Author: ACT 'Changing Nature of Risk Work' Group
As the IA distribution channel, we've clearly struggled as a collective - not necessarily in recognizing trends that will impact us - but in acting rapidly enough to keep pace with the direct writers, and now all the emerging startups.
The Strategic Future Issues ('SFI') work group re-addressed this in discussions earlier this year. The SFI group creates a biennial 'Hard Trends' document, listing the technology trends we know will have an impact on our distribution channel. While this is sufficient to keep up with documenting emerging trends, it's clearly not frequent enough to drive action.
That's where the creation of the 'Changing Nature of Risk' work group comes in – This group was formed to rapidly discuss individual trends, and devise resources to drive strategic discussion among key industry leaders in all sectors – carriers, vendor, agency, and associations. How did the group achieve this? Under the leadership of Co-Chairs Steve Anderson and Jerry Fox, this work group began meeting in April 2016, and immediately set a course of refining their list of key trends, then creating a template for 'Risk Advisories'. These Advisories are short, call-to-action-style summaries that define the trend, why it is important, the broad- and industry-specific implications, economic impacts, recommended actions, and additional background resources.
The results? As of this newsletter, the group is releasing their first six (6) 'Risk Advisories' on:
- Smart Homes & Buildings,
- Drones,
- The Sharing Economy,
- Telematics,
- Peer-to-Peer (P2P), and
- Machine Learning
And the group continues to focusing on creating Risk Advisories for additional trends on their list. We will be featuring these in ACT News on an ongoing basis, but check out the Changing Nature of Risk web page for more information .
Do you have a trend that you think the group should focus on? Any questions or comments on an existing Risk Advisory? Contact Ron Berg at Ron.Berg@iiaba.net .