Attitudes towards insurance risk management have evolved tremendously over the past decade, moving from a regulatory-focused strategy to the building of a mature, value-centric risk strategy. Accenture's 2015 North American Insurance Risk Management Study is an extension of our popular global risk survey and explores how U.S. and Canadian CROs are positioning risk within their enterprises and what issues and trends they are facing.

1. Accenture 2015 Global Risk Management Study:
North American Insurance Report
Paths to Prosperity
Choose Risk and Return

2. 2
And, although regulatory pressures have
been less acute than for their peers
in Europe and Asia Pacific, external
scrutiny from policy makers and
legislators is becoming more intense.
Across the industry, many insurers have
successfully laid the foundations for
mature and value-centric risk functions.
Risk management has grown in maturity
and become more integral to business
strategy. In Accenture’s 2015 Global
Risk Management Study, 88% of North
American insurance respondents say that
the Chief Risk Officer (CRO) is involved in
decision making for strategic planning and
86% say the same about the CRO’s role
in business model change (see Figure 1).
This level of involvement is higher than
in other parts of the world, where 73%
on average are involved in strategic
planning decisions and 67% are involved
in business model change decisions.
Rahim Hirji, Executive Vice President and
Chief Risk Officer at Manulife, says that the
risk function in his organization is already
playing a more strategic role in the business.
“There has been a shift from reducing risk
to optimizing risk,” he says. “Since 2013, the
company has been more disciplined about
integrating our risk appetite framework into
strategic planning and decision making.”
In our view, CROs today have an opportunity
to continue to position their functions as
strategic advisors in support of key decisions
around mergers and acquisitions (M&A),
product strategy and new distribution
channels. As well as traditional remits such
as reporting and compliance, they should
also focus on creating new value and helping
the leadership team to make well informed,
risk-based decisions. “Risk management will
become more and more of a differentiator,”
says Robert Rupp, CRO at The Hartford.
“Those who are good at it will differentiate;
those who aren’t will wither.”
To contribute additional value to the senior
team, we believe risk functions should
be able to provide insight into decision
making across the business as well as into
the market and its readiness for business
ambitions. As we discuss in greater detail
below, risk functions also need advanced
capabilities in data and analytics to
support new digital-enabled approaches
to the market.
Figure 1. How involved is the CRO in the
following aspects of your organization’s
decision-making process?
Source: Accenture 2015 Global Risk Management Study –
North American Insurance respondents
Key decision maker Among the decision makers
Digital initiatives
Business model change
Strategic planning
38% 42%
38%48%
30%58%
3
2
1
Risk management in North American insurance:
building toward a strategic business partnership
Recent years have not been easy for North American insurers.
In the wake of the global financial crisis, interest rates have
remained low across regions, levels of investment have been
limited, and the industry has become increasingly competitive.

3. 3
A challenging backdrop, but
appetites for risk are growing
North American insurers are operating in a mature and highly
competitive commercial landscape in which increasing market
share remains a struggle. A low interest rate environment and
volatile investment returns have caused problems, as have
operational challenges, such as complex legacy IT systems.
Looking to the future, regulatory requirements
are expected to grow. While North American
financial firms have experienced their share
of regulatory challenges over the years,
these have arguably been more manageable
than in other regions, particularly Europe.
Today, the risk landscape is changing and
North American insurers must continue to
manage federal and state-level regulatory
obligations. They must prepare for new
requirements, such as the Own Risk and
Solvency Assessment (ORSA) reports that
are required by the National Association of
Insurance Commissioners (NAIC) in 2015.
In 2018, Internationally Active Insurance
Groups (IAIGs) in the region will also need
to implement the supervisory standards
stipulated by the Common Framework for
the Supervision of Internationally Active
Insurance Groups (ComFrame), which will
have uncertain impacts on the industry.
Taken together, these should be powerful
challenges for insurers to overcome.
Despite this, risk appetites are growing in
the North American insurance industry.
This is particularly true for alliances and
partnerships, and new product development
(see Figure 2). Insurers in the region have
turned their attention to growth, and
are determining the best opportunities
to which resources and capital should
be allocated. To support these growth
ambitions without stifling them, we
believe the risk function should test new
initiatives against established measures,
policies and controls, to keep them within
the limits of the agreed risk appetite.
Figure 2. Compared with two years ago, how has your senior management’s appetite for risk changed when it comes to decisions made
in the following areas? (Represents percentage who say greater risk appetite)
Source: Accenture 2015 Global Risk Management Study – North American Insurance respondents
60%
34%
42%
45%
38%
39%
38%
39%
36%
41%
34%
32%
Geographical
expansion
New product
development
Alliances and
partnerships
Mergers and
acquisitions
Major digital
initiatives
Business model
change
North America Rest of the world
1 2 3 4 5 6

