Automate insurance operational risk management — underwriting risk RCSA, claims processing risk engine, agent network monitoring, and Solvency II operational risk reporting in one platform.
Insurance companies face complex operational risks — from underwriting process failures to claims fraud and catastrophe event resilience.
Insurance underwriting involves complex risk assessment, actuarial modelling, and pricing decisions. Operational failures in underwriting processes — data quality issues, model errors, and inadequate risk selection — can lead to significant financial losses and portfolio deterioration.
Claims operations face operational risks from processing errors, settlement delays, reserve inadequacy, and fraudulent claims. Managing the claims lifecycle — from first notice of loss to final settlement — requires robust operational controls and continuous monitoring.
Insurance companies rely on extensive agent and broker networks for policy distribution. Managing operational risks across agents — mis-selling, compliance failures, data handling, and service quality — requires standardised monitoring and oversight frameworks.
Catastrophe events — natural disasters, pandemics, and systemic events — stress insurance operations with sudden claims surges, resource constraints, and business continuity challenges. Operational resilience planning must ensure uninterrupted service during peak demand.
Purpose-built operational risk management automation for the insurance industry.
Conduct risk and control self-assessments across the entire underwriting lifecycle — risk selection, pricing, policy issuance, and portfolio management. Identify operational risks in actuarial models, data inputs, and decision workflows.
Monitor and manage operational risks across the claims lifecycle — first notice of loss, investigation, assessment, settlement, and recovery. Automated fraud detection, reserve adequacy monitoring, and leakage analysis.
Monitor operational risks across agent and broker distribution networks. Track compliance adherence, mis-selling indicators, customer complaint patterns, and service quality metrics for the entire distribution channel.
Plan and test operational resilience for catastrophe events — claims surge management, resource reallocation, business continuity, and critical function recovery. Scenario testing for natural disasters, pandemics, and systemic events.
Monitor Key Risk Indicators tailored for insurance operations — loss ratios, claims frequency, underwriting quality, agent performance, and operational efficiency. Dynamic thresholds with automated breach alerts and trend analysis.
Generate Solvency II operational risk capital reports and ORSA submissions automatically. Pre-built templates for Pillar I capital charges, Pillar II risk assessments, and Pillar III public disclosure requirements.
Solvency II operational risk capital requirements, SCR calculations, and risk management system standards for insurance undertakings.
International Association of Insurance Supervisors Insurance Core Principles for operational risk governance and enterprise risk management.
Own Risk and Solvency Assessment requirements for forward-looking risk identification, assessment, and capital adequacy evaluation.
EU Insurance Distribution Directive requirements for distribution channel oversight, product governance, and conduct risk management.
Country-specific insurance regulatory requirements for operational risk management, reporting, and supervisory compliance.
Committee of Sponsoring Organizations Enterprise Risk Management framework adapted for insurance operational risk governance and board oversight.
See how ORM can streamline underwriting risk RCSA, claims processing monitoring, and Solvency II operational risk reporting for your insurance company.