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Risk management shifts from buying insurance to enterprise strategy
In an interview with Risk & Insurance, risk veteran John Kline urged risk leaders to use data analytics and executive communication to evaluate alternatives to traditional insurance procurement.
John Kline, a veteran in risk management, says the profession has moved beyond transactional insurance buying toward broader corporate and enterprise risk strategy. In an interview with Risk & Insurance, he highlighted the industry’s shift to making risk managers more integrated business partners rather than focusing mainly on procurement work.
Kline pointed to increased use of data and analytics as a driver of that change, arguing it helps risk leaders assess alternative risk financing strategies as business solutions. He said risk professionals should challenge historical program structures, rather than relying on the rationale that “we’ve always done it this way.”
As risk roles expand, Kline emphasized executive level communication, saying risk leaders need to succinctly explain what matters to CFOs and CEOs in terms tied to financial and reputational outcomes. He also described how the industry’s career development and networking opportunities have evolved, including the growth of dedicated risk management education tracks.
Kline added that the speed of business activity has accelerated, requiring risk professionals to be more responsive than in the past. He framed the ongoing professionalism and diversity of the field as part of the reasons the industry can continue evolving its approach to risk.