Enterprise Risk Management

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In order to fulfil our mission of delivering the highest quality, customized insurance products and services, we at Protective Insurance must understand and manage the risks faced across our entire organization. Taking risk is inherent to the insurance business; however, such risk-taking needs to be made in an informed and disciplined manner, and within a predetermined risk appetite and established tolerances. Protective’s Enterprise Risk Management (ERM) sets corporate strategy for risk management.

Protective’s ERM goal is to completely and accurately identify, measure, quantify, limit, monitor, and report on, and mitigate Protective’s risk position. Major areas within ERM include stress testing, risk appetite development, risk reporting, risk analysis, model validation, and risk policy development and governance. ERM’s analysis is also used to measure risk-adjusted performance of business, better prices products, and assist in the effective allocation of capital.

Internal Audit

The Internal Audit team provides independent, objective assurance and consulting work designed to add value and improve the operations of Protective Insurance. Our independence is ensured as the team reports functionally to the Chairman of the Audit Committee and administratively to the Chief Risk Officer.

We help the company to accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes.

Actuarial

The Actuarial team uses mathematical analysis to provide guidance on risk and financial decisions. In addition to the three roles outlined below, the team is also involved with financial planning, capital management, and solving regulatory issues.

  • Ratemaking
    Setting insurance prices, also known as ratemaking, requires a high level of technical skill and experience. Actuaries working in this area use historical data and other relevant factors to determine the appropriate pricing target for each product. Actuaries work closely with underwriters to monitor product performance.
  • Predictive Modeling
    Actuaries mine data for potential predictors of risk, identify the most powerful predictors, and use those predictors to forecast outcomes. This role is often closely related to the ratemaking function. As we enter the “big data” era, the pricing segmentation provided by predictive modeling increasingly provides a competitive advantage.
  • Reserving
    For some insured events, the Claims department is able to quantify the exact costs of the claim quickly and with great precision. For other insured events, the claims department may not know the ultimate cost for years, and possibly decades. Nevertheless, Protective must report its financial results on a regular basis. Reserving actuaries work to quantify, evaluate, and monitor estimates of unpaid claims to ensure accurate financial reports.

The Information Security team consists of customer-service focused professionals with backgrounds in Risk Management, Information Technology and Information Security.

Data Governance

Our data governance team defines the organizational framework to strategically manage data as an enterprise asset. This takes a unique set of skills as the team is central to all data management areas, yet is a key liaison between IT and the business for all things data.

Data Governance is fully engaged in building foundational enterprise initiatives within the company such as measuring and improving data quality, managing the organization’s metadata, assigning and operationalizing data stewardship, and standardizing data subject areas through master data management.

If you’re the kind of person who likes to work with people, analyze data, and improve processes, then this team could be the fit for you. A blend of backgrounds typically in business, information technology, and mathematics with the ability to collaborate, hunger for every day learning, and work hard is the formula for success here.

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