4. 4
North American (NA) insurance respondents to the
Accenture 2015 Global Risk Management Study* show:
Risk management in the
North American insurance sector
*Accenture2015GlobalRiskManagementStudy–NorthAmericanInsurancerespondents
**Accenture2015GlobalRiskManagementStudy–Insurancerespondents
of NA insurance respondents
have greater risk appetite for
new alliances and partnerships
(34% for all surveyed insurers**).
are more open to new
product development risks.
Growing
risk appetite
of NA insurance respondents
say the CRO is a strategic
planning decision maker.
say the risk function finds it
challenging to gain the trust of the
business to advise on operations.
Decision
influencers
of NA insurers have a greater
risk appetite for digital initiatives
(39% for all surveyed insurers**).
agree that digital presents
a major source of new risks.
Approach
to digital
of NA insurance respondents
say the CRO has very frequent
interaction with the CFO.
think digital is an opportunity
to present the risk function as
a business partner.
Stronger
partnerships
of NA insurers say the CRO is
a key decision maker in major
digital initiatives (26% for all
surveyed insurers**).
say they have knowledge
and understanding of digital
technologies.
Enabling digital
transformation
of NA insurance respondents are
still at the early stages of using
data in day-to-day operations.
say risk analytics is applied
organization-wide.
Data and
analytics
say social media expertise
is the most in demand skill.
say insight from risk analytics
is not yet available to support
key business questions.
60%
42%
88%
72%
38%
74%
22%
86%
38%
93%
34%
76%
10%
40%

5. 5
The need for a stronger focus
on customer-facing digital initiatives
North American insurers are already facing digital disruption
and this can only increase in the near future. According to
Accenture’s 2014 Digital Innovation Survey, the vast majority
of insurers believe that digital technologies are transforming
how the industry creates value and interacts with customers.1
New business models – whether peer-to-
peer insurance inspired by the sharing
economy, personalization enabled by in-
vehicle telematics, or predictive analytics
drawing on customer data – have created
new opportunities. At the same time, these
technologies pose new threats. More than
three quarters (76%) of North American
insurers agree that digital technologies
present a major source of new risks for
the organization (see Figure 3). Some of
this competition is likely to come from
outside the sector. Disruptive market
entrants, particularly from the technology
sector, can draw on their extensive
customer data and use advanced digital
capabilities to provide the intermediary
role between customers and underwriters
traditionally taken by insurance companies.
There are signs that North American
insurers are not doing enough to meet
this challenge. Only 38% of respondents
have greater risk appetites for major
digital initiatives (see Figure 2). This
level of appetite is slightly lower than
insurers in the rest of the world. We
believe insurers will only have a narrow
window of opportunity to head off the
threat from disruptive new competitors.
Investment in customer-facing digital
technologies should form a core part
of their defense – as well as being a
major source of potential growth.
“Financial institutions are now seeking
growth and differentiation and a lot of
their thinking needs to have a digital
flavor to it,” explains Richard Lumb, Group
Chief Executive Officer for Financial
Services at Accenture. “As well as being
a major growth opportunity, digital can
be a powerful tool to reduce the cost
to serve, because a transaction on a
digital channel is significantly lower
than it would be with an agent.”
Figure 3. Please indicate whether you agree with the following statements.
Strongly agree Slightly agree Disagree slightly Disagree stronglyNeither agree nor disagree
In the context of risk management, digital (e.g. analytics, cloud,
web-based technology, big data) is just a management fad
36% 32% 24%
We are considering or have implemented digital-oriented projects for risk 40% 14% 4%42%
Digital is a major source of new risks for the organization 28% 18% 6%48%
Digital is an opportunity to present the risk function as a business partner 36% 10%
2%2%
50%
4%4%
Source: Accenture 2015 Global Risk Management Study – North American Insurance respondents

