At a glance
- The 2018 Airmic Conference takes place in Liverpool from 11-13 June
- Zurich is an official partner of the event, and is also sponsoring Roads to Revolution, a major report being launched during the conference
- We look at some of the key insights from Roads to Revolution, which focuses on organisational resilience in a digitally-transformed business world
“In today’s turbulent environment, anytime you are not in a crisis, you are in a pre-crisis,” warns Airmic CEO, John Ludlow, in a new report being launched at the Airmic Conference.
Road to Revolution Report
The Roads to Revolution report highlights the challenges facing businesses in the age of digital transformation.
The Internet of Things, Big Data, machine learning, data analytics – all of these trends are accelerating change, bringing new opportunities alongside new and dynamic threats.
About the Roads to Revolution report
Roads to Revolution is a major research paper produced by Airmic and the Cass Business School, and sponsored by Zurich.
It examines organisational resilience in a digitally transformed business world, focusing on how the increasing influence of digital technology is forcing businesses to change their resilience models and the way they manage risk.
Six steps to digital transformation
The report sets out six areas where organisations must evolve their processes in order to achieve digital transformation (see boxout). It also examines the challenge of managing these transitions carefully, and striking the right balance between pre-digital and post-digital worlds.
One of the transitions described in the report is the move away from owning technology to simply accessing it.
In a pre-digital world, businesses would usually have full ownership of technology, largely to enable the delivery of support functions. But, in today’s world, where digital technologies have become integral to many product and service offerings, it becomes harder for businesses to own all this technology. This has caused a shift towards cloud-based systems or partnerships with external providers.
Dynamic risk requires dynamic risk management
Roads to Revolution shares a number of case studies that demonstrate how different businesses are managing the process of digital transformation, and the evolution of the role of the risk manager.
David Roberts, Head of Proposition, Business Analytics, and Global Relationship Leader, Zurich, says: “The report underscores how the world of risk is changing, and changing rapidly.
“While digital technologies may make it easier to manage and monitor old risks, new risks are going to emerge very quickly, and so organisations must be able to respond quicker than ever before.”
Zurich’s role in the creation of Roads to Revolution
As well as sponsoring Roads to Revolution, Zurich also features as a case study in the report, with a section describing how tools such as Zurich Risk Room – a proprietary risk assessment tool which helps organisations visualise how different risks interact at a country level – have been developed and enhanced, thanks to advances in digital technology.
“We have been involved in the report since the very beginning,” says David. “As well as being one of the main investors in the whitepaper, we have also given the researchers access to key parts of our business – our director of digital transformation, our director of AI, our thought leaders around B3i, (the Blockchain Insurance Industry Initiative), our API exchange, and so on.”
How Zurich is managing its own digital transformation
“As well as underscoring how the landscape is changing dynamically in terms of risk identification and risk management, the report also shows how Zurich is very much on top of digital transformation,” says David, “and there are countless examples to demonstrate this.
“We were the first insurer to create an API exchange between our risk management and policy systems, and our customers’ risk management systems.
“We were a co-founder of B3i, which 25 insurers have now signed up to. And, in addition to specific developments such as these, we are also innovating in all sorts of other ways to harness the benefits of the Internet of Things and Big Data.”