Risk All Stars

Risk All Stars Overview

AllStars-250What is a Risk All Star?

Risk & Insurance® strives to identify emerging risks and mitigation strategies, while covering the fascinating people who drive the industry forward. Our goal is to inform and help our readers succeed in their careers as well as to inspire and motivate them.

Risk & Insurance® All Stars embody this credo. They stand out from their peers by overcoming challenges through exceptional problem-solving, creativity, perseverance and/or passion. By presenting their stories, we strive to recognize outstanding accomplishments while also providing our readers with ideas, solutions and motivation to overcome similar challenges.

Who is eligible for the award?

Eligible nominees include any individual with responsibility for managing risk or claims for their employer. For example:

  • Risk Manager
  • Claims Manager
  • Workers’ Comp Professional
  • COO
  • CFO
  • Owner/CEO/President
  • Any other professional responsible for risk management or claims

Who selects the winners?

Risk All Stars are selected by editors at Risk & Insurance® magazine.

What criteria are used to select winners?

Winning applicants are selected based on the compelling nature of their story and accomplishments. The central question is, “Does the applicant’s story inform and/or motivate others?” While a compelling story is most important, winners also will exhibit success in any of the below:

  • Problem-Solving
  • Creativity
  • Perseverance
  • Passion

Nomination process

Applicants can apply directly or be nominated by a colleague, broker, insurer or service provider.

Risk & Insurance® editors review all applicants and narrow the pool down to finalists based on the application. Each finalist is then interviewed by a staff member. A summary of the interview along with an evaluation form is completed by the editor performing the interview.

Important Note Regarding Confidentiality: We are very conscious of the sensitive nature of the information provided. Client references listed on applications and contacted by judges may choose to be on or off the record. This includes the client name, company name and additional identifying information. All other information on the application will be considered on-the-record unless specified otherwise.

Judging process

Once all interviews are complete, the judging team meets to review the interviews and evaluations. Winners are selected.

There is no limit on the number of winners. Each Risk & Insurance® All Star is chosen based on the compelling nature of their story.

Publication

Winners will be announced in the September 15th issue of Risk & Insurance®. The information will also be featured on the Risk & Insurance® website, and via eNewsletter, magazine digital edition and App platforms. A profile highlighting each Risk All Star’s story along with a head-shot is presented by industry category.

Award Boxes

A few weeks after the winners are announced, each Risk & Insurance® All Star receives a copy of the print issue, an award plaque and additional items.

Download the 2016 Logo Usage Agreement and PR Statement.

2017 Application Deadline: July 7, 2017

Winner Announcement Date: September 15, 2017 Issue

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2017 RIMS

Resilience in Face of Cyber

New cyber model platforms will help insurers better manage aggregation risk within their books of business.
By: | April 26, 2017 • 3 min read

As insurers become increasingly concerned about the aggregation of cyber risk exposures in their portfolios, new tools are being developed to help them better assess and manage those exposures.

One of those tools, a comprehensive cyber risk modeling application for the insurance and reinsurance markets, was announced on April 24 by AIR Worldwide.

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Last year at RIMS, AIR announced the release of the industry’s first open source deterministic cyber risk scenario, subsequently releasing a series of scenarios throughout the year, and offering the service to insurers on a consulting basis.

Its latest release, ARC– Analytics of Risk from Cyber — continues that work by offering the modeling platform for license to insurance clients for internal use rather than on a consulting basis. ARC is separate from AIR’s Touchstone platform, allowing for more flexibility in the rapidly changing cyber environment.

ARC allows insurers to get a better picture of their exposures across an entire book of business, with the help of a comprehensive industry exposure database that combines data from multiple public and commercial sources.

Scott Stransky, assistant vice president and principal scientist, AIR Worldwide

The recent attacks on Dyn and Amazon Web Services (AWS) provide perfect examples of how the ARC platform can be used to enhance the industry’s resilience, said Scott Stransky, assistant vice president and principal scientist for AIR Worldwide.

Stransky noted that insurers don’t necessarily have visibility into which of their insureds use Dyn, Amazon Web Services, Rackspace, or other common internet services providers.

In the Dyn and AWS events, there was little insured loss because the downtime fell largely just under policy waiting periods.

But,” said Stransky, “it got our clients thinking, well it happened for a few hours – could it happen for longer? And what does that do to us if it does? … This is really where our model can be very helpful.”

The purpose of having this model is to make the world more resilient … that’s really the goal.” Scott Stransky, assistant vice president and principal scientist, AIR Worldwide

AIR has run the Dyn incident through its model, with the parameters of a single day of downtime impacting the Fortune 1000. Then it did the same with the AWS event.

When we run Fortune 1000 for Dyn for one day, we get a half a billion dollars of loss,” said Stransky. “Taking it one step further – we’ve run the same exercise for AWS for one day, through the Fortune 1000 only, and the losses are about $3 billion.”

So once you expand it out to millions of businesses, the losses would be much higher,” he added.

The ARC platform allows insurers to assess cyber exposures including “silent cyber,” across the spectrum of business, be it D&O, E&O, general liability or property. There are 18 scenarios that can be modeled, with the capability to adjust variables broadly for a better handle on events of varying severity and scope.

Looking ahead, AIR is taking a closer look at what Stransky calls “silent silent cyber,” the complex indirect and difficult to assess or insure potential impacts of any given cyber event.

Stransky cites the 2014 hack of the National Weather Service website as an example. For several days after the hack, no satellite weather imagery was available to be fed into weather models.

Imagine there was a hurricane happening during the time there was no weather service imagery,” he said. “[So] the models wouldn’t have been as accurate; people wouldn’t have had as much advance warning; they wouldn’t have evacuated as quickly or boarded up their homes.”

It’s possible that the losses would be significantly higher in such a scenario, but there would be no way to quantify how much of it could be attributed to the cyber attack and how much was strictly the result of the hurricane itself.

It’s very, very indirect,” said Stransky, citing the recent hack of the Dallas tornado sirens as another example. Not only did the situation jam up the 911 system, potentially exacerbating any number of crisis events, but such a false alarm could lead to increased losses in the future.

The next time if there’s a real tornado, people make think, ‘Oh, its just some hack,’ ” he said. “So if there’s a real tornado, who knows what’s going to happen.”

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Modeling for “silent silent cyber” remains elusive. But platforms like ARC are a step in the right direction for ensuring the continued health and strength of the insurance industry in the face of the ever-changing specter of cyber exposure.

Because we have this model, insurers are now able to manage the risks better, to be more resilient against cyber attacks, to really understand their portfolios,” said Stransky. “So when it does happen, they’ll be able to respond, they’ll be able to pay out the claims properly, they’ll be prepared.

The purpose of having this model is to make the world more resilient … that’s really the goal.”

Additional stories from RIMS 2017:

Blockchain Pros and Cons

If barriers to implementation are brought down, blockchain offers potential for financial institutions.

Embrace the Internet of Things

Risk managers can use IoT for data analytics and other risk mitigation needs, but connected devices also offer a multitude of exposures.

Feeling Unprepared to Deal With Risks

Damage to brand and reputation ranked as the top risk concern of risk managers throughout the world.

Reviewing Medical Marijuana Claims

Liberty Mutual appears to be the first carrier to create a workflow process for evaluating medical marijuana expense reimbursement requests.

Cyber Threat Will Get More Difficult

Companies should focus on response, resiliency and recovery when it comes to cyber risks.

RIMS Conference Held in Birthplace of Insurance in US

Carriers continue their vital role of helping insureds mitigate risks and promote safety.

Michelle Kerr is associate editor of Risk & Insurance. She can be reached at [email protected]