6. 6
Figure 4. How would you describe the interaction between your organization’s CRO (or equivalent) and the CFO?
Very frequent Quite frequent Minimal Don’t knowAd hoc
Rest of the world 32% 45% 18%
North America 60% 10% 6%
1%
2%
4%
22%
Source: Accenture 2015 Global Risk Management Study – North American Insurance respondents
Risk management to play an active
role in digital transformation
As leading North American insurers prepare new customer
offerings enabled by digital technologies, risk management
cannot stand on the sidelines. It should play an active role
in assessing the opportunities and risks and in helping
organizations steer the right course.
Doing so will mean building on its position
as a strategic business partner at board
level. For now though, many North
American risk functions are at an early
stage of this transition. Only 38% of North
American insurers say that their CRO is
a key decision maker in digital initiatives
(see Figure 1).
Many CROs in North American insurance
are striving to reposition risk management
as a credible partner in enabling growth
strategies, rather than being perceived
as a function that is sometimes seen
to impede growth initiatives.
Across several key areas of the business,
however, many North American insurers
have been slow to adopt the partnership
approach their risk functions are seeking.
The majority of respondents think that
the connection between risk and finance
could be improved, for example, with
just 22% saying that their interaction
with the CFO is very frequent, compared
with 32% in the rest of the world (see
Figure 4). Almost a quarter (24%) say that
risk and capital models are developed
largely independently within the risk
and finance functions (see Figure 5).
Technology will be a powerful tool to
accelerate the shift towards stronger
relationships with the business. For
example, CROs are encouraged to do more
to integrate disparate risk and finance
data into a platform that promotes an
enterprise-wide view of exposures. This
can facilitate more efficient reporting,
better decision making, and the ability
to provide more robust insight to the
business. Almost nine in ten respondents
in our survey (86%) see digital presenting
a significant opportunity for risk to work
with the business as a partner – with
half saying they feel strongly that there
is a real opportunity here. This is higher
than the 35% of insurers from elsewhere
in the world who feel the same way.

7. 7
Figure 5. Which of the following statements best describes the insurer’s stage of maturity in terms of coordination between risk
and finance on risk and capital models?
Please indicate where the insurer’s risk function currently performs on each scale using scores between 1 and 5.
Source: Accenture 2015 Global Risk Management Study – North American Insurance respondents
18%
24%
10%
11%
16%
18%
24%
21%
24%
1 2 3
34%
4 5
Risk and finance coordinate
closely on the development
and maintenance of risk and
capital models, which are used
to drive day-to-day business
decision making
Risk and finance coordinate closely
on the development of risk and
capital models, but the outputs
of these models do not drive
day-to-day business decisions
Risk and capital models
are developed largely
independently within the
risk and finance functions
North America Rest of the world

8. 8
In our view, as North American insurers take on new
challenges, operational or non-financial risks – which
relate to business processes, people, systems, external
events and project risks – are becoming increasingly critical.
Renewing the emphasis on
operational risk management
It’s not a given that we have to do anything like the banks
have done, so we’ve got a lot of different views on how to
implement it. We’re now looking to refine our approach and
make sure it’s comprehensive across the organization. That
will include putting in place a robust, mature operational risk
program. The operational risk management program needs
to drive near-term business value in order to be sustainable.”
Charlie Philbrook, CRO at John Hancock
Whenever insurers evolve their business
models, for example by using new
distribution channels or groups of agents,
fresh operational risk exposures emerge.
Any new process or technology, for
example, inevitably involves a period in
which staff are unfamiliar with how it
should be run. People can make mistakes or
overlook important stages of the process -
and this can lead to new operational
risk exposures for the insurer to consider.
Operational risk management is particularly
important for initiatives that use digital
technologies to create new customer
offerings. It is also key during times of
business change, such as post-merger
integration or other major transformation
programs. These investments will expose
insurers to new, unfamiliar risks, such
as risks associated with social media,
and therefore the emphasis needs to be
on putting in place a robust operational
risk framework from the outset.
More attention needs to be given to
operational risks in these new areas than
in more mature parts of the business.
In the banking industry, Basel III obligations
are mandating a specific approach to
operational risk management. Insurers do
not face the same pressure and are not
currently seeking a regulatory outcome
from their approach to operational
risk (although this may follow in the
future). They can therefore adopt a
more value-oriented approach, while
at the same time paving the way for
potential regulatory obligations in
the future. Insurers that do this now
will find themselves well positioned
to deal with change in the future.

