This Moment

A closer look

A closer look @ artificial intelligence
In just a matter of weeks, an obscure tool called ChatGPT ripped a hole in time sending us into the future. Based on user prompts, generative AI systems like ChatGPT use algorithms to recognize underlying patterns from input parameters and existing material in order to generate new content. Companies now must work out how to use generative AI and other tools in ways that maximize business impact, without succumbing to potential pitfalls. Here's how some of our experts are thinking about this rapidly evolving innovation:

WEF Agenda: Here's How Companies Should Navigate Generative AI in the World of Work

In Mercer’s 2022 Global Talent Trends Study, the percentage of employees who say automation will significantly change how their work is done has jumped from 44% to 71% in the past two years. Unlike previous iterations of automation that largely impacted repetitive, rules-based work, generative AI will also affect low-volume, highly variable work, leading to what some have termed the “democratisation of creativity.” Work in numerous professions, including that of authors, researchers, lawyers and many others, will be significantly disrupted. Yet, as Ravin Jesuthasan, Senior Partner and Global Leader for Transformation Services at Mercer, explains, the true strength of generative AI lies in augmenting — rather than replacing — the work of employees.

Read full article on the WEF Agenda blog.

 

Relativity: AI Visionary Farrah Pepper is Redefining the ABCs of Legal Technology

Farrah Pepper, chief legal innovation counsel at Marsh McLennan, believes in a future where “AI is just ‘there,’ as inevitable as Thanos but without the unfortunate death wish for half the galaxy.” Make no mistake: the future is bright with use cases and innovations under the umbrella of artificial intelligence, and her innovative team is ready to bring it to fruition as quickly—and thoughtfully—as possible.

Read full interview on the Relativity blog.

 

Artificial Intelligence, Data, and Advanced Analytics

Unlock the full potential of emerging technologies. Oliver Wyman has gathered its latest expertise and thinking on AI, data and analytics. Their experts address the impact on generative AI on the Insurance industry, managing AI bias, ways to create a data-driven culture in the workplace and much more.

Check out Oliver Wyman's AI Hub.

 

Related insights from across Marsh McLennan

Chief People Officer’s Quick Guide to Generative AI

Companies now must work out how to use generative AI and other tools in ways that maximize business impact, without succumbing to potential pitfalls. This is delivering a new role that HR needs to address today.

More from Mercer >

ChatGPT and the Compliance Function

ChatGPT may not be ready for use in compliance functions where security and reliability are essential, but it is just one of many examples of language AI-enabled solutions that compliance professionals should be enthusiastic about.

More from Oliver Wyman >

Reinventing Insurance With Generative AI

Generative AI is ushering in new opportunities for insurers across the value chain — from strategy and product design, marketing and distribution, pricing and underwriting to claims and operations and governance.

More from Oliver Wyman >

2023 Global Technology Industry Risk Study

Understand how the reset in the technology industry with global economic challenges is shifting perspectives on risk management. Examine how leading organizations are rethinking their risk management strategies.

More from Marsh >

A closer look @ the banking industry
Recent challenges faced by the banking industry have raised concerns throughout the financial system and many aspects of the economy. Find analyses from across our global business teams below:
Key Insurance Considerations

While insurance solutions cannot eliminate every risk, they can serve as an important tool for at-risk or failed banks, their client companies and firms providing professional auditing, legal or other services to those banks. 

Key Insurance Considerations

While insurance solutions cannot eliminate every risk, they can serve as an important tool for at-risk or failed banks, their client companies and firms providing professional auditing, legal or other services to those banks. 

The Silicon Valley Bank Collapse – Navigating the Fallout

In a special-edition podcast, Jo Holden, Mercer’s Global Head of Investment Research and Advisory, is joined by David Scopelliti, Global Head of Private Debt, and Rupert Watson, Head of Asset Allocation, to discuss the impact of SVB’s failure on private and public financial markets and whether we believe the turmoil in the banking sector can be contained. Crucially, they explore the vital role of good governance in building resilient investment strategies able to weather an unpredictable future.

Related insights from across Marsh McLennan

Bank Runs Shake Crypto Markets and Conventional Finance

The collapse of three banks with close connections to tech and cryptoasset firms sent tremors through the industry. US federal regulators intervened and helped steady markets somewhat but revived debate about risk of moral hazard.

More from Oliver Wyman Forum >

Six Steps to Manage Geopolitical Risk in Financial Services

While some financial institutions have taken steps to more actively monitor and manage their exposure, significant room for improvement remains to embed geopolitical risk in a structured manner into business decisions.

More from Oliver Wyman >

Digital Assets Challenged by Banking Turmoil

The global banking crisis continued to affect cryptoassets and prompted fresh enforcement actions and warnings from US regulators and policymakers while established financial institutions continued to develop digital assets businesses.

