Mike-Foley-Zurich

WRIN.tv spoke with Mike Foley, CEO of Zurich’s North American Commercial Division, during the 2015 RIMS Conference in New Orleans. Here he discusses technology, capital and talent acquisition in the industry.

According to Mr. Foley, the top issues facing risk managers today are globalization and supply chain fragility, technology (including drones and self-driving cars) and the ubiquity of data and cyber risk.

With cyber, risk managers should be looking for partners who can help them “recover and get back up and running quickly.” Mr. Foley says the role of underwriter is changing because of Big Data. There is no underwriter “that has enough pattern recognition to understand the world (because) it has become too complex. The key is to work with data and predictive analytics to get a better answer.” The best result is “when you get machine insight, but rounded out with human intuition.”

According to Mr. Foley, new capital is here to stay. He does not believe it changing, for the most part, how risk is managed…It is worth remembering that those investing new capital are looking for different returns than that of an insurance company. New capital “keeps us sharp and it will keep people focused on where they can add value.

Talent acquisition has always been critical to the industry, Mr. Foley says. It is also an opportunity in the current marketplace, where companies like Zurich are hiring. This is a great opportunity for the industry to explain the importance and excitement of insurance as a career.

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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