The RIMS Conference 2023, one of the most anticipated events in the risk management industry, brought together professionals from around the world. This year’s conference witnessed a strong return of attendees, fostering insightful conversations on the influence of technology and AI, the hardening market in some sectors, promising lead generation, and the topic of reevaluating values at risk. As risk managers grapple with the complexities of today’s economy, the conference shed light on innovative approaches to asset valuation, business interruption coverage, and risk assessment. In this blog, we will delve into five key takeaways from RIMS 2023.

1. Attendance at RIMS was Back Full Force

The RIMS Conference 2023 saw a remarkable resurgence in attendance, with professionals from diverse industries coming together to exchange knowledge and best practices. The strong turnout highlighted the industry’s commitment to continuous learning, networking, and staying updated on emerging trends in risk management. This renewed enthusiasm served as a testament to the importance of conferences like RIMS in fostering professional growth and collaboration within the field.

2. Conversations Influenced by Technology and AI

Technology and artificial intelligence (AI) took center stage at the conference, captivating attendees with their potential impact on the risk management landscape. Participants engaged in discussions on leveraging advanced analytics, machine learning algorithms, and data-driven insights to make more informed risk management decisions. The integration of technology and AI was identified as a crucial enabler for identifying emerging risks, enhancing risk assessment processes, and developing effective risk mitigation strategies.

3. Market Hardening and Cost Pressures

The prevailing market conditions, marked by increasing inflation and supply chain disruptions, led to a hardening of the insurance market in some sectors. This hardening brought forth new challenges for risk managers, necessitating a comprehensive evaluation of their risk transfer strategies. With rising costs and limited coverage options, risk managers explored innovative solutions to mitigate their organizations’ exposure, while ensuring optimal protection against potential losses. Adaptability and agility emerged as critical attributes in navigating the evolving market landscape.

4. Networking and Unique Challenges

The conference presented valuable networking opportunities, with risk managers from prominent organizations seeking assistance in asset valuation and business interruption coverage. The complexities of today’s economy have compounded the challenges faced by risk managers in assessing their true exposures. Our conversations at the conference emphasized the need for specialized services such as physical assessments, business interruption studies, drone imagery for risk assessments, and cyber risk evaluations to help organizations better understand, manage and mitigate their risks.

5. Revamping Risk Management Strategies for Values at Risk

The concept of values at risk emerged as a hot topic of discussion at the conference. Risk managers recognized the need to rethink traditional approaches to valuing physical assets, particularly large-scale industrial equipment that is difficult to source. Furthermore, the assessment of business interruption values to protect against lost profits requires a fresh perspective in light of evolving market dynamics. The conference urged risk managers to revamp their risk management strategies, embracing innovative methodologies to adapt to the current environment effectively.

The RIMS Conference 2023 served as a hub for risk management professionals to share insights, discuss industry trends, and explore solutions to pressing challenges. Attendees returned to their organizations armed with a wealth of knowledge on harnessing technology and AI, navigating a hardening market, generating promising leads, and reevaluating values at risk. As the risk management landscape continues to evolve, it is imperative for professionals to remain proactive, adaptable, and forward-thinking in their approaches. The RIMS Conference proved once again to be an indispensable platform for industry leaders.

It hasn’t been easy, but I’m thrilled to say that our business has evolved significantly since the 2020 COVID-19 pandemic.

Today, Lowers Risk Group provides a single point of contact to help businesses around the world manage complex pre-risk and post-loss challenges. Our clients operate in high-risk, highly regulated environments and call on our team of subject matter experts to help minimize risk exposure and maximize new opportunities that enable long-term growth. We’re helping our clients, partners, employees, and those they serve build resilience – and brighter futures.

In order to catch you up on how our business has changed and how our specialized team of global subject matter experts is helping consult on claims involving human capital, technology, cyber, large loss property, casualty, energy & mining, industrial, retail (and many, many more), we’ve put together a timeline of recent milestones.

And because sometimes a picture is worth 1,000 words, we’ve also created a simple, interactive pre-risk and claims services map that highlights how each Lowers Risk Group service can help your business – and your client’s business – keep moving forward.

• April 2020: Led by London insurance market veteran David Bosley, Lowers Risk Group launched Adjusteck, providing loss adjusting services to the global insurance community through a unique combination of technology and extensive partner network, with specialties in complex industrial claims.
• May 2021: Lowers Risk Group launched Lowers Drone Solutions to simplify the collection, analysis, and distribution of aerial data and provide insurance professionals and business owners deeper insights into their potential risk for better real-time decision-making.
• July 2021: In collaboration with Mastercard, Lowers Risk Group launched Periculus, providing small to medium-sized businesses access to tools, services, and solutions – including a free Cyber Quant assessment and access to cyber insurance – to make managing business risks simple.
• November 2021: Lowers Risk Group exited the human capital space selling its public records research firm Wholesale Screening Solutions as part of a move that enabled the formation of a new company InformData, focused on curating a “people data” platform serving a variety of industries including insurance markets.
• May 2022: Through Lowers Forensics International, Lowers Risk Group launched the next generation of Stratis, an AI-powered platform that automates the BI calculation process to handle high-volume claims more efficiently, helping get insureds back on their feet faster.
• September 2022: Lowers Risk Group formed LRG technologies as part of create technology solutions to help your business grow. Our security-focused development and decades of risk management experience ensure you’re prepared for whatever comes next.
• April 2023: With its insurtech product success, Lowers Risk Group will debut Risk Concierge by Periculus at RIMS 2023, featuring an updated app and marketplace that includes a suite of assessments and new solution providers to give businesses everything they need to manage risk, all in one place.

Heading to RIMS in Atlanta?

Visit our recently updated microsite that gives you everything you need to know about our business, team, and key resources.

For more, click the link below to discover how our ecosystem of services can help you manage uncertainty.

Have a question? Contact us and let’s start a conversation.