More from Oliver Wyman Forum >

Bloomberg: Huw Van Steenis On Silicon Valley Bank Collapse

Huw Van Steenis, Vice-Chair with Oliver Wyman, joined Bloomberg Markets to share his insight on the Silicon Valley Bank collapse and the impact it will have on the broader industry.

More from Oliver Wyman >

@ Rethinking flood
Flood disasters have exposed the severe inadequacies of risk management practices in both high- and low-income countries, highlighting how current approaches to resilience are unable to cope with today’s levels of risk, let alone keep pace with a rapidly escalating threat. Find the latest research from our global experts on how stakeholders can balance their responses to current crises with a longer-term focus on building resilience:
Staying Above Water

The latest output in our Rethinking Flood series illustrates how the transformation of flood risk management can play out along three ways forward: living with floods, building strategic protection, preparing for relocation. 

Staying Above Water

The latest output in our Rethinking Flood series illustrates how the transformation of flood risk management can play out along three ways forward: living with floods, building strategic protection, preparing for relocation. 

Strengthening Europe’s Corporate Climate Transition

While progress in developing climate transition plans has been impressive, the depth and detail are often less reassuring.

More from Oliver Wyman & CDP >

Climate Change and the Public Sector

In this episode of Fo[RE]sight, we discuss facilitating risk transfer through resilience and how insurance professionals can address growing protection gaps.

More from Guy Carpenter >

Devastating Flood Risk is Often Underestimated

Even businesses with extensive mitigation plans in place should regularly review and update them according to their changing risk profile.

More from Marsh >

Insurance and Sustainability Opportunities for 2023

As the sustainability agenda accelerates and proliferates, a key challenge for insurance execs will be choosing where to focus and what to prioritize.

More from Oliver Wyman >

@ The outlook for 2023
Incorporate our expert guides to navigating shifting business trends into your planning for the new year and beyond:

2023: A Time To Experiment

Companies will need to make tradeoffs as they face ongoing challenges, including climate change and China’s shifting COVID policies. But this is also a time to experiment, to try new strategies and to question long-held assumptions.

More from Oliver Wyman Forum >

Economic and Market Outlook 2023

So, where are we now as we reach the end of 2022? Economies have overheated and have begun slowing down, with some potentially in recession already. Are we there yet? Will monetary tightening lead to a deep recession? We believe the answers lie in inflation dynamics.

More from Mercer >

Workers' Compensation: What to Expect in 2023

As society continues to emerge from the pandemic, businesses have had to balance workplace productivity with employee needs, adjusting to a workforce that is a mix of remote, in-office, hybrid and flexible hour workers. What workforce issues should employers be thinking about in 2023?

More from Marsh >

Insurance and Sustainability Opportunities For 2023

As the sustainability agenda accelerates and proliferates, a key challenge for insurance execs will be choosing where to focus and what to prioritize. To help, here is our pick of 10 sustainability issues that should be at the top of every executive’s list in 2023.

More from Oliver Wyman >

This is a pivotal moment for re-energizing resilience efforts at the national level. In order to secure long term well-being and prosperity, a whole-of-society response is needed in mitigating critical risks and being prepared for crises.
Ruth Lux, Head of Public Sector, UK, Europe, Middle East and Africa, Guy Carpenter
@ The metaverse
The metaverse has the potential to further transform just about every aspect of human life, just as radio did a century ago, television 50 years ago and the rise of the internet 25 years ago, perhaps even more so. Why?
Here we are now as a society at this next jumping off point into the metaverse where this is going to transform our lives in ways that are hard to predict. If I had a crystal ball, I would be able to tell you, but it's going to be a different world.
Ben Hoster, Director of Transformative Technologies , Marsh McLennan

Related insights from across Marsh McLennan

Will Web3 Reinvent Insurance?

While there is some hype surrounding digital assets, decentralized finance and Web3, there's also substance with the potential to fundamentally transform parts of our modern financial system. It’s time for insurers to pay attention.

More from Oliver Wyman >

The Economic Potential of Web3 Metaverses

Web3 is only one vision for the metaverse. Policymakers and executives need to understand the economics behind Web3 concepts like NFT trading and metaverse marketplaces in order to evaluate that vision.

More from Oliver Wyman Forum >

How will Web3 impact the future of work?

The combination of the metaverse and a decentralized web3 has the potential to radically transform operating models and the labour market. Leadership will rely on soft power and empathy to align the interests of disparate stakeholders.

More from Mercer >

NFTs: 4 Insights to Capitalize on a Multibillion-Dollar Market

With NFTs, it is important to untangle the opportunities from the noise. There is a lot of confusion about what NFTs are, both among critics who lambast NFTs and among fans who cannot get enough of multi-million-dollar NFT art.