9. 9
Figure 6. To what extent does your risk management function have talent with the following
types of skills? (Represents percentage who say they have skills to a great extent)
Source: Accenture 2015 Global Risk Management Study – North American Insurance respondents
North America Rest of the world
Modeling
67%
35%
42%
55%
Communication and negotiating skills
46%
0%
Commercial knowledge
Understanding of cyber risk
44%
35%
53%
49%
Data management
Social media skills and knowledge
35%
32%
67%
Forecasting
28%
29%
33%
Data analysis
41%
56%
Business analysis skills
43%
52%
Knowledge and understanding
of digital technologies
Investing in the right breadth of capabilities
North American insurers are relatively confident that they have
many of the core risk management skills and capabilities they
need. They tend to be more confident than their peers in other
regions that they have the appropriate forecasting and modeling
skills in place, for example (see Figure 6). But they are much less
confident that they have the right commercial knowledge.
In our view, risk functions should look
for specialists who have operational as
well as risk backgrounds and therefore
a clear understanding of wider business
challenges and pressures. Increasingly,
they will also need people with the
skills in data and analytics to give
timely insights into evolving issues.
To address evolving risks, North American
insurers are currently recruiting non-
traditional and specialist skills on a
significant scale (see Figure 7). For some
insurers, finding these specialist skills
is proving difficult, as Bill Marsh, VP of
Non-Financial Risk at Pacific Life Insurance
Company explains. “We can obtain
strong candidates with financial skills
but face challenges finding candidates
with non-technical broader, operational
and governance risk skills,” he says.
At the same time, other insurers are
looking to improve the risk team’s
interpersonal skills. Mark Verheyen,
Senior Vice President & Chief Risk Officer
at CNA, says he has been developing
his talent to be more communicative.
“I am looking to grow talent to more
effectively communicate. Individuals with
a quantitative base that can communicate
effectively provide significant value. It
has also been helpful to look at sharing
skills and talent between underwriting
and reinsurance to help increase our skills
and perspectives within my team.”

10. 10
Figure 7. Which of the following types of specialists has your risk management function
recruited in the past two years?
Source: Accenture 2015 Global Risk Management Study – North American Insurance respondents
North America Rest of the world
Accountants
48%
40%
38%
49%
Cyber risk experts
40%
32%
Regulators
Strategic planners
44%
51%
44%
41%
Quants/risk modelers
Former hackers
38%
50%
48%
Fraud experts
40%
38%
50%
Data analysts/scientists
Lobbyists
30%
35%
Professionals from outside
financial services
30%
38%
57%
48%
Security specialists
42%
48%
Business analysts
Some insurers are looking outside the
firm to find the right talent to address
the need for deeper operational risk
capabilities. Other surveyed insurers
suggest importing specialized resources
from the banking industry, but looking to
other financial services industries presents
its own challenges. For example, would the
more prescriptive nature of banking risk
requirements be an issue in transitioning
such risk skillset to the insurance sector?
We monitor social media for potential risks. However, we also see
this as an opportunity to be closer to consumers. Understanding
how consumers are interacting and viewing the company provides
valuable, real-time information, which enables us to respond quickly
to people’s needs or complaints.”
Rahim Hirji, Executive Vice President and Chief Risk Officer at Manulife

