Insurance, Risk Managers: Quantify, Understand and Manage Supply Chain Risks

Business interruptions related to supply chain disruptions have become increasingly common and costly as global volatility increases.

Businesses must protect themselves from costly supply chain disruptions, in part through operational risk management and in part by transferring risk to insurers through business interruption and contingent business interruption insurance.

• Without visibility and coordination across their complex value chain network, most businesses fail to adequately quantify, prioritize, and manage risk.
• Relatedly, the market for business interruption insurance is shrinking and inefficient, and most policies rely on inadequate sublimits, providing too much coverage in certain areas and too little in others.
  

In order to enable risk selection and open up more opportunities for risk transfer, businesses must achieve multi-tier value chain visibility and risk quantification.

It is now possible to gain the multi-tier value chain visibility required to understand, quantify, and transfer supply chain network risk.

Until now, the scale and complexity of multi-tier value chains made it impossible to gain visibility and quantify supply chain network risk.

As supply chain pressures and disruptions increase — whether from geopolitics, extreme weather, or simple accidents — the risk of inadequate exposure for businesses and insurers grows with it.

But now, advances in artificial intelligence have unlocked the potential for a fundamental change in how to manage risk around supply chain disruptions.

Altana works with brokers, underwriters, and reinsurers to illuminate the supply chain network and quantify risk from a common operating picture

See all of your value chains, upstream and downstream, built from detailed material flow visibility, and based on your actual products. Collect information about and from your suppliers to better understand hidden risks, operational practices, and contingencies.

Focus on areas of exposure across your expansive business network, with contextualized insights and decision support that help to highlight existing risks like supplier concentrations and to quantify potential losses through simulated disruptions.

Act across a common operating picture of the global supply chain for insurance, and join the largest brokers, carriers and reinsurers in a collaborative network to optimize coverage across all your value chains. Through Altana, lower premiums on your existing policies, better quantify, mitigate, and transfer risk through coordinated action with your value chain partners and with your brokers, and gain access to new supply chain related insurance products through Altana’s network.