More from BRINK News >

@ Well-being in the workplace
World Mental Health Day, recognized October 10, provides an opportunity for all stakeholders working on mental health issues to share their work and look at what more needs to be done to improve mental healthcare worldwide.

What are the five pillars of people risk and how can businesses apply them to create greater resilience? The 2022 People Risk report gathered insights from 2,600 HR and Risk managers in 25 countries around the world. What we found was that the health and resilience of your people drives the health and resilience of your business. We discuss People Risk and Building Business Resilience with Carolina Klint, Risk Management Leader, Continental Europe, Marsh; Chris Bailey, Business Leader, United Kingdom, Mercer Marsh Benefits; and Amelia Woltering, Global Communications Leader, Marsh McLennan.

Employee Mental Health

BRINK spoke to Alison Byrne and Dr. Ariel Almazan of Mercer Marsh Benefits about how mental health intersects with work and what better support for employees could look like.

Employee Mental Health

BRINK spoke to Alison Byrne and Dr. Ariel Almazan of Mercer Marsh Benefits about how mental health intersects with work and what better support for employees could look like.

Breaking the Stigma: Admitting to Vulnerability and Supporting Our Colleagues

Reflections from Sam Dimond, Global Director on Oliver Wyman's Knowledge Services team:

I hesitated to share this personal story on World Mental Health Day. However, I truly believe that it is important for senior leaders to share our mental health experiences if we are to break the stigma attached. So I’m writing today’s post in the hope that others won’t feel they suffer alone, or that they are somehow strange or different.

I have felt anxious for as long as I can remember. Sometimes that meant that I believed I was bad at everything or not likeable. This didn’t start overnight, but think it got much worse after becoming a father.

Over the next few years there was too often an inner voice that grew louder and louder, making everything seem worse than it really was. In truth, I was excelling in many areas of my life and work and really fortunate, but there was a real danger that that voice was going to ruin everything and stop me seeing things as they really were.

Things came to a head when I got into a vicious spiral of falling asleep every night exhausted but then waking up at 3am, worrying about the days ahead and not being able to get back to sleep.  

Read full article on LinkedIn >

 

It is just a really difficult moment for healthcare all over the world. Many hospitals are doing their best to ensure that healthcare workers have good support through mental health interventions. However, this is something that is a bit more existential than we're used to dealing with.
Gisele Norris, Managing Director, US National Healthcare Practice, Marsh

Related insights from across Marsh McLennan

Modernizing Mental Health Benefits

Mary Kay Gilhooly, the Director of Well-being at Adobe, joined Mercer experts to discuss how employer plan sponsors are improving access to mental healthcare.

More from Mercer >

The Great Behavioral Health Challenge

The increased need for behavioral healthcare is putting pressure on a system that is ill-prepared to deal with an influx of patients.

More from Oliver Wyman >

How to Support Mental Health in Times of Cumulative Stress

A look at which employee segments are most at risk now, how to support staff during crises and preparedness for well-being in the long term.

More from Mercer >

Mental Wellness and Successful Claim Outcomes

Hear from a panel of workers’ compensation specialists on how to implement strategies for promoting employee health, wellness and resiliency.

More from Marsh >

@ The outlook for aviation

Acute labor shortages and inflation are the two biggest factors impacting the airline industry as it emerges from the pandemic. As the industry continues to recover, airlines and governments face the potential for a global shortage of nearly 80,000 pilots by 2032. How will the commercial pilot shortage impact travel over the next decade and what are the implications? Our aviation experts from Oliver Wyman, Geoff Murray and Khalid Usman, sat down with Arshiya Kapadia, our Global Director of Social Media, for a LinkedIn Live conversation.

Airline Economic Analysis

This year's report from Oliver Wyman outlines major macro-economic trends, the impact of the geo-political situation with the war in Ukraine and carrier recovery efforts in light of labor tightness and fuel cost escalation. 

 

Airline Economic Analysis

This year's report from Oliver Wyman outlines major macro-economic trends, the impact of the geo-political situation with the war in Ukraine and carrier recovery efforts in light of labor tightness and fuel cost escalation. 

 

The Pilot Shortage Will Only Get Worse as the Decade Progresses

In early 2021, Oliver Wyman forecast an imminent pilot shortage on the horizon. It seemed an incredible prediction at the time given the state of aviation, which had been almost grounded the year before by the COVID-19 pandemic.

Yet, with the rebound in air travel demand in 2021 and 2022, the lack of pilots quickly became apparent, starting in North America where the shortage is being most acutely felt. Our latest model, in part based on the Global Fleet & MRO Forecast 2022-2032, expects the region to face a shortfall of 8,000 pilots in 2022, about 11% of the total. That gap will grow to more than 29,000 by the end of the decade. 

Absent a downturn in future demand and industry efforts to bolster the supply of pilots, travelers should anticipate continued near-term cancellations and delays until airlines are better able to accommodate traffic with scaled-back flight schedules. These would more accurately reflect the size of the pilot workforce and are likely to involve further reductions in service to smaller markets. 

