Daily Market Update - September 22, 2014

Brokers warned of the need for risk knowledge… Are you missing out on the power of online marketing?... New Zealand aims to become cyber security powerhouse…

Risk Management News

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Brokers warned of the need for risk knowledge
The head of PwC in Bermuda says that insurance brokers will need to adapt to provide more risk advice and data to clients are face increased competition from other advisors. Arthur Wightman says that business risk managers are seeking consultative partners who can advise on risk and provide effective solutions. Speaking of a report that PwC unveiled during a global risk management event in Monte Carlo, Wightman said that a large number of risk managers are seeking advice from non-insurance professionals, especially in dealing with emerging risks such as cyber and supply chain security. The PwC report suggests that some brokers need to change mindset and business model in order to keep pace with the changing face of risk management. It also highlights the need for brokers to keep up with emerging risks and to be able to provide valuable and updated information to their clients. Read the full story.
 
Online marketing; are you missing out on opportunity?
We all know that online is huge and although the final buying process for commercial lines may be some way off, customers will typically do much of their research online to get an idea of what products they may need and who they’re going to choose to supply them. Search engine expert Wesley Young says that although every customer is different, there are some common themes that apply. Knowing what’s going on in your customers’ lives is essential. For commercial lines this will include being fully aware of the burdens of running a business including regulatory and supply chain risks, financial conditions and technology. Knowing what a business if facing and marketing targeted towards this builds rapport and the feeling of a partnership which is likely to result in more business. Offering the right mix of online and offline is another great tip; clients want to be able to get answers online but will typically want to follow up with face-to-face or on the phone. Your website should be user-friendly and entice prospects to want to deal with you and making it mobile-friendly is vital as business users may not be looking at your site on a large desktop PC screen. Young’s final takeaway is the importance of social media. You don’t have to be on all the social networks but pick which ones your customers are using and use them well. Read the full story.
 
New Zealand seeks to plug gap in cyber security defences
New Zealand’s government has provided NZ$10.6 million (US$8.1m) to boost the country’s defences against cyber attacks. The six year project which includes educational and commercial partners will assess and give advice on best practice for cyber security, particularly for cloud based solutions.  The project is hoping to make New Zealand a world class center for cyber security solutions. One of the issues raised by the project is the lack of qualified professionals in the field. With the threat growing and more businesses hiring cyber risk experts on a full-time basis it leaves a shortage in the sector.

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