Future of business
In today’s technologically advanced and globalised world, industries are being disrupted, enhanced and reinvented – at an exponential pace.
The velocity of change – and its breadth and sheer impact – is being felt in almost all countries, sectors and markets. Its impact extends to entire systems of production, supply chains, distribution, and in areas of management and governance. Crises such as coronavirus and climate change are further drivers of disruption, with implications for traditional business models and global trade.
In The Future of Business series, we look at the scale of change in the industries that are driving real innovation and shaping the future of business, and consider the impact from a risk and insurance perspective.
Future of Supply Chains
The future of supply chain risk management
The COVID-crisis has prompted a period of introspection as organisations question how to best structure their supply chains and manage their risk
Supply chains: Spotlight on Asia
The last decade has seen four major sources of disruption to supply chains in Asia Pacific: Natural catastrophes, manmade disasters, cyber attacks and pandemic.
Supply chains: Partnering to develop risk solutions
Supply chain complexity is particularly evident in the automotive sector, where lean production has created critical hubs
Supply chains: Dealing with the unforeseen
It is not just international health crises where preparedness plays a significant role in the severity and impact of an event
Lessons in supply chain resilience
The COVID-crisis is the latest incident to draw attention to supply chain vulnerabilities. The lessons are clear but how quickly will they be forgotten? asks Martin Schürz.
Future of Sustainability
FERMA welcomes EU sustainability reporting proposal
FERMA calls on the Commission to employ corporate language in its standard, referring to enterprise risk management
EU urged to avoid tighter rules on sustainable corporate governance
FERMA and trade body EuropeanIssuers have reiterated calls to embed sustainability into existing processes and frameworks
Sustainability: The growing issue of supply chain disruption
As a result of the predicted risk in weather events, not to mention the complex nature of supply chains, global organisations must take a broader look at their vulnerabilities
Sustainability: The road to mandatory climate change disclosures
Pressure is mounting for organisations across all industries to better understand, report on and mitigate the impact that climate change is having on their businesses
Sustainability: Parametrics fill the gap
As weather-related events continue to rise, risk managers may turn to parametric solutions to ensure that they have the right levels of risk transfer in place
Future of Commercial Insurance
EIOPA moots multi-peril risk pools
Capital markets could be an additional layer of risk transfer to improve society’s capacity for bearing business interruption risk
BI take-up drops after claims rejections
The UK supreme court business interruption ruling “may save insurers’ reputations” in long run - survey
Lloyd’s offers AI-enabled reputational risk cover
Product helps mitigate the risk to profitability posed by reputational crises and offers real-time threat insights
How a challenging environment is impacting insurance
There are four main factors that risk managers, insurance managers and brokers must consider carefully when it comes to the impact that the current crisis will have.
Future of insurance: Rise of parametric covers
As businesses look to protect intangible assets from interruption events such as natural catastrophes, parametric insurance products are emerging as an ideal solution to fill gaps in cover.
Future of International Programmes
The evolution of international programmes
Demand for international insurance programmes is on the rise as businesses look to expand globally, increase efficiencies and take advantage of new insurance markets maturity
International programmes: Lessons in contract certainty
Contract certainty is always important for businesses, but the coronavirus crisis has shone a light on just how risky it can be when things go wrong.
International programmes: Efficiency gains through technology
The challenges faced by typical buyers of international programmes are by no means new. Technology is finally starting to solve some of these problems
Expert view: Insight at the touch of a button
The future for international programmes involves speed, transparency and the need for standardised data, argues Reto Collenberg
International programmes: The broker perspective
Finding the right carrier and ensuring cover correctly placed is presenting new challenges for firms and the brokers who serve them.
Future of renewable energy
Renewables: A transforming landscape
New technologies are revamping the renewable energy industry, enabling businesses to scale up production and achieve economies of scale. But new options, and even the better-established energies, still have some maturing to do
Running for cover: Insuring renewable projects
As tech innovation continues in the renewable energy space and projects scale ever bigger, conventional insurance options are unable to keep up and insurers are now wondering – what’s next?
Delay in start-up: Renewables need more
When embarking on a large renewable energy project, delay in start-up insurance is crucial – and obligatory. But can standard DSU offerings give renewable start-ups what they require, or are more tailored options needed?
