Explain, with justification, three significant sources of information that should be considered when developing an new IT system for an insurer

You are a risk manager for an insurer that underwrites risks in several countries, including the USA. The insurer is considering the introduction of a new global information technology (IT) system. This system will incorporate all the insurer’s data relating to its entire operation.

Whilst the new IT system is being developed, you have been asked by the IT Project Manager to identify the key sources of data from a risk management perspective that should be incorporated into the new IT system.

(a) Explain, with justification, three significant sources of information that should be considered when developing

the new IT system for the insurer.

(b) Explain the potential impact on the insurer for each of the three sources of information, you have identified in (a) above, if they are inadequately incorporated into the new IT system.

Question 10 – Across more than one Learning Outcome:

You are a newly appointed risk manager of an insurance broker that has recently merged with a competitor.

Prior to the merger, the insurance broker had an inadequate risk management process. Its competitor did not have a formal risk management process.

At a forthcoming risk management strategy planning day with the risk management team, ideas on how to improve the risk management process will be discussed.

(a) Explain, with justification, four significant actions that you could take to progress the risk maturity of the risk management process of the merged insurance broker.

(b) Describe two benefits of achieving risk maturity in the risk management process in the merged insurance

broker.

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