11. 11

12. 12
Figure 8. How would you describe your risk management function’s use of data and
analytics in addressing the following types of risk?
Source: Accenture 2015 Global Risk Management Study – North American Insurance respondents
Extensive Moderate
Liquidity risk 50%30%
Fraud/financial crime 44%34%
Cyber/IT risk 36%42%
Market risks (e.g. equity, FX, commodity) 48%28%
Outsourcing provider failure 48%26%
Market disruption from new technologies 48%26%
Credit risks (e.g. credit, counterparty) 44%30%
Government fiscal crises 34%38%
Employee malfeasance 32%38%
Business risks (e.g. changing margin) 46%24%
Strategic risks (e.g. new products
or services) 40%28%
Underwriting risk 34%34%
Legal risk 38%26%
Political risk 40%20%
Reputational and brand risk 36% 46%
Regulatory risk 44%36%
Operational risks (e.g. processes, people) 46%36%
Increasing the focus on data and analytics
The insurance industry has always relied on data and analytics
to price risk and analyze trends. In recent years, however,
advances in analytics, along with in-memory computing,
big data, and other new technologies, have created new
opportunities to use these tools within the risk function.
While most insurers are using data
and analytics within the risk function
– particularly in some of the more
traditional financial risks, such as market
and liquidity – only a minority are doing
so extensively (see Figure 8). When
asked about the challenges impeding
the overall effectiveness of their risk
function, respondents point to the “three
Vs” – variety, velocity and volume of
data – as the number one obstacle (see
Figure 9). More than nine in ten say that
improving the accuracy and integrity
of data is either critical or important.
Robert Rupp at The Hartford believes the
insurance industry is behind other financial
services industries in its use of analytics.
“Insurance is still at the start of a maturity
curve,” he says, “on which banking has
progressed tremendously over the last five
to eight years. I see great potential for
dramatic change in the use of analytics to
measure and predict risk, both to protect
the business and to build a stronger risk
position into key business decisions.”

13. 13
Figure 9. To what extent do each of the following challenges impede the overall
effectiveness of your organization’s risk management function? (Represents percentage
who say to a great extent)
Source: Accenture 2015 Global Risk Management Study – North American Insurance respondents
Increased velocity, variety and volume of data
Managing emerging digital risks
Talent and skills shortages
Imperatives to maintain near-term profitability
Balancing the responsibilities for controls
and compliance with need for a more
commercial mindset
Lack of budget to make necessary investments
Gaining the trust of the business units to
advise on operations
Lack of integration with other business functions
Insufficient talent in the risk function
Lack of engagement with risk issues from
senior management
North America Rest of the world
46%
35%
32%
21%
30%
32%
24%
23%
32%
22%
Balancing need for local compliance
with expectations to be a global institution
34%
30%
Lack of connectivity across existing
technology infrastructure
34%
23%
32%
22%
42%
28%
26%
31%
19%
38%
34%
18%
In our view, North American insurers
need to get to grips with both internal
and external data to find ways of
differentiating themselves, yet data
and advanced analytics (for example
to optimize pricing or underwriting)
remain an area of weakness for many.
Just 10% say that the use of data and
analytics is fully integrated into the risk
function’s everyday operations. The same
proportion says that risk analytics is
applied consistently across the organization
and can help address all relevant risks
and exposures. Furthermore, only 4%
of respondents say that risk analytics is
integrated with strategic planning and
decision making (see Figures 10 to 12).
We believe the principal barriers to
analytics maturity are around accessing
key data, as well as learning to use
that data to design and implement a
risk model that reflects the business
issue. Many risk functions still need to
develop a closer relationship with the
business in order to access the data
they need and to model it accurately.
One important goal for investing in data
is timeliness of reporting. “We are making
investments in company-wide data
warehousing and risk data aggregation,
primarily to increase the timeliness
of risk reporting,” says Rahim Hirji, at
Manulife. “In the past, it would take weeks
to produce risk reports after quarter
end. Today, these reports are produced
earlier and there is an increase in the use
of real-time estimates, which enables
more responsive business decisions.”

14. 14
Figure 10. Which of the following statements best describes the insurer’s stage of maturity in terms of integration of analytics
into the risk function’s everyday operations?
Please indicate where the insurer’s risk function currently performs on each scale using scores between 1 and 5.
Source: Accenture 2015 Global Risk Management Study – North American Insurance respondents
The use of data and analytics is
partly integrated into the risk
function’s everyday operations
The use of data and analytics is
fully integrated into the risk
function’s everyday operations
We’ve only just begun to
integrate the use of data and
analytics into our everyday
operations
10%
5
14%
4
34%
3
14%
2
28%
1
Figure 11. Which of the following statements best describes the insurer’s stage of maturity in terms of application of analytics
across the organization?
Please indicate where the insurer’s risk function currently performs on each scale using scores between 1 and 5.
Source: Accenture 2015 Global Risk Management Study – North American Insurance respondents
Risk analytics is applied across
the organization for some types
of risks and exposures
Risk analytics is applied
consistently across the
organization and can address
all relevant risks and exposures
Risk analytics is primarily applied
locally and inconsistently
10%
5
10%
4
36%
3
24%
2
20%
1