Expert view: The colour of our future
Renewable energy is booming as green goals are set, and insurers must get creative to offer bespoke coverage for this unique market. But could you commit to going 100% renewable? Swiss Re Corporate Solutions is doing just that.
Cloud cover: Finding alternatives
As the renewable energy sector is seeing its risk profile change dramatically, there is increased demand for ways to cover against arguably its greatest foe – unpredictable weather
Future of automotive
Production lines: Supplying change
The sheer numbers and complexity in car manufacturing supply chains make them exceptionally vulnerable. It takes a proactive approach to prevent production lines grinding to a halt
Insuring auto: It takes a partnership
When it comes to complexity of the supply chain, the car industry is in a league of its own. While Insurers can still do more to mitigate weak spots, the industry faces a rising protection gap, says Swiss Re Corporate Solutions’ Philip Brandl
Mobility ecosystems: Driving change
Self-driving cars are speeding from the future into our present. But what effect will such tech have on the way we view transport, and crucially liability on the road? Insurers cannot afford to hit cruise control and wait to find out
Electric cars: Powering change
The market for petroleum alternatives like electric and hydrogen is accelerating but this developing tech brings new risks to the road. Risks that offer new opportunities to insurers
Future of manufacturing
Engineering the fourth industrial revolution
The digital transformation to mechanised production is increasingly taking humans out of the equation. But effective risk prevention demands in-person site visits and in-depth dialogue
The changing face of product recall
As both products and supply chains become more complex, is it surprising that recalls between manufacturers and their suppliers are more common?
Do digital supply chains really bring 100% transparency?
Digital supply chains may promise much sought-after transparency, but they could bring more unknowns as they raise questions about data security and compliance
Pushing the boundaries of traditional cover
In the bid to mitigate the intangible manufacturing supply chain risks, Konrad Meisterhans and Thomas Keist explain how innovative approaches such as parametric solutions can complement traditional products
Future of construction
A new dawn for the construction industry
As the world’s population continue to grow, demand for enhanced and new infrastructure has never been greater. This poses many challenges and intensifies the risks of project delays and cost overruns. But the tech revolution is bringing fresh new opportunities, albeit slowly
Printing grand designs
Highly cost-effective, energy-efficient, fast – 3D printing could be the future of homebuilding. But is the technology too new for insurers?
Cyber protection? Still under construction
Contractors and construction sites are becoming more digitised – leaving them exposed to cyber risks. But why would a hacker target a construction contractor?
Can construction truly go green?
After a sustained push to improve the energy efficiency of homes and offices, the focus has now shifted to the construction companies that build them – and they are not performing well
Expert view: A trusted partnership pays claims quicker
Construction claims can be highly intricate and, on occasion, contentious. In such situations, being able to build trust between key stakeholders within the claims process is vital if you are to achieve successful outcomes, says Jonathan Sargent, head of wholesale property & casualty claims, EMEA, Swiss Re Corporate Solutions
Future of food and drink
Digitising your dinner
With growing awareness of what can go wrong with their food before it reaches their plate, consumers are demanding more. Tracking technology and sensors could provide the answer
Future of food
Demand for fresh, fast, diverse food options is boosting innovation, but also unseen risks throughout the supply chain. In response comes a new age of insurance
Can science solve starvation?
The colossal imbalance between global hunger and food waste must be addressed. But opinions vary on the controversial measures that could feed the world
Intangible risks that break the chain
The way we get food across the globe is growing more complex, bringing unseen vulnerabilities to the supply chain, writes Swiss Re Corporate Solutions’ food and agriculture expert Oleksandr Artiushyn
Future of transportation
Fast track to rail innovation
Advancements in train travel are notoriously slow. So it is unexpected that railways could be the root of the first significant innovation in mass passenger transit in more than a century
Automating the high seas
The world’s first fully automated vessel is expected to set off on its first unmanned voyage by 2022 and that promises to be a good thing for the environment. But the innovation comes from an unlikely corner of the marine industry
Taxis: prosperity and pain
Ride-sharing apps like Uber have been both good and bad for taxi drivers. But the introduction of autonomous vehicles is likely to signal a bleak future for all professional drivers – and challenges for insurers
One-way ticket to a green future
Climate change concerns are fuelling a change in direction as air travel industry explores environmentally friendlier alternatives. The risks of such innovation are high, but the greatest risk of all is standing still