Breaking Silos: Embracing the Future of Modern Risk Consulting

The Evolving Role of Risk Consulting

The role of Risk Consulting has undergone significant evolution, transitioning from its origins in traditional surveying to a more integrated and dynamic function within insurance organizations. Initially, risk consultants primarily conducted surveys and supported underwriters by providing insights to guide underwriting decisions. However, their expertise is now increasingly sought by a broader range of stakeholders, including actuaries, claims departments, data analytics teams, and compliance officers.

This shift reflects the growing complexity of risks in today’s world. The traditional siloed approach to risk assessment is no longer sufficient to address the multifaceted challenges organizations face. Risk Consulting has moved beyond the confines of specific Lines of Business (LOB), necessitating either enhanced individual expertise or collaboration across disciplines to access specialized knowledge.

The Need for Multi-Disciplinary Expertise in Marine

Marine Risk Consulting offers a clear example of this transformation. The Marine sector is no longer confined to traditional considerations like cargo or hull risks. It now encompasses emerging technologies such as nuclear propulsion, alternative fuels, renewable energy integration or autonomous transportation. These advancements require expertise not only in marine operations but also in fields like naval architecture, mechanical engineering and robotics — areas traditionally handled by external consultants. Increasingly, these skills are being brought in-house to better support various functions within insurance organization and manage complex insured assets.

Additionally, the rise of interconnected risks — such as Cyber threat, Environmental, Social, and Governance (ESG) consideration, Energy Transitions, Political Risk, and Crisis Management — has further blurred the lines between LOBs. Addressing these issues demands sophisticated, bundled Risk Consulting services capable of tackling multiple dimensions of a client’s risk profile.

A Unified Vision for Risk Consulting

The future of Risk Consulting lies in its ability to transcend traditional boundaries. Single-LOB specialization is gradually being replaced by multi-disciplinary teams of expert consultants working collaboratively across business lines. This integrated approach ensures the full spectrum of risks is considered, enabling insurers to provide holistic solutions aligned with evolving client needs.

To thrive in this environment, Risk Consulting functions must adapt in two key ways:

1. Enhanced Collaboration Across LOBs Risk consultants must break down silos and leverage expertise from across the organization. By working together, they can address complex risks that span multiple domains.
2. Building Internal Expertise Insurers must invest in developing in-house capabilities, particularly in specialized areas like cyber, naval architecture, renewable energy, and advanced propulsion systems. This will reduce reliance on external advisors and enable a more agile response to emerging risks.

Conclusion

The role of Risk Consulting is not static — it is continually evolving to meet the demands of a complex and interconnected world. As risks grow more intricate, the function must adapt, embracing a multi-disciplinary approach that unites diverse expertise within cohesive teams. This transformation will not only enhance the value of Risk Consulting but also position insurers to lead in providing innovative and comprehensive risk management solutions.

The future is collaborative, integrated, and dynamic — and Risk Consulting is poised to be at the forefront of this change.

Disclaimer: The opinions expressed in this article are solely my own and do not necessarily reflect the views, positions, or policies of my employer or its affiliates.