The winners of the prestigious InsuranceERM UK & Europe 2020 awards can be revealed.
Risk team of the year went to Argo Group for a compelling case study explaining the benefits of repositioning its capital model and transforming its risk team from a compliance-focused function to a strategic business unit.
InsuranceERM’s expert judging panel also awarded Argo Group risk innovation of the year by a re/insurer, for implementing a process to review how its product portfolio could be disrupted by new technology.
Gabriel Bernardino, chairman of the European Insurance and Occupational Pensions Authority (Eiopa) won the judges’ award for contribution to the industry. His biggest achievement has been overseeing the introduction of Solvency II across 28 countries.
Chief risk officer of the year went to Allianz Group’s Tom Wilson, a highly respected though-leader in the world of risk management. Generali Switzerland’s Giselle Lim receiving highly commended in this category.
Aviva deservedly won climate risk initiative of the year – a new InsuranceERM award category – for its climate value-at-risk initiative. This showed the practical benefits that can be achieved when insurers focus resources, time and expertise on climate risk management, as well as collaborating with others.
Kovrr, a predictive cyber-risk modelling firm, also performed well in this year’s awards. The Israeli firm scooped the prize for insurtech initiative of the year – a new InsuranceERM award category – for helping to reshape the way insurers can assess silent cyber risk exposure. The provider also won cyber solution of the year.
RPC Consulting picked up actuarial modelling solution of the year for its Tyche platform that has presented a major challenge to established vendors.
The standout performer in the technology awards though was Moody’s Analytics, winning five categories including: IFRS 17 solution of the year; ERM end-to-end solution of the year; and regulatory reporting software of the year.
InsuranceERM’s deputy editor and commercial editor, Ronan McCaughey, congratulated the winners and highly commended on their achievements. He emphasised how the winners had produced strong evidence-based submissions, demonstrating how their work is lifting insurance risk and capital management to new heights.
McCaughey said: “Winning an InsuranceERM award is true recognition of excellence as it takes a lot to impress our wide-ranging judging panel of industry experts. This is an exciting time for the re/insurance industry and as the pace of innovation accelerates, so we expect the entries for the InsuranceERM Awards 2021 will continue to reflect this.
“I also wish to thank the judges for giving up their valuable time and sharing their expertise, as well as everyone who submitted entries."
The InsuranceERM UK & Europe awards 2020 ceremony will be held on Thursday 12 March 2020 at the world-famous Tower of London.
Risk team of the Year: Argo Group
Actuarial team of the Year: Hymans Robertson
ALM team of the Year: LV=
Cat risk team of the Year: Aon, Impact Forecasting
Modelling team of the Year: FIS
Longevity/Mortality team of the Year: Hymans Robertson
Risk innovation of the year by a re/insurer: Argo Group
Climate risk initiative of the year: Aviva
Diversity initiative of the Year: LCP
Insurtech initiative of the year: Kovrr
Insurtech innovator of the year: CyberCube
Longevity risk transfer deal of the Year: LV=
Insurance asset manager of the Year: Aviva Investors
Highly commended: Conning
Risk consultancy of the Year: Crowe
Alternative capital deal-maker of the Year (ILS/collateralised reinsurance): Securis
Chief risk officer of the year: Tom Wilson, Allianz Group
Highly commended: Giselle Lim, Generali Switzerland
Young risk/actuarial professional of the year: Lloyd Richards, Crowe
Judges’ Award for contributions to the industry: Gabriel Bernardino, Eiopa
Actuarial modelling solution of the year: RPC Consulting’s Tyche
Analytics solution of the year: Willis Towers Watson’s Radar Live
Best use of cloud technology: NN Group Internal Model Cloud Solutions
Catastrophe risk modelling solution of the year: CyberCube
Cyber solution of the year: Kovrr
Data solution of the year: FIS’s Prophet data management platform
End-user computing risk management solution of the year: Incisive Software Corporation
ERM end-to-end solution of the year: Moody’s Analytics
ESG (Economic Scenario Generator) software of the year: Moody’s Analytics
IFRS 17 solution of the year: Moody’s Analytics
Operational risk solution of the year: ViClarity
Regulatory reporting software of the year: Moody’s Analytics
Reserving solution of the year: Dynamo Analytics’ Psicle
Solvency II solution of the year: Moody’s Analytics
Highly commended: zeb
Stress scenarios software of the year: Milliman Mind
How the awards were judged
Judges reviewed the submitted entry material and then voted in a secret ballot. Votes were counted and verified by InsuranceERM’s team.
All judges are senior industry experts from re/insurers across Europe and the UK, each chosen for their knowledge and objectivity.
The judges' decision is final and neither InsuranceERM nor the judging panel will enter into any correspondence regarding individual entries and/or the award winners.