Pat Gallagher--RIMS

 


 

Arthur J. Gallagher CEO Pat Gallagher spoke with WRIN.tv during the 2015 RIMS Conference in New Orleans. Here, he discusses the top issues facing risk managers today, including cyber risk, healthcare legislation…and more.

According to Mr. Gallagher, the most important issue facing risk managers is cyber risk, from “being hacked to just having information escape. “   While there is some cyber insurance, Mr. Gallagher said it does not fit every situation or every industry. It is critical, that organizations are aware of the information they have, and how it can escape.

Mr. Gallagher said the amount of data created over the last three years “is greater than all the data ever created.” He also believes it is important that companies put their data into a risk management information system (RMIS) system.  Using a RMIS, Risk Managers can they use data for predictive modeling and identify claims that are going to be a problem. Mr. Gallagher says “98% of claims go through the system pretty seamlessly… If you are not on top of that 2%, your outcomes can be a disaster.”

Turning to healthcare legislation, Mr. Gallagher admits that there have been major changes, but he believes it is critical to step back to look at clients holistically. Employees are a company’s most important asset and it is critical to determine what it takes to find, recruit and retain the best talent. This includes developing or managing a “Total Rewards program” that incorporates employee compensation and workers comp, as well as health and wellness benefits. Communication is also a critical component, with companies needing to explain the cost of different programs to their employees. Brokers are an important part of the process, helping clients hold on to their employees.

The new healthcare legislation, Mr. Gallagher believes has made it very difficult for the small benefits consulting firms to survive. AJ Gallagher growth will come from four areas, enumerated by Mr. Gallagher: organic growth, mergers and acquisitions, increased productivity, and Gallagher’s unique culture

For more World Risk and Insurance News from the 2015 RIMS Conference in New Orleans, visit the dedicated RIMS 2015 Channel in the WRIN.tv On Demand Library.

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