As customers worldwide demand modern experiences, the insurance industry has undergone a digital transformation. While this transition has undoubtedly brought with it numerous benefits, it has also had an impact on the insurance industry supply chain.
Insurance providers are now increasingly dependent on third-parties (like app developers) and a cloud-based digital supply chain. Since insurance companies handle large amounts of sensitive data, outsourcing functions means that third-party risk management (TPRM) is a more significant concern than ever. The recent, widespread shift to remote work makes it even harder to track digital supply chains than before.
If supply chain disruptions do occur, they can be devastating. It’s not enough to prepare for risk; it’s essential to prepare for operational resilience as well. If insurance companies want to adapt to a challenging new reality, they must recognize that TPRM is a holistic process. Every insurance organization needs to protect its assets, processes, and reputation.
To adapt to the stressors of the modern insurance industry supply chain, companies need to create a Resilience Operations Center (ROC). The ROC represents a company-wide effort to engage in responsible TPRM and can set up your organization to effectively manage a modern supply chain.
Face the Challenges of the Insurance Industry Supply Chain
By reading the latest Interos white paper, “Emerging Third-Party Risk Threatens Operational Resilience in Insurance Companies,” you’ll take the first step towards setting up an ROC for your insurance organization.
The white paper discusses the various risks that face insurers today in their supply chains, including operations, finance, governance, geographic, and cyber risks. You’ll discover why it’s so crucial for every unit of your organization to work together when it comes to mitigating these risks.
You’ll learn how to consider your particular organization’s supply chain needs and how to set the stage for operational resilience. This includes the value of maintaining continuous third-party and extended supply chain inventories, proactively engaging in fraud risk management, and more.
Finally, it’s essential to recognize that protecting the modern insurance industry supply chain relies on AI and machine learning technology. Namely, insurance firms rely on cutting-edge platforms that can provide real-time updates on global disruptions, so those firms can continually monitor their third parties and maintain real-time supply chain inventories.
To download the full white paper, click here. For more information on Interos, visit interos.ai.