Hey there, Risk and Insurance Managers! As a consultant and former Risk Manager, I am often asked about the types of reports that should be presented to executive management teams and audit committees regarding insurance and risk. Many executives are looking for the risk manager to provide that quick “elevator pitch”. But too often they only get a report that simply delivers a Schedule of Insurance. Instead of a Schedule of Insurance, what are the steps one needs to take to get to the “elevator pitch”?  

This document helps insurance and risk managers communicate their risk and insurance management strategies with executives and audit committees. Here is the lowdown: 

Insurance Reporting Basics: Show a Schedule of Insurance and a chart that outlines the company's risk appetite, tolerance, and capacity. This helps make sure everything lines up with the procurement strategies. 

Who's Who: Identify the key players like the Board of Directors, Audit Committee, CEO, CFO, General Counsel, and Treasurer, and their roles in overseeing risk appetite, tolerance, and capacity. 

Strategic Positioning: Risk managers should align their statements on risk appetite, tolerance, and capacity with what the stakeholders think. This helps in making smart insurance decisions. 

Insurance Decision Matrix: Create a matrix to categorize risks along with their appetite, tolerance, capacity, and strategies. This ensures stakeholders understand and justify each insurance decision. 

Understanding Motivations: Figure out what makes stakeholders want to buy or not buy insurance. Highlight when insurance is seen as valuable or not. 

Clear Communication: Make sure to clearly communicate the insurance strategy to stakeholders, focusing on governance alignment, risk management, and financial stability. 

Download the document to get step-by-step tips for developing effective executive communications.