Read full article on LinkedIn > 

 

The Inflation Shift: Volume 4 | Air Travel and Aviation

Rising inflation is compounding the impact of the pandemic across the aviation industry. Usually inflationary pressures dampen leisure travel, but the leisure-led recovery continues to be strong as people prioritize experiences and take advantage of the summer travel season. The boom has come with some difficult-to-solve complications that are preventing airlines from fully capitalizing on the comeback.  

For carriers, escalating costs are putting additional pressures on the industry just as it is rebounding back. Additionally, workforce availability woes abound and have airlines pulling capacity out of the market so they can more reliably operate their schedules. Unfortunately, traveler experiences have been negatively impacted for many, and these labor shortages extend well beyond just the airline and into the airport, hospitality, and restaurant industries.

Volume four of The Inflation Shift examines how inflation is shaping the three big cost categories for the aviation industry – labor, fuel, and maintenance - and what consumers can expect from airlines in the coming months.  

Read full article on LinkedIn >

 

As access to space becomes more affordable, private investment in space activity is increasing. But new opportunities could be accompanied by an emerging set of risks.
Adam Sturmer, Global Head of Sales, Marsh Specialty Space Projects

Related insights from across Marsh McLennan

Aviation Sustainability: Our Future

The possible options and pathways for the aviation industry to achieve net-zero greenhouse gas emissions by 2050.

More from Oliver Wyman >

Approaches to Strategic Workforce Planning

From gridlocked airports to ever extending hospital waiting lists, getting supply and demand right has never been more critical to business resilience.

More from Mercer >

How the Russia-Ukraine Conflict Is Impacting Insurance

An industry-level look at how the conflict is introducing new risks to business operations and impacting insurance as a result.

More from Marsh >

Does Space Exploration Have a Sustainability Problem?

We've already witnessed the incursion of pollution into the Earth’s oceans. Now is the time to take steps so that space remains sustainable.

More from Marsh >

@ Disaster resilience
Bouncing Back From Shocks

Our Marsh McLennan climate experts discuss how addressing socio-economic inequality is the key to building resilience, the role of insurance in disaster recovery and how we should plan before a natural disaster to lower cost and severity.

Bouncing Back From Shocks

Our Marsh McLennan climate experts discuss how addressing socio-economic inequality is the key to building resilience, the role of insurance in disaster recovery and how we should plan before a natural disaster to lower cost and severity.

Flood Risk Index

Our updated webtool leverages research from international organizations and academic institutions to provide a global overview of flood risk and its potential implications on human and economic systems under different climate change scenarios.

Flood Risk Index

Our updated webtool leverages research from international organizations and academic institutions to provide a global overview of flood risk and its potential implications on human and economic systems under different climate change scenarios.

Natural Catastrophes

The CAT Resource Center from Guy Carpenter provides live event, post event, seasonal outlooks and periodic thought leadership regarding natural catastrophes, including hurricanes, winterstorms, wildfires and earthquakes.

Natural Catastrophes

The CAT Resource Center from Guy Carpenter provides live event, post event, seasonal outlooks and periodic thought leadership regarding natural catastrophes, including hurricanes, winterstorms, wildfires and earthquakes.

With more disasters comes a greater burden on responders to help disaster survivors in their time of need. We need to prioritize resilience actions to improve survivor outcomes.
Daniel Kaniewski, former Deputy Administrator for Resilience at FEMA, now Managing Director of Public Sector at Marsh McLennan
While climate has a role in certain regions and perils on loss outcomes, I think there's evidence to say that climate change is only one of many factors at play.
Jessica Turner , Managing Director, Catastrophe Advisory, Guy Carpenter

Related insights from across Marsh McLennan

How Healthcare Providers Can Meet the Climate Challenge

Standardized frameworks and tools can be used to identify risks and opportunities and assess their impacts.

More from Advantage >

Why Organizations Need to Manage Workforce Health Risks

Firms must not be complacent and should ensure that well-being is a top strategic priority.

More from Mercer >

Preparing for Disruption With Resilient Services

Companies can deliver critical knowledge services more efficiently by embracing distributed computing’s modular approach to allocating resources.

More from Oliver Wyman >

Property Undervaluation Risks Escalate Amid High Inflation

What will it cost you to rebuild following a catastrophic loss? And is your existing property coverage still adequate?

More from Marsh >

More Frequent Wildfires Could Drive Up Insurance Costs

Parametric options that pay fast and help offset any sources of loss will increasingly offer more options to complement traditional insurance.

More from Guy Carpenter >

Disaster Resilience Center of Excellence

Insights, expertise and capabilities to help public sector leaders prepare for, mitigate against, insure and recover from disasters.

More from Advantage >