Crowe has achieved the double, winning the risk consultancy of the year for the second consecutive year.
InsuranceERM's judging panel was impressed how Crowe was at the forefront of two key areas of focus for insurers in 2020: operational resilience; and environmental, social and governance (ESG) issues, including climate change.
This focus is illustrated by a comprehensive survey conducted by Crowe on the state of operational resilience across the insurance industry, which it followed with a thought-leadership article detailing the findings.
Operational resilience is a core area for Crowe and this has led the consultancy to develop the Crowe Operational Risk GAP Analysis tool to help clients understand the requirements of operational resilience and prioritise what is important to them.
Crowe has also been active in ESG and climate risk, highlighted by its partnership with a large insurance and asset management firm to deliver its climate change and ESG programme.
The provider's commitment to shared learning was also commended by the judges and its non-executive directors (NEDs) Club has offered NEDs a platform to debate among their peers and share learnings, particularly around Covid-19.
Justin Elks, managing director at Crowe, says in hindsight Covid-19 has shown the importance of going beyond identifying and quantifying the impact of risks, to thinking more deeply about what to do if they crystallise.
He says: "Covid-19 has also taught us that insurers can make large-scale changes to their business model and how they operate when they have to – this scale of change will be necessary in all companies going forward, given the need to accelerate efforts to tackle climate change."
Asked how insurers and actuaries can make a difference on climate risk, he says: "I'm optimistic about progress, but it is going to require an acceleration of effort."
