potential to change the way the world does business. Financial services experts have been watching blockchain for years, realizing its potential for disruption and innovation. Many of the big names in the industry formed a consortium in late 2015 to research and develop blockchain technology for the financial services sector. That consortium, R3, has led to the creation of a blockchain-inspired distributed ledger platform specifically for the financial services industry. Now blockchain is coming to the insurance world. Recently, American International Group (“AIG”) and IBM announced the development ...

Continue Reading

HBR: Blockchain Could Make the Insurance Industry Much More Transparent link

While Edward Lloyd is largely credited with commercializing the insurance industry, with the creation of his namesake firm, Lloyd’s, over 330 years ago, the original concept of spreading risk (or “mutualizing”) goes back even further. Hundreds of years before Lloyd’s was formed, Chinese merchants would spread their valuable cargo across multiple vessels, with each one carrying an equal share of another merchant’s goods. In this manner, no single loss would be catastrophic. This spread of risk, of course, also prevented a merchant from absconding with his ship’s goods and never reuniting with the other traders; he’d have too much to lose. In effect, they all had skin in the game, which remains one of the most elusive elements of modern ...

Continue Reading

Washington Post: Time to get real. Cyber threats are everywhere link

Are you concerned about cybersecurity? You should be. We read of Russian meddling in our last election. We hear about ransomware attacks bringing large and small organizations to a standstill. Meanwhile, countless denial-of-service attacks seek to interfere with our favorite social media apps and services. Just last week we learned of widespread cyber hacking of our nuclear plants and power grid. And, how many times in the last year have you gotten an email that is clearly designed to steal your personal information? Last week, I asked Richard Levick, chief executive of the Washington public relations firm Levick, Andres Franzetti, chief strategy officer of Risk Cooperative, a D.C.-based risk, strategy and insurance consultancy, and Brian Finch, a partner of the ...

Continue Reading

Business Insurance: Blockchain technology breaks through link

The use of blockchain technology is taking a small step forward in the commercial insurance industry as early efforts aim to highlight how the tool can be used to streamline the claims process and mitigate human error. In June, American International Group Inc. said it had partnered with technology provider IBM and client Standard Chartered Bank P.L.C. in a pilot effort to create the first multinational, “smart contract” based insurance policy using blockchain. Also last month, The Bitfury Group, a U.S. blockchain technology firm, said it formed a strategic partnership with Washington-based broker and adviser Risk Cooperative to use blockchain digital ledger technology in the broking market. Read More

Continue Reading

Playing Whack-a-Mole with Systemic Risk link

It was recently announced that the largest financial institutions in the U.S. all passed their regulatory stress tests, which gauges their financial soundness against a 2008-style crisis. This “clean bill of health” has also enabled large banks to release a wave of dividends to their shareholders, making for a euphoric day on Wall Street. Yet, as the term “systemic” implies, these types of complex, highly correlated financial risks are not only hard to detect, they are literally ingrained in the global financial system. This raises the question, is the U.S. economy now risk-free because the largest banks appear healthy? Or, has systemic financial risk migrated to another host or unwatched segment of the economy? Regulatory stress tests, like many aspects ...

Continue Reading

Political Risk is Every Risk Manager’s Responsibility link

The ability to effectively manage cross-border risk used to be considered either something an international business may not need or could not afford, but the risk management landscape has experienced a transformation over the past 20 years. Traders, investors and lenders no longer have the luxury of assuming everything will work out, or maintain the mistaken belief that the horror stories that have happened to other organizations will not happen to them. Conventional wisdom used to dictate that because everyone else is investing in a given country, it must be the right place to invest, the idea being that strength lay in numbers, and, surely, not everyone could be wrong. Yet, the ‘herd’ mentality and chasing the ‘hot dollar’ has ...

Continue Reading

Reuters: U.S. tech firm in blockchain tie-up with insurance advisory firm link

U.S. technology company The Bitfury Group said on Friday it had formed a strategic partnership with advisory firm Risk Cooperative to use the blockchain digital ledger in the $60 billion insurance broking market. Blockchain, a public record of all bitcoin digital currency transactions, can also be used to track assets across industries. Over the last two years, Bitfury has been helping national governments put data on a blockchain. “Blockchain technology can bring transparency and security to the insurance industry, and can be a catalyst for new insurance business models,” Bitfury Chief Executive Valery Vavilov said in a statement. Read More

Continue Reading

Insurance Journal: Blockchain Firm Bitfury Teams with Insurance Broker Risk Cooperative link

Blockhain technology company The Bitfury Group said it is partnering with the Washington, D.C. insurance advisory and brokerage firm Risk Cooperative to pioneer blockchain applications in the $60 billion insurance intermediation market. The Bitfury Risk Cooperative partnership seeks to leverage Bitfury’s expertise in blockchain applications across a range of sectors and Risk Cooperative’s insurance placement platform and partnership model with leading insurers to spur adoption of blockchain in the insurance space. Dante Disparte, Risk Cooperative’s founder and CEO, sees the deal as positioning his firm as “first movers” in the adoption of blockchain in the insurance value chain. “This is no small feat, but with Bitfury’s strategic and operational leadership in Blockchain technology, we can be bold in our advance,” ...

Continue Reading

This is a unique website which will require a more modern browser to work!

Please upgrade today!