While some may have been soaking up the sun or visiting family for Spring Break, I had the privilege to experience London for the first time with my fellow Risk Management and Insurance MBA students and our Professor Joan Schmit. This was a great opportunity to meet with industry specialists and learn more about the companies they work for and the responsibilities of their specific departments. One example is our visit to Willis Towers Watson to discuss how they provide Strategic Risk Consulting with Andy Smyth.
To provide an encompassing view, Andy invited specialists from different roles to share what their responsibilities are and how they add value. Representatives from Insurance Optimization, Actuarial Services, Natural Catastrophe and Climate, and Alternative Risk Transfer all joined to share the services they can offer clients and the tangible returns those services can provide.
This was a great experience as we were able to see not only what we have learned applied in a business setting, we but also how different specialization areas compliment each other to provide a more in-depth risk management plan to their clients. Whether it was a strategy to maximize premium paid value by ensuring coverage was placed appropriately, use alternative risk transfer methods such as parametric insurance, or ascertain a global understanding of a company’s catastrophe exposures, the combined goal was to provide a better understanding of the client’s risk portfolio and minimize the cost of risk.
Thank you to Andy and Willis Towers Watson for hosting us as well as Emily, Torolf, Dave, and Claire for the fantastic presentations they provided. I would also like to thank the University of Wisconsin RMI program and all of its supporters for helping make a trip like this possible.