According to Lex Baugh, Chief Executive Officer at Chartis Europe, the last 10 years have seen tremendous progress on collaboration but it is still not as widespread as it should be.

“There is not enough exchange, and probably that exchange has to be at a deeper level. Data is certainly one area where that comes into play to help better understand risk and opportunities form the underwriting standpoint,” he argued.

But Mr Baugh believes the trend towards a joined up approach will continue and that the barriers between players in the risk and risk transfer industries will continue to come down.

Coordination and cooperation delivers the best innovations, said Jeff Moghrabi, Country Manager for France at ACE and regional manager for Central and Eastern Europe. But the industry is still not spending enough time on reading scenarios and measuring risk to facilitate development, he added.

“We are at a turning point and we as an industry need to be very humble about risk. What you do upstream, the collaboration, is key. Are we really dedicating enough time to measuring that risk? All that hard effort will pay off when the contract is put into question,” he continued.

Marsh’s Chief Executive Officer, David Batchelor, agreed that the level of collaboration between risk managers, brokers and insurers is on the increase but said that more could be done.

With risk increasing in complexity and high on the boardroom agenda the response of the risk industry, and the solutions developed, over the next five to ten years will be in the spotlight, he added.

Going forward August Pröbstl, Head of Munich Re’s Corporate Insurance Partner division, hopes that risk managers and insurers will sit together more often to discuss innovation rather than just every 12 months at renewals to discuss terms and conditions.

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