Insuring the Future: Managing Risks and Disruptions within the Insurance Value Chain - A multiple case study on the commercial insurance industry
Abstract
Globalization has resulted in the fragmentation of business activities and participation in
cross-border networks, giving rise to Global Value Chains, thus increasing vulnerability to
risks and disruptions. While there is existing research on risk management in tangible product
production within GVCs, there is a scarcity of literature on risk management in service
industries, particularly on the Insurance Value Chain. Due to the unprecedented nature of the
Covid-19 pandemic, there is little research on the effects of such a disruption. As the
insurance industry is essential for creating a stable economic environment, our thesis
investigates how the insurance industry can manage risks and disruptions to their value chain.
A multiple-case study is applied and consists of 14 interviews with specialists, middle and
senior management from various global insurers and insurance brokers. Our findings align
with the limited existing literature on service supply chain risk management, highlighting the
need for a flexible and iterative approach to risk management, especially in the face of
unexpected events. Additionally, our research suggests that insurance companies should
foster a risk-aware organizational culture that permeates the daily responsibilities of all
employees, while maintaining a people-oriented approach that nurtures employees’
well-being and development. Moreover, companies need to be creative and quick to adapt to
disruptions, while maintaining effective communication both internally and externally.
Furthermore, reflecting on past experiences and learning from them is crucial for revising and
improving risk management processes. Consequently, insurance companies can effectively
navigate unexpected risks and disruptions, minimizing adverse effects and ensuring
continued stability.
Degree
Master 2-years
Other description
MSc in International Business and Trade
Collections
View/ Open
Date
2023-07-19Author
Kwok, Ezabella
Pramle, Sarah
Keywords
Risk
Risk Management
Commercial Insurance
Insurance Value Chain
Global Disruption
Covid-19 Pandemic
Series/Report no.
Master Degree Project 2023:17
Language
eng
Metadata
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