Risk, Resilience and Recovery – Protecting our customers for sustained growth

Risk, Resilience and Recovery – Protecting our customers for sustained growth

When was the last time you contacted (or worked with) your insurer?

For most people, the answer to this question revolves around making a claim, a policy renewal or obtaining a new policy. Many people see insurers as only that - insurers, but we think it is time to flip this perception on it's head.  Customers have told us through various mechanisms including Price Waterhouse Coopers’ Broking 2020 survey, that they expect insurance to be delivered through a trusted adviser who understands the complexity of their organisation’s risks, in order to provide risk analysis and solutions. At CGU we are looking to live up to this expectation by implementing a program called Risk, Resilience and Recovery, delivered through Risk Partners.

How are we achieving this? Let’s actually help make our customers’ world a safer place.

Pretend an organisation is an iceberg, divided into two segments. Transferable risk solutions (the insurance policy) lie above the water-line. While the more important, intangible and uninsurable risks such as reputational loss, loss of market share, and customer and employee retention, amongst others, lie beneath the surface.

Instead of only looking at the tip of the iceburg, the Risk, Resilience and Recovery Program looks at the entire iceberg - making sure our conversations tackle the risks that keep our customers awake at night - to protect and position them for sustainable growth.  


How does it work?

RISK

First and foremost - we've all heard the saying "Prevention is better than cure" so the first step in our RRR program is looking at ways to prevent incidents before they happen.  We do this by providing bespoke risk advice to our customers, whether it’s contractual liability advice from IAG’s legal team, property, construction and motor fleet risk management advice through Risk Partners, or OH&S advice through the Worker’s Compensation’s Safety and Risk Team.

RESILIENCE

In the event that an incident does occcur we are helping our customers mitigate their loss through pre-planned solutions such as crisis management plans and business continuity plans. Furthermore, we look to assist our customers to anticipate disruption within their industries.

RECOVERY

To make sure our customers are back on their feet as soon as possible after an incident occurs, we look to ensure post loss-recovery solutions are in place and can be accessed and executed in a fast and effective manner.

As our RRR program continues to grow, CGU continues to deliver more value to its customers by focussing on their risk management, not just insurance needs.

About the Author

Sumedha Jayasinghe is Manager - Risk, Resilience and Recovery, Risk Partners at IAG Commercial Insurance.  Sumedha has extensive experience in risk management and has handled liability and OH&S risks in the Upstream Oil and Gas Industry, while working for Schlumberger in North America, Europe, the Middle East and Australia. Prioir to joining CGU in 2012, Sumedha worked as a Risk Engineer for FM Global.