FERMA Survey Polls Commercial Buyers for Feedback to Insurers

April 1, 2010

The Federation of European Risk Management Associations (FERMA) announced that it is presently conducting, “a wide-ranging, risk management benchmarking survey,” aimed at compiling data to let insurers know “what their major commercial insurance customers in the UK and across Europe think about the products and services they offer.”

Questions include such insurance related issues as “buyers’ degree of satisfaction with insurance to serve their company’s development strategy, the quality of services, transparency of broker remuneration, contract certainty, innovation, compliance with global regulatory regimes and process efficiency,” said the bulletin.

An independent research company is conducting the online survey process. The results will be announced at the FERMA Seminar 2010 in London on 29-30 September 2010.

FERMA noted that this is the fifth such research it has conducted, “and will involve its most representative ever sample of European risk and insurance managers, CFOs, heads of internal audit, legal counsel, treasurers and company secretaries across Europe.”

In addition, FERMA has added four new members since the last survey in 2008, bringing to a total of 18 the countries that will be represented. The questionnaire, previously only available in English, has now been translated into French, German, Italian, Polish and Spanish.

The two regular sponsors, AXA Corporate Solutions and consultants Ernst & Young, have also “distributed the questions to their regular mailing lists,” said the bulletin. “AXA draws on the results to highlight the new challenges which European companies are facing and to see how their expectations in terms of insurance products and services are changing. Because the relationship is a long term one, says AXA, it’s essential for insurers to update their insurance products so that they remain suitable for the needs of their clients.”

Régis Demoulin, commercial director of AXA Corporate Solutions, commented: “This survey represents a source of extremely valuable information to create innovative insurance and risk consulting solutions, which will become an efficient support to risk management.”

The survey focuses on the status of risk management in Europe, the visibility of risk managers and the role of risk management. Questions in addition to insurance topics cover risk governance, the role of the risk manager and risk management, the maturity of the risk management process and current regulatory issues.

Source: Federation of European Risk Management Associations – www.ferma.eu

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