WIN Magazine - Winter 2014 - (Page 16)
SEE THE SIGN?
MAYBE I MISSED IT ...
The Hidden Realities of Emerging Risks
BY GREG RICKER
E'VE ALL BEEN trained and
conditioned to be on the lookout
for warning signs. We see them
on the road before a curve. A rattlesnake certainly lets you know
he's there. When we can't read the
fine print any longer, it's time for glasses. The low fuel
light comes on in the car (after the gauge I am supposed
to be paying attention to notifies me we're low), so we'd
better stop and get some fuel.
But we also have experiences where there are no warning signs whatsoever. An incident simply takes place:
maybe a change in our health, the unexpected loss of a
loved one, a vehicle accident-certain things just happen. Sometimes good and sometimes bad, they are what
they are and we handle them as best we can. While we
certainly like warning signs and receiving some advance
notice, we can't count on this always being the case.
Have you ever sat back and analyzed what motivates you
to take an action or make a decision? Was it something you
read, a person you talked with, someone directing you, a
speech or presentation you've heard, or imitation of actions
taken by others? Were there warning signs, or did you
just feel a gut instinct to act? Taking the wrong step or
action, or taking no action at all, can carry significant
consequences. And in today's ultra-competitive world, the
opportunity may not come around again.
This month's issue of Wholesale Insurance News magazine is focused on emerging trends and issues. So, as
you sit back and look at the upcoming and latest trends,
how are you reacting? Are these trends real? Are they
fads that will be gone in three years? Or just industry
16 | v i e w t h i s i s s u e a t | www.aamgawin.org
hype? Are you looking for warning signs that encourage action, or do you just know what to do?
Much is changing in society and in our business,
with a lot, but not all, driven by technology. Consider
the emerging reality of driverless cars and trucks,
drones, sensors being placed everywhere, and mounds
and mounds of data to be analyzed. But have we spent
enough time thinking about what all of this means? Is
this era of change an opportunity, a threat, a challenge,
or a whole new way of doing business? There is little
debate as to the effect autonomous vehicles will have
on our business. It's been estimated that 90 percent of
vehicle accidents are caused by human error. So what if
the human error element is minimized and there is lower
exposure? No question about it: this will result in lower
premiums for companies, which then means lower commissions for producers. So how are we preparing for this
change? It's not here in 2014, but will it be here in 2016?
While this may be up for debate, we know it's coming.
There are other events and trends taking place which
should also demand a watchful eye. One significant topic
of late is the mergers and acquisitions activity that is
occurring at all levels of our business. From reinsurance
companies to carriers, wholesalers and retailers, the news
feeds are abuzz with activity daily. What message does
this send? Does it persuade you to change your business
plan in any way, or is it business as usual and you'll deal
with it at a later time? Each reader of this article likely
has his or her own take on this, but again, this is a sign
that should prompt some discussion and planning.
Table of Contents for the Digital Edition of WIN Magazine - Winter 2014
Cover Story: Learning About the Risks of Tomorrow From Under the Sea
Did You See the Sign? Maybe I Missed It … The Hidden Realities of Emerging Risks
Women in the C-Suite: Evolution of the “New Girls Club”
The ‘Futurist’ of Underwriting is So Bright, You Gotta Wear Google Shades
Categorizing Emerging Exposures Helps Reinsurers Measure Potential Losses
Emerging Issues and Trends: An RMI Student’s Perspective
Roundtable: The State and Future of the Program Market
In the WIN-ner’s Circle
Index of Advertisers
WIN Magazine - Winter 2014