Why Jeama?

As change continues to accelerate, most organizations are having to deal with more uncertainty.   Risk management is necessarily having to become a core competency for most organizations.  

While uncertainty is generally increasing, insurer appetite for uncertainty – or volatility in their terms – is falling.  For example, Lloyd’s of London was once famous for being willing to insure almost anything that was insurable; you just had to walk into the Room and know the right underwriter to ask.   No longer.  Now, every syndicate must submit a detailed business plan every year and risks not included in their business plan cannot be written.  And yet Lloyd’s is still the home of complex risks.

At the same time, insurers are increasingly commoditizing their products.  Not unconnected to their reduced appetite for uncertainty, commoditization protects insurers from product variability, at the same time making them easier to sell.

When accelerating change and increasing uncertainty meets reducing insurance coverage, the importance of insurance as a risk management tool reduces and the value of other risk management tools and strategies increases.  This feels like a long-term and developing trend to us.

Working with individual risk managers, Jeama helps risk owners with risks that are too important to be insured with commoditized policies or are so challenging, there is no commoditized policy.  Working with hard to manage risks, Jeama helps groups of risk owners to develop the information they need to understand their risks well and to be confident in their risk management – sometimes but not always including insurance.  In both cases, Jeama acts as an intermediary between risk management and insurance, as opposed to the traditional insurance buyer and insurance seller intermediary role.   

BOKRIM is an example of Jeama’s work with a hard to manage risk – sexual abuse and misconduct (SAM) risk.  BOKRIM is a risk management incubator – a platform that measures risk and how it is managed.  This means BOKRIM identifies the most effective ways to manage the risk and can then help risk managers to implement the most effective strategies given their risks, objectives, and resources.