15. 15
Figure 12. Which of the following statements best describes the insurer’s stage of maturity in terms of integration of analytics
with strategic planning and decision making?
Please indicate where the insurer’s risk function currently performs on each scale using scores between 1 and 5.
Source: Accenture 2015 Global Risk Management Study – North American Insurance respondents
Risk analytics is integrated
with strategic planning and
decision making
Senior management is primarily
a passive user of risk analytics,
so the outputs are shaped by
the risk function
For some key business questions
on which more insight is needed,
relevant timely outputs from
risk analytics are not yet available
4%
5
8%
4
28%
3
20%
2
40%
1

16. Conclusion
The digital transformation of the insurance
industry will be an important testing ground
for this transition. Insurers in the region have
been pioneers of digital innovation in the
past and there is no reason to expect that
they cannot capitalize on these opportunities
in the future. To do so, however, urgent
action is required.
As North American insurers start to explore
the introduction of new digital products,
services, and operations, operational risk
exposures are increasing. Frameworks need
to be revisited and enhanced to provide
the right scale and controls for insurers to
operate effectively into the future. CROs
are encouraged to play a vital role in this.
They will also need to strengthen
collaboration with the business and be
the facilitators of more robust decision
making. They are encouraged to strengthen
their teams and have the specialist skills to
address a range of core activities, including
modeling, risk analytics and operational risk,
as well as digital technologies. Regulation
also needs to be considered proactively
and new governance frameworks and
data enhancements put in place. Insurers
have made progress across all these
areas, and have done so without the
regulatory requirements that prompted
banks to upgrade their own operational
risk capabilities. Nevertheless, they
can still do more. Taken together, these
developments will cement the CRO’s position
as a true strategic business partner and
enabler of profitable business growth.
Relatively strong economic conditions and a favorable,
less intrusive regulatory environment (in comparison to
Europe) in recent years have given CROs in North American
insurers the opportunity to play a more active role in
strategic decision making.
16

17. Acknowledgements
We would like to thank the senior executives
from organizations in North America who
took part in our qualitative interview
discussions and participated in our survey.
We are grateful for the input of senior
staff at each of these organizations:
CNA
John Hancock
Manulife Financial
Pacific Life Insurance Company
The Hartford
We would like to thank the following
Accenture executives who also contributed
ideas and guidance to this effort:
Duncan Barnard (Boston)
Steve Culp (Chicago)
Gary Fink (Philadelphia)
Chris Johnston (Chicago)
Susan Neff (New York)
Gerry Roop (New York)
17

18. 18
The Accenture 2015 Global Risk Management Study is the fourth
edition of our study first published in 2009. It is based on a
quantitative, online survey conducted by Longitude Research on
behalf of Accenture between November 2014 and January 2015
among 470 senior risk management executives involved in
risk-management decisions.
About the Research
Company size Total
Between US$1bn and US$5bn 235
Revenues over US$5bn 235
Total 470
Respondent Roles Total
Chief Risk Officer 141
Chief Executive Officer 78
Chief Financial Officer 147
Chief Compliance Officer 28
Other C-Suite 76
Total 470
Participants came from the banking, capital
markets and insurance industries with 150
respondents from Asia Pacific (32%), 170
respondents from Europe (36%) and 150
respondents from North America (32%).
We also conducted in-depth interviews
in 2014 and 2015 with senior leaders
from 50 leading organizations across
regions. They provided supporting
insights for our data-driven research,
while presenting useful perspectives
from companies in each industry.
This North American Insurance Report
presents the insights and perspectives
captured from 50 insurance industry
executives from the life insurance, property
and casualty insurance, and reinsurance
areas, including in-depth qualitative
interviews with senior insurance executives.
Financial Services Respondents

19. 19
1
“The Digital Insurer – Accenture Digital
Innovation Survey 2014.” Access at: http://
www.accenture.com/us-en/Pages/insight-
insurers-seizing-opportunities-digital-
transformation.aspx
Reference

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are trademarks of Accenture.
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Combining unparalleled experience, comprehensive capabilities across all industries and
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and governments. The company generated net revenues of US$30.0 billion for the fiscal
year ended Aug. 31, 2014. Its home page is www.accenture.com.
11-11101 / 15-2260
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